Reflection Of Descriptive Statistics
Introduction After taking this class and learning about statistics has really opened up my mind to how important statistics really is and how much valuably information it can provide for any business. So many decisions we make in our daily lives either at work our in our personal life is based on statistics. As we learned in week’s 1 lecture, Data analysis turns raw data into important information. Statistics is the way of numerical data being collected, analyzed and how it is interpreted by using multiple mathematical methods in order to obtain a range of predicted conclusions. The results obtained can be used to make educated and informed decisions. Throughout this paper I show my understanding of the basics and importance of statistics that I have learned in this course.
Descriptive Statistics In our lecture we learned that descriptive statistics provides crucial information in four main areas, location which show central tendencies and includes mean, mode, and median. Consistency, which show the variability in the data and includes range, variation, and standard deviation. Position, which measures how relative placement data, and where a specific data point lies within the data set, and includes measures such as z-score, percentile, quartile. Last but least, likelihood, which show how common or rare a particular outcome is, and involves probability estimates such as, empirical, theoretical, and subjective probabilities. In essences,
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