Statistics are used in all areas of human life and are divided into two branches
ID: 3245041 • Letter: S
Question
Statistics are used in all areas of human life and are divided into two branches, descriptive statistics and inferential statistics. The data is of various types and can be organized graphically. Simple probability concepts can be used in your personal and professional life. In this course, you learned about normal distribution. A normal distribution can be used to describe a sampling of means and to approximate other distributions such as the binomial distribution. You now know how to determine whether data falls within a normal distribution as well as how to facilitate data analysis. You can calculate specific data values for given percentages by using the standard normal distribution and also calculate the confidence level for a mean, a variance, and a standard deviation.
To prepare for this Discussion, consider how your attitude about effective management has been affected by the information you gained regarding statistics in this course.
Post by Day 3 a 200- to 250-word explanation of how your attitude about effective management has been affected by the information you gained regarding statistics in this course.
In your post, be sure to also identify the knowledge/insights you think will be most useful in developing your own management style. Explain why you chose that particular knowledge or those particular insights.
While you are not required to respond to others' postings, you are encouraged to do so by Day 6.
Return to this Discussion in a few days to read the responses, if any, to your initial posting. Note what you learned and the insights you gained from the comments your colleagues made.
Note: Refer to the Discussion Template in the Course Information area of the course navigation menu for your main post and response.
Explanation / Answer
Effective management is the aim of every organization. It can be attained by scrutinizing every single factor involved in it , improvising the working , making it more efficient , ensuring low wastage in terms of resources, being cost effective , time effective and quality oriented. With the help of Statistics I get to know that the approach towards effective management can be more streamlined and systematic. Weekly records of time taken , cost included, work assigned, work completed, target accomplished , number of employees included all help in designing a better work structure and ensuring optimum utilization of all the resources. The term effectiveness implies that quality must be assured, it must not be compromised in order to reduce cost or workforce. Quality is achieve by consistent improvements that can be made in phases. Ensuring each improvement works as desired, and then observing the impact. The statistical tools like hypothesis testing & sampling can help us test various methods and find out the best one , small samples can be tested , this not only saves cost but also helps us learn bye experience and reach the best possible method. This is how Statistical analysis actually plays a pivotal role in achieving effective management