Statistics are used in all areas of human life and are divided into two branches
ID: 3299607 • 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. 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.
Consider how management is affected by statistics. Explain how to develop an effective management style in regards to statistics.
Explanation / Answer
Statistics is a versatile discipline that has revolutionized the fields of business, engineering, medicine and pure sciences.Spreadsheets containing real data from diverse areas such as economics, finance and HR drive much of our discussions. Also , there are numerous statistical tools that help us in making better decision making using the statisitcal tests . The tools are R , Python, Matlab etc.
Also , based on the distribution of the data the statistical analysis helps us in deriving insights from the data . These methods include parametric and non parametric tests such as t test , anova , wilcox signed rank test etc.
In order to make a management style based on statisitcal analysis , one must focus on the data driven insights rather than making decisions based on intutions . We must substantiate our decisions based on the actual data for the company , this data is generally the historical information of the company performance and other metrics.