The Pareto Chart The Pareto Chart is based on The Pareto principles of Italian Economist Vilfredo Pareto in 19th centaury. The Pareto principles state that the most effects are the result of relatively of few causes that is, 80 % of effects come from 20 % of the possible causes. Materials, raw materials and operators can be taken as example. The Pareto Chart: The Pareto chart can also be known as, the Pareto diagram. There can be two types of Pareto [...]
Statistics - Normal Distribution A normal distribution is one of the theoretical distributions that has proved to be extremely useful and valuable in the study of statistics. The Gaussian curve gave an accurate picture of the effects of random variation. The nineteenth century mathematician Francis Galton gave the name normal distribution to the curve. It is generally believed that many social and biological measurements are normally distributed. A normal distribution is a bell-shaped, symmetrical, theoretical distribution based on a mathematical formula [...]
Statistics - Distributions Binomial Distribution is a discrete probability distribution that applies when an experiment is conducted n times with each trial having a probability p of success and each trial being independent of every other trial. One can think of an experiment that has only two possible results: success or failure. The probability of success for each trial is p, and the probability of failure is 1-p. if the experiment is conducted 10 times, how many trials should result [...]
Statistics - Measures of Central Tendency If a person is given a large pile of numbers then, there is no hope of understanding the numbers unless a way to work the numbers out is figured out. For example if a pizza parlor managers is trying to keep track of the daily sales figures of different types of pizza.Suppose, if the values for daily sales of pizzas for a period of 9 days is taken: 40, 56, 38, 38, 63, 59, 51, [...]
Statistics - Probability Probabilities express the chance of events that cannot be predicted with certainty. Even unlikely events sometimes occur. The probability of an event is viewed as a numerical measure of the chance that the event will occur. The idea is naturally relevant to situations where the outcome of an experiment or observation exhibits variation. The term experiment is limited to studies conducted in a laboratory. Rather, it is used in a broad sense to include any operation of data [...]
Understanding Statistics for Business and Economics – by www.helpwithassignment.com Team What Is Statistics? Statistics includes 1. Collecting Data - e.g., Survey 2. Presenting Data - e.g., Charts & Tables 3. Characterizing Data - e.g., Average The Application Areas of Statistics include Statistics - www.HelpwithAssignment.com There are 2 important types of Statistical Methods namely • Descriptive Statistics – Involves Collecting Data, Presenting Data and Characterizing Data. The main purpose is to describe data Descriptive Statistics - www.HelpwithAssignment.com • Inferential Statistics – involves Estimation, Hypothesis and testing. The main purpose is [...]
Hypothesis is making an assumption. In Statistics, a Hypothesis or an assumption is taken first and then the Hypothesis is tested whether it is accurate or not. Hypothesis testing is a study based on statistical accuracy of an experiment. If the result is positive, then it is called statistically significant. There are two types of statistical hypotheses. A Null Hypothesis and an Alternate Hypothesis. A Null Hypothesis is denoted by H0, it is actually an assumption that the simple observations [...]
Regression is an important concept in Statistics. Regression is used to measure the relation between two or more variables where one is independent and the others are dependant variables. Regression can be used to predict the dependant variable when the independent variable is known. We can see an example to understand regression clearly. Q: The regression line known as the least squares line is a plot of the expected value of the dependant variable of all values of the independent variable. [...]
Statistics is an important subject at the University level. The relevance of the subject can be seen in large Corporations where the subject is utilized extensively for collecting, processing and understanding data. Even in computer programs like MS Office, Open Office and Google Documents, the application of spreadsheet software like MS Excel, Google Spreadsheet many statistical applications are utilized. This shows the dependency on Statistics by large Corporations and Governments. Statistics in Business is the Science of Decision Making In [...]
