Essay about Fin/370

Submitted By jorsey1999
Words: 524
Pages: 3
Open Document
Statistics in Business
QUA/351
April 10, 2013

Statistics in Business
Is statistics just numerical data or is it more than that? According to Investopedia, “Statistics is derives from research of models, representations, and summaries with empirical data or real world observations required for mathematical analysis” (Investopedia, 2013).
The following content will address various aspects of fundamental statistic variables to obtain a better grasp of what statistics really is. This discussion conveys the important role of statistics when practicing business decision-making. All in all, a description of current real life examples along with real life solutions will help understand data summarization of data into numerical form.
Importance of Statistics
To begin with statistics can be considered numerical information. How does this relate to business decision-making? The role of statistics comes into play when a business is in need of data collection, organizing, analyzing, and interpreting of data. It is applied through variables and other statistical measurement tools. Variables are the type of statistics used to perform research. These are used depending on the type of research. Factors like sample, parameter, and population need to be taken into account. Descriptive statistics is self-explanatory, it is research and information consolidation of a certain population; whereas inferential statistics is more about drawing conclusions and inform that data. Other tools used statistical measures are kurtosis, variance and mean.

Differentiation of Qualitative and Quantitative Analysis
Quantitative analysis is gathering of data in a large scale without affecting the evidence. It can be looked as discrete as in possible values of a finite number or continuous data meaning infinite possibilities. On the other side of the coin, qualitative analysis is not number oriented it is rather seen as nonnumeric, examples like group studies and individual interviews are require of more time to consolidate.
Types and Levels of Measurement
In order to understand statistical measurements we must consider all aspects of measurement. The four levels of measurement consist of nominal, ordinal, interval, and ratio-level data. Nominal data tends to have no specific order, it mostly labels or names categories. Ordinal is structured with a sense of order and Interval focuses more on
Show More

Related Documents: Essay about Fin/370

Essay about FIN 370

Financial Terms and Roles Finance “Finance is the study of how people and businesses evaluate investments and raise capital to fund them” (Mayo, 2012). The practice of generating, moving and using currency, allowing the flow of money through a business in the same way of the money flow throughout the world is Finance. Efficient Market Efficient market is a markets that holds every relevant facts to contributors in the same place, and where prices react instantly to accessible facts. The stock…

Words 623 - Pages 3

Fin 370 - Virtual Organization Strategy Paper

Virtual Organization Strategy Paper Kathy Kudler founded Kudler Fine Food. She was once the VP of marketing for a large defense contractor. Weary of the constant travel and the pressures of corporate life, Kathy was looking for other opportunities. As it happened, Kathy relieved her stress through gourmet cooking and on a shopping trip for ingredients for a gourmet meal. Kathy suddenly realized there was an opportunity for an upscale epicurean food shop in La Jolla. Kathy developed a business…

Words 1599 - Pages 7

Essay on PSY 370 Week 1 DQ 2

In this pack of PSY 370 Week 1 Discussion Question 2 you will find the next information: The brain functions do not all develop at the same time or at the same rate for all children. A child may show advanced development in one area and be delayed in another. For example, a child in K- 3 may read early but can be physically clumsy. Thinking about what you know of human development and its relationship to the process of learning, and memory, what conclusions can you draw about this child General…

Words 682 - Pages 3

Timetable Essay

00 10.30 12.00 11.30 FIN 205/FIN 331 - LECTURE 1 M MR MOHD JAMIL JELANI QBM 201 - LECTURE 1 O DR HARJEET KAUR MR KISHEN ADNANI MS SHARINA A/P SILAVARAJ MR HASSANUDDIN 6.00 5.30 6.30 FIN 204 - LECTURE 1 & LECTURE 2 KA-A3 MGT 203 - LECTURE 1 & LECTURE 2 KA-LH3.2 DR KK OOI ACC 201 - TUTORIAL 1 KA-LH1.2 DR ANGELINE YAP…

Words 1522 - Pages 7

Essay on Loan & Assets

Financial Terms and Roles June 24, 2013 FIN/370 Lyndi Day * * Finance- the management of revenues; the conduct or transaction of money matters generally, especially those affecting the public, as in the fields of banking and investment. The monetary resources, as of a government, company, organization, or individual; revenue. Efficient market- A market whose prices quickly respond to the announcement of new information. (Titman, S., Keown, A.J., & Martin, J.D. (2011). Primary…

Words 331 - Pages 2

EXXON Financial Ratios Essay

EXXON Financial Ratios FIN/370 Exxon Mobile started their business in 1859 in Titusville Pennsylvania, being in business for over 125 years it makes them one of the first big oil corporations in the US. The multi-billion dollar company currently operates in an international level around the world. The oil industry is a billion dollar industry which is highly competitive in the market, but Exxon has been able to stay highly active and competitive within the industry. Exxons financial…

Words 309 - Pages 2

Strategic PLANNING initiative for Starbucks Essay

Ethics & Compliance: Starbucks Yvette Griego, Judy Herbert, Hung Ho, Denny Morrison, Stacy Oshrin FIN/370 February 25, 2013 Shadi Sifain Strategic Planning Iniative Starbucks’ mission is “to inspire and nurture the human spirit – one person, on cup, and one neighborhood at a time”) Starbucks Corporation, 2012, para. 1). As part of their ethical sourcing initiatives, one of Starbuck’s main strategic goals is the commitment that they will use coffee that is only produced and obtained through the use…

Words 367 - Pages 2

Heat Transfer Essay

Fin Convection Heat Transfer from Extended Surfaces Introduction - Convective heat transfer theory relies on the assessment of the convective heat transfer coefficient, h, whose value depends upon both the properties of the fluid it characterizes and the circumstances under which convection is occurring. In this laboratory experiment, the value of the convective heat transfer coefficient for air at room temperature was determined empirically…

Words 3665 - Pages 15

FIN370 Week 1 Financial Term Definitions Essay

Financial Term Definitions University of Phoenix Bernd D. Ratsch March 10, 2013 FIN/370 a. Finance: The study of money and how it is used. Finance takes into consideration the relationship of money, time, and risk. Finance may deal with either personal or corporate issues; such as to how an individual or company acquires the money needed to perform a certain act. b. Efficient Market: When the information that investors need to make investment decisions is widely available, thoroughly analyzed…

Words 681 - Pages 3

financial performance Essay

(TLS) 1.1 Profitability: Year/Ratio 2009 2010 2011 2012 2013 Net profit margin 15.99% 15.58% 12.88% 15.46% 14.95% ROE 32.80% 30.58% 26.76% 34.11% 30.24% ROA 11.96% 11.81% 10.91% 11.78% 12.03% Figure 1: TLS profitability ratio (Fin analysis, 2013) Overall, Telstra made positive net profit margin over last five financial years. As shown in figure 1, its profitability declined sharply in 2011 but soon recovered in 2012. A decline in EBIT can be attributed to higher expenses per…

Words 3103 - Pages 13