Practical Applications of Statistics

The United States formally conducts a census of its entire nation every ten years to meditate various demographics of our society. However, this address is terribly inefficient and brook be a direful drain of time and financial resource; and even with attempts to accept literally every individual, the census is not 100% perfect due to errors such as under-counting or misrepresenting. Think how intemperate it would be to accurately measure all customers of a melodic phrase organization. To do so would ca handling costs to skyrocket; point of intersection prices would quickly follow, the customer base would promptly switch to a competitor, and the business would fail (Pearson, 2004). So how can a business, with a limited amount of resources, employ research techniques to examine and analyze a fairly accurate cross-section of its intended audience to gain a competitive edge in the grocery store?

By utilizing statistical analysis, the benefits of business research will be two-fold: it provides tools to summate collected data (e.g. of import tendency), as well as predicting future behavior in the marketplace (e.g. frequency distribution). [S]tatistical intellection provides a valuable decision-making framework that can be utilize effectively for many management decisions (Peason, 2004).



The following are some(prenominal) statistical concepts that will aid in eliminating much of the snap of business cost analysis: (a) the measure of central tendency, (b) the mean, median, and mode, (c) the use of standard deviation, and (d) sampling.

More commonly referred to as the median(a), the measure of central tendency provides a singular value that is summarizes a make up ones mind of data by locating the center (Lind, 2002). This value can be associated with a typical, representative member from a mathematical group of data. More descriptive than just a simple average of values, this concept has several subsets that include the measures of mean (average), median, and mode which...

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