Statistics for Managers Essay

1202 WordsJan 18, 20155 Pages
Statistics for Managers: What I have learned BUS308 Statistics for Managers August 12, 2014 Statistics for Managers: What I have learned The business world functions with the use of many different elements. These elements build upon each other and are the key to successful business. Profitable business is the main goal and in order to achieve such profit, a strong management team must be in place. The organization is unfortunately set to fail if the management team is weak. The business must have fundamental strategies in place and management must ensure that these strategies are achieved. Statistics have always played a major part in the business world. Although, statistics may be an unnoticed function in business, it is an imperative tool for management. The use of the data that is provided will allow management to achieve the success they desire. Descriptive statistics is one of the elements presented in this course. Descriptive statistics is the analysis of data that summarizes data in a significant way that shows if there are any patterns that may arise from the data. The application of descriptive statistics is essential because it allows data to be presented with a simpler interpretation. If raw data were presented as is, it would be very difficult to visualize what exactly the data is showing. Therefore, there are two general types of statistics that are used to explain data, which are measures of central tendency and variability. Central tendency is a value that identifies a central position within a set of data. Central tendency has three different measures, which are mean, median, and mode. “Each measure takes a different approach to describing what is ‘typical’” (Tanner, D. et al., 2013, sec. 1.5). The mean is the most typical measure of central tendency. It is the arithmetic average of a data set. The median is the middle value of a data

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