Statistics for Managers Assignment Example | Topics and Well Written Essays - 1000 words

Statistics for Managers - Assignment Example Managers are frequently exposed to large masses of data but before the data can be put into use, must be organized, summarized and critically interpreted. Therefore this is one of a very important aspect of statistics. Research has clearly shown that top managers reach to a consensus 25% more quickly when responding to graphical presentations. This importance of descriptive statistics is thus a key strategy for managers. It is advisable for the management to posses analytical skills necessary to interpret graphs and computations on the same. Inferential statistics It can also be defined as making inferences about a population from a random sample. On the other inference refers to the art of reasoning involved in making conclusions and logical judgement based on the evidence from the collected data. Management revolves around decision making and thus inferential statistics come into place because the manager has to analyze the trend of the business operation (Broster, 1972). Based on the competitors or generally the market fluctuations such as change in consumer demands, the management is able to observe clearly the trend and from the given observations, logical judgements or inferences are made on the same. This is a very important aspect for a successive manager hence a better understanding of inferential statistics is important because it is a driving force to a positive growth of a business. Hypothesis development and testing A hypothesis is some testable believe or opinion while hypothesis is the process of formulating and coming up with hypothesis. On the contrary, hypothesis testing is the process by which they believe is tested through statistical means (Levin, 1987). This aspect of... The main objective of this essay is to critically analyze the different aspects of statistics, learnt by the researcher throughout the course in relation to management. It is an in depth explanation of ethical and managerial traits one has to possess through acquiring statistical knowledge. This essay is also important in helping students aspiring to be future managers to take the study of statistics seriously, so as to avoid future dilemma when it come to making and implementing decisions. Generally statistics improve the quality of data through the use of specific sample surveys and experimental designs It provides the tools necessary for making predictions based on the data collected through statistical models. There are two types of statistics basically qualitative and quantitative or inferential and descriptive statistics. Statistics for managers is of significance since it is the foundation on which precise, accurate and informed decisions are made. The researcher states that a manager has to apply different aspects of statistical knowledge in order to make informed decisions and continue to prosper. The role of statistics cannot be replaced, neither can it be underestimated because it is very useful to managers and improving their analytical and interpretive skills based on data collected. Moreover, the researcher concluds his study on the topic and gives statement that no manager can be successful without statistical knowledge thus a very important aspect in the art of management.