Bus 308 Week 1 Business Statistics Paper
Statistics 1
Business Statistics
LaSaundra H. – Lancaster
BUS 308 Statistics for Managers
Instructor Nicole Rodieck
3/2/2014
Statistics 2
When we hear about business statistics, when think about the decisions that a manager makes to help make his/her business successful. But do we really know what it takes to run a business on a statistical level? While some may think that business statistics is too much work because it entails a detailed decision making process that includes calculations, I feel that without educating yourself on the processes first you wouldn’t know how to imply statistics. This is a tool managers will need in order to run a successful business. In this paper I will review types of statistical elements like: Descriptive, Inferential, hypothesis development and testing and the evaluation of the results. Also I will discuss what I have learned from business statistics.
My description of Descriptive statistics is that they are the numerical elements that make up a data that can refer to an amount of a categorized description of an item such as the percentage that asks the question, “How many or how much does it take to “ and the outcome …show more content…
E., & Youssef–Morgan, C. M. (2013), “When certain conditions prevail, the sample can be a mechanism for understanding the characteristics of the more-difficult-to-access population, which means that the descriptive statistics for samples can provide a window into the characteristics of the population. This is the domain of inferential statistical analysis.” I feel that although there are similarities between descriptive and inferential statistics. Inferential statistics are more based on the other differences within the p-value elements it implies that there are differences based on true values or the difference between those values. Inferential statistics is like the confidence interval, it being based on data collected and determining if it is
Business Statistics
LaSaundra H. – Lancaster
BUS 308 Statistics for Managers
Instructor Nicole Rodieck
3/2/2014
Statistics 2
When we hear about business statistics, when think about the decisions that a manager makes to help make his/her business successful. But do we really know what it takes to run a business on a statistical level? While some may think that business statistics is too much work because it entails a detailed decision making process that includes calculations, I feel that without educating yourself on the processes first you wouldn’t know how to imply statistics. This is a tool managers will need in order to run a successful business. In this paper I will review types of statistical elements like: Descriptive, Inferential, hypothesis development and testing and the evaluation of the results. Also I will discuss what I have learned from business statistics.
My description of Descriptive statistics is that they are the numerical elements that make up a data that can refer to an amount of a categorized description of an item such as the percentage that asks the question, “How many or how much does it take to “ and the outcome …show more content…
E., & Youssef–Morgan, C. M. (2013), “When certain conditions prevail, the sample can be a mechanism for understanding the characteristics of the more-difficult-to-access population, which means that the descriptive statistics for samples can provide a window into the characteristics of the population. This is the domain of inferential statistical analysis.” I feel that although there are similarities between descriptive and inferential statistics. Inferential statistics are more based on the other differences within the p-value elements it implies that there are differences based on true values or the difference between those values. Inferential statistics is like the confidence interval, it being based on data collected and determining if it is