I’m stuck on a Business question and need an explanation.

Discussion Topic

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students. You have two due dates for your responses. The first response is due by Thursday and the other responses are due by Monday. Note that you can always post more than 3 responses to the weekly discussion and your responses can be posted prior to the due dates.

Due by Thursday

Respond to the following in a minimum of 175 words:

Review Figure 1.1 and Figure 1.2 from Chapter 1 and note the difference between a parameter and a statistic. Figure 1.3 describes the levels of measurement.

Consider how the type of variable (qualitative and quantitative) and the level of measurement used influence the presentation of the data collected for the variable and the statistics that can be calculated for the variable. Provide your own examples.

Due by Monday

Review the concepts of measures of central tendency and variation from Chapter 3 and consider the following situation: You are standing on the bank of a river.

Assume the river current is not a factor and you only have the mean as the information for the depth of the river posted on the river bank. Is this sufficient information to allow a person who is 5 ft 7in tall to safely cross the river?

Reply to at least 2 of your classmates in 100 word count. Be constructive and professional in your responses.

BY Brianna

Consider how the type of variable (qualitative and quantitative) and the level of measurement used influence the presentation of the data collected for the variable and the statistics that can be calculated for the variable. Provide your own examples.

In Chapter 1 we review the statistical concepts and the levels of measurement. A statistic and a parameter are different yet similar. The huge difference is that a parameter describes an entire population and a statistic describes a sample. In Figure 1.1 the key elements are graphically displayed of the statistics: collect data, analyze data, interpret data and present findings. Figure 1.2 shows the inferential process which is when a researcher gathers data from a sample and uses the statistics generated to reach conclusions about the population from which the sample was taken. Then we have Figure 1.3 which shows the highest level of data measurement to the lowest level of data measurement (ratio, interval, ordinal, and nominal).

An example would be if production artists have made a new reality tv show and they want to find out how many people are watching, in what states are the number of people watching higher, what type of people are watching, etc. The researchers would take these findings and feedback from the viewers into consideration and would provide the mean, median, average and range and other numbers to gather more data on their study. The info used will help to see if the producers are going in the right direction with the show and if it’s successful then they may start to work on a new season. They do what is done in Figure 1.1 collect data, analyze the data, interpret the data and present their results that they found from the data.

Reference

Black, K. (2017). Business Statistics: For Contemporary Decision Making, (9th Edition). Hoboken, NJ:

By Lakesha

a-Kesha
Morrison

17 hours ago, at 4:43 PM

NEW

The differences in parameters and statistics are that parameters look at a populations descriptive measures and statistics are an analysis of gathered data that is used as a numerical representation of scientific data (Black, 2017). Statistics are subdivided and a parameter is one of the subdivisions of a statistic. In Figures 1.1 and 1.2, figure 1.1 is a representation of the components that researchers use to gather data to be analyzed and to make a hypothesis and then draw a fact based conclusion based on the research that was conducted and data gathered. The end results are then used to present to an audience of a target population. For example, when researchers are looking to gather information on the effects associated with a new medication, the population is usually an population of people with a particular condition or illness in which the medication is targeted. The researchers monitor these case studies over a particular amount of time and they rely heavily on information from these individuals to provide them with feedback, researchers will make notations based on reports and observations to complete a final analysis of their findings. In Figure 1.2, the diagram is an example of a parameter and sample (both are subdivisions of statistics). A sample is derived from a particular population of interests. The parameters look specifically at variances within a sample to provide descriptive measures of the population. So as previously mentioned in the example, the researchers would provide the mean, median, average and range, standard deviations and so on and so forth based on the numerical data gathered during the study. The information is used to report to the FDA which is usually included in the medication pamphlet for patients to review the medications compositions, as well as case findings during research.

Black, K. (2017). Business Statistics: For Contemporary Decision Making (9th Edition). Hoboken, N.J.: Wiley



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