BUS 308 What I�ve learned about Statistics Statistics for Managers
Reflective paper on statistics for managers.
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Running Head: Statistics Page 1
Cassandra Settlemyre
“What I’ve learned about Statistics”
BUS 308
Statistics for Managers
Instructor: Jennifer Dale
February 18, 2025
Discuss the key differences between descriptive and inferential statistics and their
respective roles in data analysis. How do hypothesis testing and the selection of appropriate
statistical tests contribute to drawing accurate conclusions from research data? Provide real-
world examples of when each type of statistics and test would be applicable, and explain the
importance of proper evaluation and interpretation of statistical results.
Word Count Requirement: 1200-1500 words.
Cassandra Settlemyre
“What I’ve learned about Statistics”
BUS 308
Statistics for Managers
Instructor: Jennifer Dale
February 18, 2025
Discuss the key differences between descriptive and inferential statistics and their
respective roles in data analysis. How do hypothesis testing and the selection of appropriate
statistical tests contribute to drawing accurate conclusions from research data? Provide real-
world examples of when each type of statistics and test would be applicable, and explain the
importance of proper evaluation and interpretation of statistical results.
Word Count Requirement: 1200-1500 words.
What I’ve learned about Statistics Page 2
Introduction
The following paper seeks to provide basic knowledge in some specific areas of
statistical data analysis. While there are no hard and fast distinctions for analyzing statistical
data, ensuring that you have a methodical approach is vital to an accurate analysis. The process
of data analysis is that of turning data into significant information. Data analysis is done to
convert the raw data into meaningful information. Statistics is all about this data analysis. Before
actually working on data analysis in real world, it is important that the basic knowledge is
possessed by everybody involved in this process. Transforming data into statistical information
and then communicating it accurately is a crucial dynamic of effective decision making.
Descriptive Statistics
Descriptive statistics is the tool of statistics to analyse the data. Descriptive statistics are
distinguishing from the inferential statistics, descriptive statistics aims to summarize the sample
rather than use the data to learn about the population. The analysis helps in determination of
patterns that exist in the data. Descriptive statistics simply describes the data but not present an
analysis beyond the data. One cannot make any conclusions about any hypothesis using this. The
data, when presented to users, is difficult to comprehend in its raw form. Sometimes the sheer
size and volume of data may render it impossible to understand what it represents. Descriptive
statistics helps in proper presentation of data such that it can be understood and analyzed by the
user. For example, if we had the data about the returns from stocks of 100 companies, then that
data would make no sense as it would be difficult to comprehend. But if that data is arranges,
classified industry-wise, an average is calculated for each industry and for all the stocks, and
Introduction
The following paper seeks to provide basic knowledge in some specific areas of
statistical data analysis. While there are no hard and fast distinctions for analyzing statistical
data, ensuring that you have a methodical approach is vital to an accurate analysis. The process
of data analysis is that of turning data into significant information. Data analysis is done to
convert the raw data into meaningful information. Statistics is all about this data analysis. Before
actually working on data analysis in real world, it is important that the basic knowledge is
possessed by everybody involved in this process. Transforming data into statistical information
and then communicating it accurately is a crucial dynamic of effective decision making.
Descriptive Statistics
Descriptive statistics is the tool of statistics to analyse the data. Descriptive statistics are
distinguishing from the inferential statistics, descriptive statistics aims to summarize the sample
rather than use the data to learn about the population. The analysis helps in determination of
patterns that exist in the data. Descriptive statistics simply describes the data but not present an
analysis beyond the data. One cannot make any conclusions about any hypothesis using this. The
data, when presented to users, is difficult to comprehend in its raw form. Sometimes the sheer
size and volume of data may render it impossible to understand what it represents. Descriptive
statistics helps in proper presentation of data such that it can be understood and analyzed by the
user. For example, if we had the data about the returns from stocks of 100 companies, then that
data would make no sense as it would be difficult to comprehend. But if that data is arranges,
classified industry-wise, an average is calculated for each industry and for all the stocks, and
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Document Details
University
Ashford University
Subject
Statistics