More than 100 years ago, H.G. Wells commented that \"statistical thinking will o
ID: 3153523 • Letter: M
Question
More than 100 years ago, H.G. Wells commented that "statistical thinking will one day be as necessary as the ability to read and write." If you were to google "statistics for managers", you will see a list of all sorts of books on this topic, followed by thousands of articles and resources. Provide a detailed application for the use of some of the many forms of statistics in business. As you perform this analysis, be sure to describe the scenario in detail, why you will need the use of statistics, and explain which type of statistics you will use to solve your scenario question. Two-hundred-word minimum, well formatted and referenced.
Explanation / Answer
Inferential (analytical) statistics makes inferences about populations (entire groups of people or firms) by analysing data gathered from samples (smaller subsets of the entire group), and deals with methods that enable a conclusion to be drawn from these data.
An inference is an assumption, supposition, deduction or possibility.)Inferential statistics starts with a hypothesis (a statement of, or a conjecture about, the relationship between two or more variables that you intend to study), and investigates whether the data are consistent with that hypothesis.
Statisticians are in demand in all sectors of society, ranging from government, to business and industry, to universities and research labs. As a statistician you can be involved with the development of new lifesaving drugs in a pharmaceutical, the shaping of public policy in government, the planning of market strategy in business, or the management of investment portfolios in finance. Not only are there a wide variety of exciting opportunities for statisticians, but careers in statistics generally can be quite lucrative, with statisticians of sufficient experience often able to earn six-figure salaries.
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