BUS 308 Week 5 Final Paper

1130 Words Nov 5th, 2014 5 Pages
RUNNING HEAD: Statistics Overview

Statistics Overview
Jennifer Shanley
BUS 308-Statistics for Managers
Professor Wells
November 1, 2014

Statistics Overview
Statistics provides us with very useful tools and techniques that aide us in dealing with real world scenarios. I have been able to learn several useful concepts by studying statistics that can aide me in making rational and informed decisions that are supported by the analysis results. Statistics as a discipline is the application and development of various processes put in place to gather, interpret, and analyse the information. The quantification of biological, social, and scientific phenomenons, design and analysis of experiments and surveys, and application of
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In the process of hypothesis testing, we use different degrees of confidence, such as 99% or 95 %, but we do not made conclusions with absolute certainty (Fraser, 1956). Hypothesis testing is typically associated with the process for developing and acquiring knowledge that refers to the scientific method. In similar fashion, as it pertains to the fields of economic investment and research. For example, how business topics pertain to other more traditional science fields like mathematics, physics, medicine, and so on.
Selection of Appropriate Statistical Tests:

There is great significant importance for data analysis when selecting appropriate statistical tests. Choosing the wrong or inappropriate statistical test(s) may lead to receiving an incorrect conclusion that have may have results that are misleading. Tests that are inappropriate have the ability to be observed in various situations such as an analyzation of the data that is unpaired with the utilization of paired tests or by using the parametric statistical tests for any data that does not follow inaptness of the statistical tools or normal distribution with the type of data provided. It has been made easier to apply appropriate statistical tests based upon the type of data that is being studied with the wide variety of statistical

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