QNT/561Statistical Techniques in Business & Economics, Ch. 2: Describing Data Frequency Tables, Frequency Distributions, and Graphic Presentation Please read Chapter 2 of Statistical Techniques in Business & Economics. Then, provide an overview and analysis of the materials read in this chapter in 100 to 150 words by replying to this message. Chapter 2 ResponseThis weeks reading of Chapter 2 provided information about frequency distributions and the different types of graphical representations of these data sets. The text gave quite a few examples of how to use these in a sales industry. The example of car sales is fairly similar to the types of data I look at on a regular basis in the optometry world, so it was easier for me to understand and apply the same techniques to my world. This was helpful to me because our new way of reporting our statistics involves graphing sales data. Knowing which information is useful to graph and in which type of graph is helpful in explaining our monthly sales to the owner. Statistical Techniques in Business & Economics, Ch. 5: A Survey of Probability Concepts Please read Chapter 5 of Statistical Techniques in Business & Economics. Then, provide an overview and analysis of the materials read in this chapter in 100 to 150 words by replying to this message. Chapter 5 ResponseChapter 5 focuses on the different ways to calculate probabilities. Probabilities are the likelihood something will or will not happen. I relate this chapter to my professional life in the sense that I have to calculate a warranty probability based on the level of output my plant locations produce. Based on history I can calculate a probability for a warranty claim and the cost associated then book a reserve on my balance sheet should I need it. Now this reserve can change on an ongoing basis depending on warranty claims and levels of outputs so I adjust accordingly. The purpose of this is if something should happen it wont kill my monthly financial performance. I would have evened out the burden among many months. ReferenceLind, D., Marchal, W., & Wathen, S. (2015). Statistical Techniques in Business and Economics (16th ed.). New York, NY: McGraw Hill Education. Statistical Techniques in Business & Economics, Ch. 6: Discrete Probability Distributions Please read Chapter 6 of Statistical Techniques in Business & Economics. Then, provide an overview and analysis of the materials read in this chapter in 100 to 150 words by replying to this message. Chapter 6 ResponseChapter 6 discussed how to determine probabilities based on outcome. Perhaps the best example given was in the WW2 example where London tried to determine if the Germans had attacked them with poison at random or with precise aim. London concluded that the locations that were strike were by random and the Germans did not have a bombing devise that had the ability to aim. By this example it proved how powerful statistics can be. To be able to know your enemies weapon based on calculated mathematics from strikes had to defiantly give London some incite as to what they were fighting. ReferenceLind, D., Marchal, W., & Wathen, S. (2015). Statistical Techniques in Business and Economics (16th ed.). New York, NY: McGraw Hill Education. Statistical Techniques in Business & Economics, Ch. 7: Continuous Probability Distributions Please read Chapter 7 of Statistical Techniques in Business & Economics. Then, provide an overview and analysis of the materials read in this chapter in 100 to 150 words by replying to this message.
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