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Concepts Of Statistical Studies Essay

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Basic Concepts of Statistical Studies
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Introduction s Decision makers make better decisions when they use all available information in an effective and meaningful way. The primary role of statistics is to to provide decision makers with methods for obtaining and analyzing information to help make these decisions. Statistics is used to answer long-range planning questions, such as when and where to locate facilities to handle future sales.
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Definition s Statistics is defined as the

science of collecting, organizing, presenting, analyzing and interpreting numerical data for the purpose of assisting in making a more effective decision.
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Applications in Management s Accounting Public accounting firms use …show more content…

Alternatively, a numeric code could be used for the class standing variable (e.g. 1 denotes Freshman, 2 denotes Juniors and so on).

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Scales of Measurement s Interval
The data have the properties of ordinal data, and the interval between observations is expressed in terms of a fixed unit of measure. Interval data are always numeric.

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Scales of Measurement s Interval
Example: Shruti has an MAT score of 605, while Raj has an MAT score of 655. Raj scored 50 points more than Shruti.

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Scales of Measurement s Ratio
The data have all the properties of interval data and the ratio of two values is meaningful. Variables such as distance, height, weight, and time use the ratio scale. This scale must contain a zero value that indicates that nothing exists for the variable at the zero point.

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Scales of Measurement s Ratio
Example: Raj’s college record shows 36 credit hours earned, while Kevin’s record shows 72 credit hours earned. Kevin has twice as many credit hours earned as Raj’s.

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Qualitative and Quantitative Data
Data can be further classified as being qualitative or quantitative. The statistical analysis that is appropriate depends on whether the data for the variable are qualitative or quantitative. In general, there are more alternatives for statistical analysis when the data are quantitative.

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Qualitative Data
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