Threaded Discussion-Statistics

Threaded Discussions: Statistics

Name of the Writer

Name of the Student

Threaded Discussions: Statistics

Example from Daily Life

If a closer look is taken at our daily lives, we can find that statistics play a major role in our lives. They help us in identifying and correcting different problem areas. They are also useful in analyzing the efficiency of a certain person, product or a machine. If I were to give an example of using statistics in would be when I had to choose a tutor for myself in order to improve my mathematical skills. In order to do that, I would have researched several tutors and found out the average number of students they have and what the clearance rate of their students is. Then I would have combined the data I found and made a decision on which tutor would be the best for me statistically. The calculations are as follows:

TutorsNumber of Students`Pass rate

A10 30%

B8 50%

C15 40%

If we were to statistically look at the data above the best choice of tutor would be Tutor C. This is because even if his pass rate is lower than be but his sample size is also bigger making him more qualified as he is able to handle students of a higher number with good results.

Respond to Students:

Rebecca Brannon

I found your example really informative and has made me understand the reasoning behind my recent marks.

Scott Manuel

Your calculations provide a clear representation of how statistics is useful in our daily life but if you had related this case to you personally it would have made it even better.

Unit 1 And 2 Test

Unit 6 Assignment 6.2

Math

Initial post

Combinations and permutations are studies at the same time because they have some relevance. Orders in combinations don't matter and they involve the collection of objects. Repetition is not possible in combinations. If we select four people from a group consisting of 20 people. As orders don't matter so the name will be of no importance and we will be referring to the same group. A permutation problem is handled differently compared to combinations. In solving the problem it is important to determine if repetition is allowed or not. If we have to arrange the letter D, E, F the arrangement of D, E, F and D, F, E is the same in combinations because its order does not matter. In permutations, the order is considered. If there are 4 swimmers and the coach needs to take them at 3 times the formula allows to use them in 2 different ways.

C (4,3) = P(4,3)/ 3

= 4 x 3/ 3 x 2 x 1 = 2

Replies

I like the post of Scott Manuel because he has managed to provide clear explanations of permutations and combinations. A combination can be seen as a distinct group of objects irrespective of their arrangements. I agree that in real life we all use combinations at different places but still we able unable to realize. I like the example used in the post for elaborating the concept. The calculations allow Manuel to estimate 120 possibilities.

I like the post of Bethany Rogers for providing deeper elaboration of the mathematical concepts. I agree that the arrangements hold no significance in defining a combination problem. I like the example provided by Rogers because it proves that combinations can be used in real life more often. I agree that these mathematical concepts are not limited to the studies but it can be integrated into all aspects of life including social and economic aspects.

Week One Homework Assignment

Week One Homework Assignment

Name of the Student

Name of the University

Week One Homework Assignment

Q1)

Retread Tire Company

Total cost = Fixed cost+Variable cost

Total cost = 65000+112500

Total cost = $177500

Revenue = 15000*25

Revenue = $375000

Profit/Loss = 375000-177500

Profit/Loss = $197500

Contribution per unit = 25-7.5

Contribution per unit = 17.5

Break even volume = 65000/17.5

Break even volume = 3714 units

Q2)

Evergreen Fertilizer Company

Monthly break even volume = 250000.45-0.20

Monthly break even volume = 100000 units

Q3)

Evergreen Fertilizer Company

With price change

Monthly break even volume = 250000.55-0.20

Monthly break even volume = 71429 units

Q4)

Evergreen Fertilizer Company

Effect of advertising expenditure

Monthly break even volume = 25000+100000.55-0.20

Monthly break even volume = 100000 units

Q5)

Annie MaCoy

Break even Price = 3000+35001500+0.40

Break even Price = $4.73

Factors such as quality of food, the prices the competitors are offering for the same product and the level of occupancy of the stadium can have an effect on the volume sold.

Q6)

Kerouac University

Break even volume = 40000020000-10000

Break even volume = 40 students

Revenue = 80*20000

Revenue = $1600000

Total cost = 10000*80

Total cost = $800000

Profit/Loss = 1600000-800000

Profit/Loss = $800000

Increase tuition to $25000

Reduce enrollment to 50

Revenue = 50*25000

Revenue = $1250000

Total cost = 50*10000

Total cost = $500000

Profit/Loss = 1250000-500000

Profit/Loss = $750,000

This option will cost the university $50,000 in loss. This would not be a suitable option to go for.

Q7)

Probability for grade management

Expected value = 4*0.1+3*0.2+2*0.4+1*0.2+0*0.1

Expected value = 2

This makes the expected grade to be at C

Variance = 42*0.1+32*0.2+22*0.4+12*0.2+02*0.1-(2)^2

Variance = 5.2-4

Variance = 1.2

Q8)

Investment firm

Expected value of good = 380000*0.60+130000*0.60

Expected value of good = $306000

Expected value of poor = 100000*0.40+85000*0.40

Expected value of poor = $74000

Taking the expected value of both the conditions into account, choosing the good option will prove beneficial for the firm.

Q9)

Fertilizer bags

In order to find this, the z value needs to be found first.

Z = x-meanstandard deviation

Z = 38-455

Z = -1.4

Z = 50-455

Z = 1

The probability for z is in between -1.4 to 1

Using the table, the probability that the weight would be in between 38 and 50 pounds is 0.7606

Q10)

Polo Development Firm

Z = 18-155

Z = 0.6

The probability is around 0.7257 that people will not be able to occupy in 18 months.

Q11)

National Video Store

Mean = 175

Standard Deviation = 55

Area under curve to be equal to 0.85 = 0.85-1.00 = 0.75

Value for 0.75 on the table gives a z value of = 0.68

Z = x-17555

0.68 = x-17555

X = x-17555

X = 212.4 or 212 units

Weekly Assignments

Student’s Name

Instructor

Course Code

Date

Weekly assignment

This course is one of the intensive and skill-oriented courses. However, during the course, we studied several different statistical applications and tools. I enjoyed every tool and aspect of the course. The most interesting tool I enjoyed most and I am still perplexed is how excel manipulated data on any aspect derived and the application of the formula to obtain accurate answers. The video on formula and data analysis is one of the resources which provided detail and more information on the statistical applications. The video was self-explanatory and illustrated major aspects in a statistical application, and therefore, I can concur that I benefitted a lot from it.

Learning on the descriptive statistics, ANOVA and linear regression and correlation was a very helpful topic for me since it provided me with the knowledge and skills I needed at my current workplace. Working in research and in-field study requires linear regression and correlation, ANOVA and descriptive statistics to analyze data and derive the best and accurate answers. I would use the knowledge acquired to run descriptive statistics to obtain mean, median and mode of a study, which we normally at work to provide an understanding of a trend in the market. I have derived and use several formulas at my current job, and therefore, this has proved to me how useful is the course. For instance, I have used statistics to analyze the performance of a company in the finance department to determine to mean, mode and trend in the performance of the company in the stock market. During the process, I run correlation and use ANOVA to analysis the relationship of various financial aspects with the performance of the company.

I found the forum to be very helpful. The materials of learning available on the forum were very helpful in understanding the course. It made it easy for me to learn the concept and understand it because it made it look like a classroom. The instructions provided were also very clear, and feedbacks from classmates were clear and detailed as well. However, I plan to take one or two classes on the topic for the remaining period of my academic year to gain more skills in the field. In brief, I found the course to be a challenging course but beneficial. I think I have quite well but I would have done better than this if I would have this class only. It requires a devotion of time and I would have devoted my time to perform better.