0
How can manager use statistics and what benefits he can get from the statistical methods?
Wiki User
∙ 10y ago
Managers can apply some statistical technique to virtually every branch of public and private enterprise. These techniques are commonly separated into two broad categories: descriptive statistics and inferential statistics. Descriptive statistics are typically simple summary figures calculated from a set of observations. Suppose a professor computes an average grade for one accounting class. If the professor uses the statistic simply to describe the performance of that class, the result is a descriptive statistic of overall performance.
Inferential statistics are used to apply conclusions about one set of observations to reach a broader conclusion or an inference about something that has not been directly observed. In this case, a professor might use the average grade from a series of previous accounting classes to estimate, or infer, the average grade for future accounting classes. Any conclusion made about future accounting classes is based solely on the inferential statistics derived from previous accounting classes.
See the related link below for more information.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
What are the two division of statistic?
Statistics as a science can be divided into two main classes, namely, statistical methods and applied statistics.
What are the importance of statistics in economics?
Statistics play an important role in economics. Economics largely depends upon statistics. National income accounts are multipurpose indicators for the economists and administrators. Statistical methods are used for preparation of these accounts. In economics research statistical methods are used for collecting and analysis the data and testing hypothesis. The relationship between supply and demands is studies by statistical methods, the imports and exports, the inflation rate, the per capita income are the problems which require good knowledge of statistics.
What are two methods of gathering and reporting crime statistics?
The methods used for the gathering and reporting crime statistics are gathering of police reports, surveys, and statistical reports. A person then needs to combine together any information, comparing statistics and other elements to create a complete and thorough report.
Importance of statistics in mathematics?
Statistical plays a central role in almost all natural and social sciences. The methods of natural sciences are most reliable but conclusions draw from them are only probable, because they are based on incomplete evidence. Statistical helps in describing these measurements more precisely. Statistics is branch of applied mathematics. The large number of statistical methods like probability averages, dispersions, estimation etc… is used in mathematics and different techniques of pure mathematics like integration, differentiation and algebra are used in statistics.
What are the applications of statistics in electronics and communications engineering?
In electronics engineering the only statistical methods that reasonably can be applied are the descriptive methods and least square curve fitting ones. In all cases the inferential statistical methods should be avoided. Inferential methods try to retreive a theory from a data set. Correct science works the other way around.
What has the author Herman J Loether written?
Herman J. Loether has written: 'Inferential statistics for sociologists' -- subject(s): Sampling (Statistics), Sociology, Statistical hypothesis testing, Statistical methods 'Descriptive and inferential statistics' -- subject(s): Sampling (Statistics), Sociology, Statistical hypothesis testing, Statistical methods 'Descriptive statistics for sociologists' -- subject(s): Sociology, Statistical methods
What has the author Xiao-hua Zhou written?
Xiao-hua Zhou has written: 'Statistical methods in diagnostic medicine' -- subject(s): Statistical methods, Diagnostic Techniques and Procedures, Medicine, Medical statistics, Statistical Data Interpretation, Research 'Statistical methods in diagnostic medicine' -- subject(s): Statistical methods, Diagnostic Techniques and Procedures, Medicine, Medical statistics, Statistical Data Interpretation, Research
What has the author Morris Hamburg written?
Morris Hamburg has written: 'Basic statistics' -- subject(s): Statistics 'Statistical analysis for decision making' -- subject(s): Statistics, Statistical decision, Statistical methods, Social sciences 'Solutions manual for 'basic statistics''
What has the author S Selvin written?
S. Selvin has written: 'Biostatistics' -- subject(s): Biometry, Medical Statistics, Medicine, Research, Statistical methods, Statistics 'Statistical analysis of epidemiologic data' -- subject(s): Data Interpretation, Statistical, Epidemiologic Methods, Epidemiology, Statistical Data Interpretation, Statistical methods 'Statistical tools for epidemiologic research' -- subject(s): Statistical methods, Epidemiology, Epidemiologic Methods 'Modern applied biostatistical methods using S-Plus' -- subject(s): Biology, Biometry, Data processing, S-Plus
What has the author Paul Newbold written?
Paul Newbold has written: 'Forecasting in Business and Economics, Second Edition (Economic Theory, Econometrics, and Mathematical Economics)' 'Statistics for business and economics' -- subject(s): Statistical methods, Economics, Statistics, Commercial statistics 'On the incremental benefits of using consolidated accounting data to predict conglomerate earnings' 'Statistics for Business& Economics & Stu CD' 'Introductory business forecasting' -- subject(s): Statistical methods, Business forecasting
What are the two division of statistic?
Statistics as a science can be divided into two main classes, namely, statistical methods and applied statistics.
What has the author David Salsburg written?
David Salsburg has written: 'The use of restricted significance tests in clinical trials' -- subject(s): Clinical trials, Methods, Probability theory, Randomized Controlled Trials, Statistical Models, Statistical methods, Statistics 'The Lady Tasting Tea' -- subject(s): History, Science, Statistical methods 'Statistics for toxicologists' -- subject(s): Experimental Toxicology, Statistical methods, Toxicology
What has the author Ya-lun Chou written?
Ya-lun Chou has written: 'Probability and statistics for decision making' -- subject(s): Probabilities, Statistical decision, Statistics 'Applied business and economic statistics' -- subject(s): Statistics 'Statistical analysis, with business and economic applications' -- subject(s): Statistics 'Modern business statistics' -- subject(s): Commercial statistics, Economics, Statistical methods, Statistics
What has the author V V Shvyrkov written?
V. V. Shvyrkov has written: 'Statistical science in economics (s. legend)' -- subject(s): Statistical methods, Economics, Statistics 'The new statistics' -- subject(s): Mathematical statistics
What are the statistical methods called that use sample data to answer general questions about a population?
Inferential statistics
What has the author Richard Arnold Johnson written?
Richard Arnold Johnson has written: 'Business statistics' -- subject(s): Statistical methods, Industrial management, Statistical decision 'Applied multivariate statistical analysis' -- subject(s): Multivariate analysis 'Statistics' -- subject(s): Statistics, Textbooks
What has the author Lehmann written?
Lehmann has written: 'Nonparametrics : statistical methods based on ranks' -- subject(s): Nonparametric statistics, Statistical hypothesis testing
