0
Statistical method and are no substitute for common sense comment?
Wiki User
∙ 11y ago
Oftentimes in economics and other areas, statistical methods are used to approximate values or intervals. Despite the usefulness of these methods, there are often sources of error that affect the statistical results. In these cases, we have to use common sense to realize that the statistics are not completely accurate.
The primary source of problems with statistics in economics is that in economics we rarely know all the factors affecting an outcome. If, for example, we are attempting to reach a conclusion on the outcome of a tax increase, we can most likely look at the overall numbers and--using common sense--eyeball an approximation of the result. However, if we plug our knowledge into a statistical formula, but forgot or don't know about a specific factor (let's say, we forget to include tax-free imports in the imports section), the statistics method may give us an answer that is incorrect or unrealistic.
So, if faced with a statistic like "90% of all United States citizens are able to find jobs that they feel are well-suited their skills," we have to have the ability to realize that there is something wrong with the data or the statistical method used to generate this statistic.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
What is the Pareto analysis?
Its a statistical method to determine the efficiency of a technique.
Demand forecasting in managerial economics?
1. Evolutionary method 2. Substitute method 3. Growth curve method 4. Opinion polling method 5. Sales experience approach 6. Correlation method 7. Controlled experiments 8. Economic Indicators method
Characteristics of subsistence farming?
Subsistence farming is farming where there is little or no surplus for the farmer after he and his family are fed. This was a common method of farming in preindustrial societies.
What is the systematic method of studying politics?
historical method observational method expermental method
Delphi is an A. quantitative method B. economic method C. judgment method D. social method E. none of the above?
C. judgment method
What is the difference between the bracketing method and statistical value?
on is bracketing method and the other is statistical value
What does biometry mean?
Application of statistical method to a biologic fact
What is the Pareto analysis?
Its a statistical method to determine the efficiency of a technique.
What type of research method was used to conduct the Tuskegee experiment?
The Tuskegee Experiment used an observational study design. Researchers observed the natural progression of untreated syphilis in African American men without their informed consent. This study was ethically and morally problematic due to the lack of informed consent and the withholding of treatment.
How do you do slide method?
Well using a slide method this method you will be using a L but its going to be a capital L and you enter what ever number you have and you can use this method for fractions,decimals,least common multiple,greatest common factor,and other thing if your teacher did this with you please add more details to this anymore questions just comment and tell me cause I will teach you
How do you use the slide method?
Well using a slide method this method you will be using a L but its going to be a capital L and you enter what ever number you have and you can use this method for fractions,decimals,least common multiple,greatest common factor,and other thing if your teacher did this with you please add more details to this anymore questions just comment and tell me cause I will teach you
The multiple regression statistical method is used to examine what relationship?
The multiple regression statistical method examines the relationship of one dependent variable (usually represented by 'Y') and one independent variable (represented by 'X').
How do you add a comment in PHP?
< ?php // This is an example of comment in PHP /* This is another example of comment in PHP and we can write comments in multiple lines using this method */ ? >
What is the statistical method used by the Boston Red Sox?
A really good calculator.
What is best method of data output for statistical report?
http://wiki.answers.com/Q/What_is_best_method_of_data_output_for_statistical_report"
What are the2 branches of statistical method?
You might be referring to parametric vs nonparametric methods.
What is a statistical analysis?
Statistical analysis is a method of studying large amounts of business data and reporting overall trends. Single data is studied instead of a cross-section of data.
