WEEK1-DQ: Statistics - 7332

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WK1-DQ1: Statistics 

·        PART 1 (Min. 100 Word Count: How would you define statistics? How is statistics used in business decision making?

·        PART 2 (Min. 100 Word Count):What are data? What is your understanding of meaningful data?


 

WK1-DQ2: Definitions

·        PART 1 (Min. 100 Word Count: How would you define dependent and independent variables? What is their significance in research? Explain with examples.

·        PART 2 (Min. 100 Word Count: What are the four data measurement scales? Explain with examples. Which level of measurement is lowest and why?


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WK1-DQ1: Statistics 

·        PART 1 (Min. 100 Word Count: How would you define statistics? How is statistics used in business decision making?


Statistics is all about gathering data, analyzing it and then presenting it in a meaningful manners. It can be used in by almost all disciplines. It is used by engineers, scientists, Psychologists, sociologists, businessmen, and pharmacists. For example pharmacists may want to know the result of the effect of a medicine on average, an engineer may want to know the sizes of various parts produced by a machine. http://www.amstat.org/careers/whatisstatistics.cfm

Statistics help business managers by giving them confidence by providing data and making them more confident in their decisions. For example data related to consumers can give the business managers a picture of the market, their taste. This can help market researchers finding out what people value.