Descriptive statistics and probability
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1) What is the relationship between descriptive statistics and Affirmative Action ?
2) Can using probability in market trending decisions lead to a bad decision? Explain?
3) How do insurance companies use descriptive statistics and probability distributions to project health and auto insurance premiums? In regards to age, why is there an inverse relationship between the two premiums?
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Solution Summary
A discussion on the use of descriptive statistics and how probability can be used in certain situations.
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Descriptive statistics are used to identify gender, race, ethnicity and other potentially subjective categories of data. Since descriptive deals with only the comparison of variables it is used to compare the number of people in each class of data with the comparable classes. For instance, how many women are in the workforce in a region divided into categories of white/caucasian, black, white hispanic, ...
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