Statistics are used in all areas of human life and are divided into two branches

Question

Statistics are used in all areas of human life and are divided into two branches, descriptive statistics and inferential statistics. The data is of various types and can be organized graphically. Simple probability concepts can be used in your personal and professional life. In this course, you learned about normal distribution. A normal distribution can be used to describe a sampling of means and to approximate other distributions such as the binomial distribution. You now know how to determine whether data falls within a normal distribution as well as how to facilitate data analysis. You can calculate specific data values for given percentages by using the standard normal distribution and also calculate the confidence level for a mean, a variance, and a standard deviation. To prepare for this Discussion, consider how your attitude about effective management has been affected by the information you gained regarding statistics in this course. Post by Day 3 a 200- to 250-word explanation of how your attitude about effective management has been affected by the information you gained regarding statistics in this course. In your post, be sure to also identify the knowledge/insights you think will be most useful in developing your own management style. Explain why you chose that particular knowledge or those particular insights.

Explanation / Answer

The first thing that I have learnt is Data representaion. Textual rep[resentation may be very inconvenient to be looked at but graphical representation has a great way to present the data in a stylish and more compact way.I have lernt different plots which are of daily use like pie charts bar charts etc.I have now gained the knowledge when to use which average-like when to use mean,when to use median.If there are outliers then we should use median..I now also know how to summarise a big data by frequency distribution. How to fit theoretical distribution to those frequency distribution. i have noticed that there are not many people who are very short and who are very tall.People mostly are of average size which is called the central tendency.I can use confidence intervals to improve my time management.Again how to use statistics in an uncertain world I have learnt that.Moreover probability has taught me a lot.Once I forgot the password of my suitcase.then I unlocked it with help of combinatorics analysis.Now I am intersted in share market.I also find that in a particular region the heights of people do not vary much.So the standard deviation is very small.So I am now good enough to explain things in a better way using way using statistics.I am keen enough to acquire more knowledge in this subject.

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