Question

(PLEASE TYPE THE ANSWERS) (STATISTICS 500)

how would you statistics in your job that you currently work for. The following questions should be asked: 1. How do you use statistics in your job and what specific statistical concepts do you use? 2. Please describe a specific example of how the use of statistics was helpful in improving a practice or service. 3. What background in statistics is required to obtain a job like yours? What other educational requirements are there? 4. Do you recommend that today's college students study statistics? Why or why not?

Answer 1

Solution:

1.

One of the key activities of statistics is prediction. What will the weather be like tomorrow? How many units of this product will we sell next month? Which of these ten links are you most likely to click on? Will there be a major earthquake in San Francisco within the next ten years? You can pretty easily see why these questions are interesting to their respective audiences, and every single one of them requires statistical methods to answer. Mostly, this is a train of thought and appropriate study/sample design over actual statistical methods like hypothesis testing and building models. I also find the background of statistics extremely useful for picking the right metrics, understanding variances, properly interpreting results, etc.

2.

Descriptive statistics are used to summarize and describe total numbers. Looking at statistical numbers such as mean, or the average number, mode, or the most frequent number, or median, or the middle number, helps managers monitor business activities and make decisions. Often numbers themselves do not show the big picture, so ratios or numbers representing relationships are used.

Perhaps you're a regional manager who oversees 15 different car dealerships. You will keep track of sales per month, number of vehicles sold, number of salesmen, sales per person, operational costs, delivery times, and other information. You use this statistical information to look at trends, understand relationships between numbers, and make sound business decisions. Perhaps you need to shift a sales member to a different store or realize that you need more available stock during certain months, all of which helps maximize the company's resources and profit.

Or, perhaps, you're a regional store manager and are concerned about how long customers have to wait to check out. Currently, customers queue in multiple lines with a single cashier. You measure the mean length of time for customers to complete their transaction for a month. Then the next month, you line up customers in a single line with multiple cashiers and measure the mean length of time for the transaction. You notice that even though customers take longer to walk to the next available cashier, the overall transactions are reported faster. When the company expands and builds the next store, you specifically request it to be designed with one queuing line, using your findings to substantiate the request.

3.

Descriptive Statistics, Inferential Statistics etc.

4.

I will recommend that today's college students should study statistics.

Each and every sector of industry needs qualified statisticians. Those are governments, legal structures, educational institutions, and scientific organizations. Why does it matter? Well, statisticians may even have a positive impact on the entire society. For example, you may come up with new lifesaving drug based on the researches. By planning a marketing strategy for a startup, it is possible to make it profitable in short.

Sure thing, the careers related to this field of study can be rather lucrative as its representatives frequently achieve the mark of 6-figure wages. You do not necessarily have to be a statistician to achieve that amazing number. It is enough to be a business owner or CEO who studied statistics and understands its application. Statistical courses share information on the correlation between a couple or more events/episodes/objects. For example, the study makes people understand to what extent IQ impacts academic performance or literacy rates. One more example could be detecting the relationship between playing violent video games and initiating high school bullying. Thus, we can say that statistics help people to deal with stereotypes and discover the truth.

Most Useful Statistical Topics to Research and Keep in Mind

• Bayesian Models of Category-Related Brain Responses on the Emotional level
• Forecasting the Results of Presidential Elections with Respect to Exit Poll Data
• Non-stationary Modeling and Inference for Circadian Oscillations
• Multi-dimensional Markov-based Interest Rate Criteria
• Prospect Theory
• Study of Key Interventions into International Acts of Terrorism
• Intensive Uncertainty Dealing with Coherent Decision-Making Process
• Evaluating the Threats of Subsequent Tonic-clinic Seizures in People Who Suffer from the Difficult Form if Partial Seizures
• Detecting the Genes That Discriminate between Healthy and Ill Humans
• Projecting Infectious Diseases
• Auto-diagnosis of the Disorders with Significantly Huge Data

You can notice that statistics may cover various aspects of life: from politics to nursing; from physics to engineering; from computer science to human resources. That is why it is impossible to deny the importance of this academic subject.

Everything mentioned above proves the important role of statistics in the lives of both young professionals from different areas and college students. That is why you should handle at least the basics of statistics. You can lose them later in your life to achieve better performance and level of professional development.