What have you learned about statistics Mathematics & Economics Essay (Essay Sample)
The question to address is: "What have you learned about statistics “?” In developing your responses, consider—at a minimum—and discuss the application of each of the course elements in analyzing and making decisions about data (counts and/or measurements).
In your paper,
• Discuss the following course elements:
o Descriptive statistics
o Inferential statistics
o Hypothesis development and testing
o Selection of appropriate statistical tests
o Evaluating statistical results.
• Must begin with an introductory paragraph that has a succinct thesis statement.
• Must address the topic of the paper with critical thought.
• Must end with a conclusion that reaffirms your thesis.
• Must use at least three scholarly sources in addition to the course text.
• Must document all sources in APA style as outlined in the Ashford Writing Center
• Must include a separate references page that is formatted according to APA style as outlined in the Ashford Writing Center.
The Importance of Statistics
The Importance of Statistics
Statistics play an important role in ensuring that data can be collected and analyzed in productive ways to formulate practical conclusions. Such conclusions help most individuals, organizations and institutions make critical decisions (McGregor, 2017). Consequently, as students, it is essential to understand statistics to determine the type of data to be collected and eventually interpret it correctly. Although statistics employ various processes to make conclusions under particular researches appropriately, these processes form the basis for globally accepted standards in the field.
Elements of statistics
Descriptive and Inferential Statistics
Descriptive statistics describe the data analyzed in a meaningful way that presents the information to show any patterns or trends. With large groups of data, visualizing becomes difficult due to the overflowing data, hence descriptive statistics provide a method of simplifying the interpretation of such data (McGregor, 2017). For instance, data can be visualized through graphs, tables and charts that capture the generalized data. The statistics used to descriptive statistics include measures of central tendency to describe a central position whenever data in a frequency distribution is analyzed. Measures of central tendency include mean, mode and median that provides the central position of the data. Apart from that, measures of spread are also used as a form of statistic in the analysis of descriptive statistics. In this case, these measures help analyze how spread out the data is across a frequency distribution. Such measures include standard deviation, variance,
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