By Sanjiv Jaggia
The 1st variation of industrial records: speaking with Numbers offers a distinct, cutting edge, and interesting studying event for college kids learning enterprise statistics. it truly is an intellectually stimulating, useful, and visually beautiful textbook, from which scholars can examine and teachers can train. during the booklet, the authors have awarded the fabric in an available method by utilizing well timed enterprise purposes to which scholars can relate. even supposing the textual content is application-oriented, it's also mathematically sound and makes use of notation that's in most cases permitted for the subject being lined. attach is the single built-in studying procedure that empowers scholars by way of consistently adapting to carry accurately what they want, after they want it, and the way they wish it, in order that your type time is extra enticing and powerful.
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Extra info for Business Statistics: Communicating with Numbers
In many applications we want to compare data sets that differ in size. For example, we might want to compare the weather in February to the weather in March. However, February has 28 days (except during a leap year) and March has 31 days. In this instance, we would convert the frequency distribution to a relative frequency distribution. We calculate each category’s relative frequency by dividing the respective category’s frequency by the total number of observations. The sum of the relative frequencies should equal one, or a value very close to one due to rounding.
Generally, inferential statistics refers to drawing conclusions about a large set of data— called a population— based on a smaller set of sample data. A population is defined as all members of a specified group (not necessarily people), whereas a sample is a subset of that particular population. In most statistical applications we must rely on sample data in order to make inferences about various characteristics of the population. For example, a 2010 survey of 1,208 registered voters by a USA TODAY/Gallup Poll found that Presi dent Obama’s job performance was viewed favorably by only 41% of those polled, his lowest rating in a USA TODAY/Gallup Poll since he took office in January 2009 (USA TODAY, August 3, 2010).
In addition, we also show the relative frequency distribution for the month of March. March had 3 cloudy days, 10 sunny days, and 18 rainy days. Each of these frequencies was then divided by 31, the number of days in the month of March. co m . We can easily convert relative frequencies into percentages by multiplying by 100. 7%, respec tively. From the relative frequency distribution, we can now conclude that the weather in Seattle in both February and March was predominantly rainy. However, the weather in March was a bit nicer in that approximately 32% of the days were sunny, as opposed to only 25% of the days in February.
Business Statistics: Communicating with Numbers by Sanjiv Jaggia