Please answer these two question? 1.Those persons employed in quantitative areas
ID: 3301313 • Letter: P
Question
Please answer these two question?
1.Those persons employed in quantitative areas working with statistical procedures often enjoy higher salaries and avoid the dreadful dead-end jobs. Furthermore, early in their careers they usually find themselves in closer contact with high-level management. The proximity to the executive elite occurs because upper management needs the information and assistance which statistically trained people can provide. In the current labor market, employers simply do to want to hire or retain the statistically illiterate.
Whether your career aspirations tend toward private industry, public service with the government, or some other source of gainful livelihood, you will be much better served by your academic experience if you acquire a solid background in the fundamentals of statistical analysis.Discuss in 5-6 sentences.
2. Inferences (conclusion) about parameters are made under uncertainity. Unless parameters (measure of population) are computed directly from the population, the statistician never knows with certainity whether the estimates or inferences made from samples are true ot not. Discuss in 5-6 sentences.
Explanation / Answer
Part (1)
Very much true. The managerial decision making process is becoming more and more data-based. The efficacy of using quantitative methods to derive meaningful inferences to take correct decisions has been well understood and appreciated by the corporate world. Thus, demand for well qualified statisticians is on the increase. Since a great majority of high-end corporate decisions involve top management, the statisticians do get into the elite corporate world association. This, in effect, means that a good qualification in Statistics can land a lucrative job.
Part (2)
Not quite true!
The very emergence and then the existence of statistical tools are based on the realization that 100% enumeration or acquisition of data is neither feasible nor timely for taking decisions. Thus, a statistician’s role is not to derive decision making aids based on the entire population data, but to churn out reliable inferences by intelligent application of appropriate quantitative tools and provide them to the management, along with the clear indication of risk factors. After all, all statistical tools are based on probability. It is important to note that the role of probability is to convert the ‘uncertain’ scenario into ‘predictable certainties’ and if employed intelligently, it can virtually lead decisions which are as good and as effective as when taken under certainty.