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What is the role of inferential statistics in business?
inferential statistics tries to infer from the sample data what the population might think. They can use inferential statistics to make judgments of the probability that an observed difference between groups is a dependable one or one that might have happened by chance in a study. Business Statistics is the science of good decision making in the face of uncertainty and is used in many disciplines such as financial analysis, econometrics, auditing, production and operations including services improvement, and marketing research. These sources feature regular repetitive publication of series of data. This makes the topic of time series especially important for business statistics. It is also a branch of applied statistics working mostly on data collected as a by-product of doing business or by government agencies. It provides knowledge and skills to interpret and use statistical techniques in a variety of business applications. A typical business statistics course is intended for business majors, and covers statistical study, descriptive statistics (collection, description, analysis, and summary of data), probability, and the binomial and normal distributions, test of hypotheses and confidence intervals, linear regression, and correlation. Role of Statistics in Economic: Economic statistics is a branch of applied statistics focusing on the collection, processing, compilation and dissemination of statistics concerning the economy of a region, a country or a group of countries. Economic statistics is also referred as a subtopic of official statistics, since most of the economic statistics are produced by official organizations (e.g. statistical institutes, supranational organizations, central banks, ministries, etc.). Economic statistics provide the empirical data needed in economic research (econometrics) and they are the basis for decision and economic policy making. Econometric: Econometrics is concerned with the tasks of developing and applying quantitative or statistical methods to the study and elucidation of economic principles. Econometrics combines economic theory with statistics to analyze and test economic relationships. Statisticians are concerned that the business world does not regard statistical literacy, or statisticians, as important. Little progress has been made in spreading the belief in the power of statistics to the non-statistical. This problem is as strong in the context of supporting organizational and product quality improvement as it is elsewhere. We summarize the effect of Genichi Taguchi's work on industrial experimentation, as well as developments in the use of statistical process control, statistical reliability requirements and other statistical approaches to quality. The effect of developments in quality systems standards, such as BS EN ISO 9000, the European Business Excellence Award Model and the Baldrige Award, are also discussed. We argue that statisticians' attitudes to non-statisticians and the use of their discipline will have to change if statistics is to realize its potential in supporting quality improvement. Re-education is necessary not just for the non-statistician but for the statistical community as well. Statisticians are concerned that the business world does not regard statistical literacy, or statisticians, as important. Little progress has been made in spreading the belief in the power of statistics to the non-statistical. This problem is as strong in the context of supporting organizational and product quality improvement as it is elsewhere. We summarize the effect of Genichi Taguchi's work on industrial experimentation, as well as developments in the use of statistical process control, statistical reliability requirements and other statistical approaches to quality. The effect of developments in quality systems standards, such as BS EN ISO 9000, the European Business Excellence Award Model and the Baldrige Award, are also discussed. We argue that statisticians' attitudes to non-statisticians and the use of their discipline will have to change if statistics is to realize its potential in supporting quality improvement.
What is Statistical Process Control?
it is the use of charts called "control charts" to monitor a process. it is a very objective method of monitoring. it involve the collection data from the process. hence it makes identification of the cause of problem in the process easier.
How histogram is used in peer to peer system when connected using star topology?
Histograms are typically not used for anything other than looking at patterns of network traffic; it has little or nothing to do with topology or peer to peer systems as is.
What is terminal-digit and Middle- digit Filing Systems?
terminal-digit and Middle- digit Filing Systems
In both elective and merit selection systems a person from which group is the most likely to be selected?
tex
Distinguish between Synchronous and Asynchronous protocols?
The terms "synchronous" and "asynchronous" refer to the two different styles of exchanging information in a digital system between two ports or devices. In both styles, messages need to be organized in order to ensure that they are properly handled. Synchronous messages typically use some sort of external clock to match data exchange, while asynchronous messages simply move at their own individual rates of speed, relying on established systems of rules to ensure proper routing. All computer systems employ both methods of communication and there are a number of different protocols for each.
What has the author Jack Justin Stiffler written?
Jack Justin Stiffler has written: 'Theory of synchronous communications' -- subject(s): Statistical communication theory, Telecommunication systems
Why do you give DC excitation to AC Synchronous motor?
If the synchronous motor is running near synchronous speed, it will begin rotating at synchronous speed when DC is applied to the rotor. Source: Electrical Machines, Drives, and Power Systems Theodore Wildi Section 17.3
How protocols enable the effective utilisation of different networking systems?
You dont
Which hash algorithm is commonly used in networking protocols and systems?
SHA-1
What is the difference between interior and exterior routing protocols?
Interior routing protocols are used to communicate within a single autonomous system. Exterior routing protocols are used to communicate between multiple autonomous systems.
Why you use protocol in networking?
Protocols are required so that all systems know the rules of how to communicate. Protocols are a set of rules that are agreed upon by multiple vendors.
Does Unix-type systems supports non IP-protocols?
Yes, through additional network protocols. The support may not be as solid as TCP/IP however.
What is the significance of statistical ensemble in the field of physics?
Statistical ensemble is important in physics because it allows us to describe the behavior of a large number of particles or systems by studying their average properties. This approach helps us make predictions about the behavior of complex systems and understand the underlying principles of statistical mechanics.
Could you describe different types of medical office systems and protocols?
types of medical office
What are disadvantages of synchronous reference frame theory?
Some disadvantages of synchronous reference frame theory include complexity in implementation, especially for systems with varying parameters, and limitations in accurately modeling non-linear and dynamic systems. Additionally, maintaining synchronization between reference frames can be challenging, leading to potential inaccuracies in control strategies.
What is the fundamental assumption of statistical mechanics and how does it impact the understanding of physical systems?
The fundamental assumption of statistical mechanics is that the behavior of a large number of particles can be described by statistical averages. This assumption allows for the prediction of macroscopic properties of a system based on the behavior of its individual particles. It impacts the understanding of physical systems by providing a framework to analyze and predict the behavior of complex systems, such as gases and liquids, based on the interactions of their constituent particles.
