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Practical Applications of Statistical Concepts
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- Words:
- 806
- Submitted:
- Mon Sep 27 2004
... Practical Applications of Statistical Concepts Charity Maynard QNT 530: Statistics & Research Methods for Managerial Decisions Sid V. Soben, PhD, Instructor September 29, 2004 Practical Applications of Statistical Concepts Statistics are objective measurements that describe a characteristic of a sample according to Lind, Marchal, and Mason (2002). Statistics provide useful information for observers involved in many different aspects of life such as sports, business, or politics to name a few. A thorough understanding of statistical concepts will allow managers to make informed decisions as they become skilled in identifying trends and predicting future outcomes thus, increasing their probability for success. Skilled managers will be better prepared to make informed business decisions as they learn to practically apply statistical concepts such as central tendency; mean, median and mode; sampling; and the empirical rule. To begin with, statistics can be presented or measured in various forms. A measure of central tendency as defined by
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