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Statistical Techniques in Business - Based on the demographics of the city you live in, what is the probability that you will be awarded a city contract?

1. What role do charts and graphs play in today's need for instant news from around the world? Explain your answer.
2. How can we determine when descriptive statistics have been skewed to fit the needs of a particular situation rather than reporting of the actual data? Justify your answer.
3. How could you use descriptive statistics at work?
4. How could you use descriptive statistics in your personal life?
5. The median home price in your area has increased in the last 10 years, how does this differ from the mean home price in your area?
6. How can you use probability theory to increase your odds of winning at Blackjack?
7. Based on the demographics of the city you live in, what is the probability that you will be awarded a city contract?

Solution Preview

1. What role do charts and graphs play in today's need for instant news from around the world? Explain your answer.
Charts and graphs are visual representations of statistical data that can potentially give further more information. For example, the percentage distribution of the population of the 50 states of the US, when represented in a pie-chart instead of tables, can possible be more explanatory and visually appealing than browsing through heaps of numbers listed in black and white. It can instantaneously help make conclusions as to which states are more populated and while are sparser, thereby helping in disseminating information and making conclusions easier.

2. How can we determine when descriptive statistics have been skewed to fit the needs of a particular situation rather than reporting of the actual data? Justify your answer.
Descriptive statistics gives information like mean, median, mode, standard deviation, count, range, kurtosis, and a few other ...

Solution Summary

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