Statistics Language & Levels:
Project description:
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Select enter classroom under BUS 308 Statistics for Managers and look under week 1 for necessary reading material. Please make sure to select a classmate to make responses to. Each part should be 250 words and responses 125 words.
PART1: Language
Numbers and measurements are the language of business. Organizations look at results in many ways: expenses, quality levels, efficiencies, time, costs, etc. What measures does your department keep track of? Are they descriptive or inferential data, and what is the difference between these? (Note: If you do not have a job where measures are available to you, ask someone you know for some examples, or conduct outside research on an interest of yours, or use personal measures.)
Guided Response: Review several of your classmates’ posts. Respond to at least two of your classmates by providing recommendations for the measures being discussed..
PART 2: Probability
Things vary in life – virtually nothing (except physical standards such as the speed of light) we interact with is constant over time. Much of this variation follows somewhat predictable patterns that can be examined using probability. An example of a subjective probability is: “Cops usually do not patrol this road, so I can get away with speeding.” An empirical probability example is: “Each production run has a 5% reject rate.” A classical (or theoretical) probability example is: “This die has six sides, so I should see the number 2 come up 1/6th of the time.”
What are some examples of probability outcomes in your work or life? How would looking at them in terms of probabilities help us understand what is going on? How does the normal curve relate to activities/things you are associated with?
Guided Response: Review several of your classmates’ posts. Respond to at least two classmates by commenting on the situations that are being illustrated.