Running head: Statistics
Where I want to improve
University of Phoenix
December 1, 2008
Paper to discuss the area I feel I need the most improvement with regards to the 4 tutorials that we went through.
Where I need improvement
The assignment for this week was to evaluate which of the tutorials we were assigned to go thru highlighted our highest self perceived deficiency. Based on the topics I found that my biggest deficiency is in the area of Business Statistics. There are a number of areas within Business Statistics specifically where I feel I could benefit from further studies.
When considering having a firm foundation in the area of Business Statistics there are a number of things to be considered. Among these are, the ability to compute the probability that a particular event will occur, being able to use the right probability distribution (normal, t, binomial, etc.) for a proper analysis. It would also be important to be able to reasonably estimate population means and proportions, based on sample data.
As with any data or analysis it is imperative that one determines a margin of error and confidence levels. This is something that we have seen most recently in the polls surrounding the presidential election. They are always mentioning a margin of error based on the size of the sample data.
Finally, and this is a practical business methodology, it is always best to choose a sample design that yields maximum precision for minimum cost. This is most important when talking about budgets and forecasting and the likes.
There is a huge amount of information around the gathering of data. Variables as it relates to data are an enormous determiner. Variables can be classified as categorical (aka, qualitative) or quantitative (aka, numerical).
• Categorical. Categorical variables take on values that are names or labels. The color of a ball (e.g., red, green, blue) or the breed of a dog (e.g.,...