Explain the importance of statistics in business.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
Statistics is the science of collecting organizing analyzing interpreting and presenting ...View the full answer
Answered By
Pushpinder Singh
Currently, I am PhD scholar with Indian Statistical problem, working in applied statistics and real life data problems. I have done several projects in Statistics especially Time Series data analysis, Regression Techniques.
I am Master in Statistics from Indian Institute of Technology, Kanpur.
I have been teaching students for various University entrance exams and passing grades in Graduation and Post-Graduation.I have expertise in solving problems in Statistics for more than 2 years now.I am a subject expert in Statistics with Assignmentpedia.com.
4.40+
3+ Reviews
10+ Question Solved
Related Book For
Statistics Data Analysis And Decision Modeling
ISBN: 9780132744287
5th Edition
Authors: James R. Evans
Question Posted:
Students also viewed these Statistics questions
-
Write an essay about the importance of statistics for one of the following. A study on the effectiveness of a new drug An analysis of a manufacturing process Drawing conclusions about voter...
-
Explain the importance of sampling from a managerial perspective.
-
How are rational samples selected? Explain the importance of this in the total quality systems approach.
-
In a survey of 1,002 people, 701 (or 70%) said that they voted in the last presidential election (based on data from ICR Research Group). The margin of error was 3 percentage points. However, actual...
-
The accounting information system of Bosch Inc. reported the following cost and inventory data for the year. Required A. Calculate the cost of goods manufactured. B. Calculate the cost of goods sold....
-
The post-closing trial balance for Heron Consulting Services, inc, at December 31 of the prior year is presented here. The company respond the following transactions during the current year: January...
-
At a stage of reaction turbine, the mean diameter of rotor is \(1.4 \mathrm{~m}\). the speed ratio is 0.7. Determine the blade inlet angle if the blade outlet angle is \(20^{\circ}\). The rotor speed...
-
Fugate Energy Corp. has recently purchased a small local company, Gleave Inc., for $556,950 cash. Fugates chief accountant has been given the assignment of preparing the journal entry to record the...
-
Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$10 par value, 100,000 shares authorized, 55,000 shares issued and...
-
Late in 2018, Felix Machine Company (FMC) management was considering expansion of the company?s international business activities. FMC is a South Carolina?based manufacturer of compound machines for...
-
A new machine that will lead to savings in labour costs of $20,000 per year can be purchased for $60,000. However, it will cost $2000 per year for the first four years, and $3000 per year for the...
-
List the different types of charts available in Excel, and explain characteristics of data sets that make each chart most appropriate to use.
-
Listed below' are several transactions that occurred during the year. All these amounts in each case were capitalized to an account called R&D costs. At the end of the year the company wants this...
-
A company wants to purchase a plant for its expanding operations. The desired plant is available at 3,00,000 in cash or 4,50,000 to be paid in 5 equal annual instalments due at the end of each year....
-
The Libby Oil Corporation incurs unproved property (Lease A) costs of $60,000 on April 1, 2018. An 8% loan is obtained on April 1, 2018 for $500,000 to finance a drilling program. Libby started a...
-
A company is planning to purchase a machine to meet the increased demand for its products in the market. The machine costs 50,000 and has no salvage value. The expected life of the machine is 5...
-
An opinion columnist writing on bloomberg.com observes, Macroeconomists like Robert Lucas, Edward Prescott and Thomas Sargent . . . generally argued against government efforts to stabilize the...
-
Falco Oil Company began operations in 2017. During that year, Falco drilled an exploratory well on a lease located in a remote area where any oil discovered would need to be transported via a...
-
What procedure can you sometimes use to express the inverse of a function of x as a function of x?
-
Using a graphing utility, graph y = cot -1 x.
-
Explain how operations management activities affect the customer experiences described in the Museum of Science + Technology anecdote at the beginning of this chapter. What moments of truth would a...
-
Explain why a bank teller, nurse, or flight attendant must have service management skills. How do the required skills differ for someone working in a factory? What are the implications for hiring...
-
Explain why a bank teller, nurse, or flight attendant must have service management skills. How do the required skills differ for someone working in a factory? What are the implications for hiring...
-
A project that is expected to generate annual after-tax cash flows of $2,200 for each of the next 20 years. The project's cost of capital is 8.5 percent and it has an IRR of 9.058 percent. What is...
-
Why are unpaid accruals a "temporary" source of cash? Please give some details and examples.
-
Gabbie has to decide between the following two choices: Option 1: Get $320 with probability 35.97%, and $84.15 with the complement probability. Option 2: Get $94.95 with 100% probability. Her utility...
Study smarter with the SolutionInn App