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Why it is important to find the shape of data distribution before computing descriptive statistics?
Wiki User
∙ 10y ago
to help determine and give insight into the data colleced.
Wiki User
∙ 10y ago
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What are the Importance of statistics in estate management?
important of statistics in estate management
Does a sample statistic always have a normal distribution?
No, many sample statistics do not have a normal distribution. In most cases order statistics, such as the minimum or the maximum, are not normally distributed, even when the underlying data themselves have a common normal distribution. The geometric mean (for positive-valued data) almost never has a normal distribution. Practically important statistics, including the chi-square statistic, the F-statistic, and the R-squared statistic of regression, do not have normal distributions. Typically, the normal distribution arises as a good approximation when the sample statistic acts like the independent sum of variables none of whose variances dominates the total variance: this is a loose statement of the Central Limit Theorem. A sample sum and mean, when the elements of the sample are independently obtained, will therefore often be approximately normally distributed provided the sample is large enough.
Use statistics in a sentence?
From the chart, statistics show that the nation's important rate far exceeded it's export rate.
What is the importance of statistics in research?
Ø Statistics is the science of collection, analysis, interpretation or explanation, and presentation of data. It has wide usage in the field of research. In fact all the data collection and interpretation techniques used in Research are part of statistics. Ø It makes use of descriptive statistics for collection of data and inferential statistics for drawing inferences from this set of data. Ø The subject called research statistics & statistics is very important in research because that is the backbone of your research. Ø The Numbers gives an easy idea of how you conducted your research. Ø Statistics provides a platform for research as to; How to go about your research, either to consider a sample or the whole population, the Techniques to use in data collection and observation, how to go about the data description (using measure of central tendency). Ø To wrap it up, statistics as a science of data collection, analysis, interpretation, explanation and presentation will guide you in research for proper characterization, summarization, presentation and interpretation of your research result for proper action.
What important question must you answer before computing an or probability?
You need to know whether or not the events are mutually exclusive.
Why it is important to determine the shape of data distribution before computing descriptive statistics?
You may be most familiar with the normal distribution (the Bell-shaped curve). The mean, mode and median of this distribution are all the same because it is symmetric. If, however, you take a sample from a distribution that is asymmetric in some way then the mean, mode and median will differ. You would need to decide which of these more effectively characterises the population. Then you would compute that descriptive statistic.
Why Normal distribution is better then other distributions in statistics?
The normal distribution has two parameters, the mean and the standard deviation Once we know these parameters, we know everything we need to know about a particular normal distribution. This is a very nice feature for a distribution to have. Also, the mean, median and mode are all the same in the normal distribution. Also, the normal distribution is important in the central limit theorem. These and many other facts make the normal distribution a nice distribution to have in statistics.
What are the Importance of statistics in estate management?
important of statistics in estate management
Will the distribution of the sample means follow the uniform distribution?
The distribution of the sample means will, as the sample size increases, follow the normal distribution. This is true for any given distribution (e.g. does not need to be a normal distribution). This concept is from the central limit theorem. It is one of the most important concepts in statistics, along with the law of large numbers. An applet to help you understand this concept is located at: http:/www.stat.sc.edu/~west/javahtml/CLT.html
The Central Limit Theorem is important in statistics because?
According to the central limit theorem, as the sample size gets larger, the sampling distribution becomes closer to the Gaussian (Normal) regardless of the distribution of the original population. Equivalently, the sampling distribution of the means of a number of samples also becomes closer to the Gaussian distribution. This is the justification for using the Gaussian distribution for statistical procedures such as estimation and hypothesis testing.
What is Pareto distribution?
It is a theoretical probability distribution. I have included two links from the internet which describe the distribution and some of its applications. Sometimes in statistics, we are more interested in the more extreme statistics rather than the average. For example, if we are studying the spread of a disease, perhaps the long distance that the disease can travel one time in 100 is more important than the average distance. Both the exponential and the Pareto distribution are used when the tail end probabilities (cumulative probability close to 1) are of interest. See related links.
Why you prefer normal distribution as compare to others in statistics?
Perhaps a mistaken impression, after completing an initial course in statistics, is that one distribution is better than another. Many other distributions exists. Usually, introductory statistics classes concern confidence limits, hypothesis testing and sample size determination which all involve a sampling distribution of a particular statistic such as the mean. The normal distribution is often the appropriate distribution in these areas. The normal distribution is appropriate when the random variable in question is the result of many small independent random variables that have been are summed . The attached link shows this very well. Theoretically, a random variable approaches the normal distribution as the sample size tends towards infinity. (Central limit theory) As a practical matter, it is very important that the contributing variables be small and independent.
What is the most important distribution in the galaxy and is widely used in all kinds of statistical inference?
The Gaussian distribution is the single most important distribution.
Importance of statistics in social sciences?
statistics is important as it helps in problem solving.
What is normal distribution in statstics?
The normal distribution is a statistical distribution. Many naturally occurring variables follow the normal distribution: examples are peoples' height, weights. The sum of independent, identically distributed variables - whatever their own underlying distribution - will tend towards the normal distribution as the number in the sum increases. This means that the mean of repeated measures of ANY variable will approach the normal distribution. Furthermore, some distributions that are not normal to start with, can be converted to normality through simple transformations of the variable. These characteristics make the normal distribution very important in statistics. See attached link for more.
Does a sample statistic always have a normal distribution?
No, many sample statistics do not have a normal distribution. In most cases order statistics, such as the minimum or the maximum, are not normally distributed, even when the underlying data themselves have a common normal distribution. The geometric mean (for positive-valued data) almost never has a normal distribution. Practically important statistics, including the chi-square statistic, the F-statistic, and the R-squared statistic of regression, do not have normal distributions. Typically, the normal distribution arises as a good approximation when the sample statistic acts like the independent sum of variables none of whose variances dominates the total variance: this is a loose statement of the Central Limit Theorem. A sample sum and mean, when the elements of the sample are independently obtained, will therefore often be approximately normally distributed provided the sample is large enough.
What is the important of stastistics to accounting?
What is the Important of statistics to Accounting?
