Ashly McLain

1. Describe and explain the measures of central tendency and measures of dispersion. (5 points) Mean, median and mode are measures of central tendency. a) The mean represents the average of a group of numbers. b) Median is the middle range of a set of numbers arranged from lowest value to the highest. c) Mode is the number represented the most within a set of numbers. Range, variance and standard deviation are measures of dispersion. a) Range- the dispersion of value within a class of numbers. b) Variance- the distance or spread of a particular set of numbers. c) Deviation is the approximate measure of the mean distance of each data point and the mean of all the data points consolidated. 2. 2. Explain the difference between descriptive and inferential statistics? (5 points) Descriptive statistics are the main points of a data set quantitative, describing their properties in a summarized version using either graphical or numerical tools. Inferential statistics is a focus of summarized data of a sample and not the population, however the uncertainty will exist when comparing to real values. 3. If any, what is the value of a) tabular and graphical methods, and b) numerical descriptive measures in the workplace, or in everyday life for that matter? (15 points) a) Tabular and Graphical methods involve the frequency distribution and cumulative frequency distribution ( groups data into classes and records the number of observations below the limit of each class) for qualitative data., calculating the relative and percent frequency, the graphical of pie charts, bar charts. b) Tabular and Graphical methods are not used much in my workplace but I see where they could be used in the workplace. Maybe to calculate how employees are working against their pay or the production for the year against other years. I wonder how I could implement them in my work place, that would be something to check into.

4. Is there a difference between correlation and regression analysis? Compare and

contrast the two. (10 points) a) Correlation tells you if the data variables are related and to what degree. We note if there is a strong correlation, weak correlation and we also tell whether it is negative or positive. This helps us when looking at our data to see how two things compare or correlate. b) Regression - quantifies how good the numbers fit together using R2. The R2 from correlation should equal the R2 from regression. c) In my job we dont really use these concepts either, unless we do and I dont know it. I could see this in the workplace by maybe seeing if there is a relationship in how many we glasses sell versus how many we have in our inventory. We could also use it when patients get glasses and whether our lab makes them or if we have to send them to an outside lab. 5. How might the correlation and regression statistical models be applied in the workplace? How will these models aid, if at all, to the decision-making process? (15 points) a) As I said above I dont use these much in my workplace but I know these tasks are used everyday. We dont realize it but when we make a comparison between two sets of figures we are determining a correlation. We decide if it is a positive one or negative one based on if we made an improvement or decline. My boss may use both of these things to determine if his business is making a profit or not. When we have our monthly meetings he always tells us how profitable the month was based on the lifetime of the company and the best month we have ever had. There are endless things you can use these things for it just takes some figures and some work.