Your Status: Logged out Log in

Practical Applications of Statistical Concepts

Member rating: No Rating | Words: | Submitted: Mon Sep 27 2004

Page Preview
Preview
Previous 1 of 5 Next

On the left is an image preview of every page of this document, and below are the first 150 words with formatting removed:

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...

Get instant access



  • Instant, unlimited access to our documents in full
  • Swap your work for free access, or pay £4.99
  • To see the full version of this document and 149,962 others
Register Now