1. Those persons employed in quantitative areas working with statistical procedu

Question

1. Those persons employed in quantitative areas working with statistical procedures often enjoy higher salaries and avoid the dreadful dead-end jobs. Furthermore, early in their careers they usually find themselves in closer contact with high-level management. The proximity to the executive elite occurs because upper management needs the information and assistance which statistically trained people can provide. In the current labor market, employers simply do to want to hire or retain the statistically illiterate. Whether your career aspirations tend toward private industry, public service with the government, or some other source of gainful livelihood, you will be much better served by your academic experience if you acquire a solid background in the fundamentals of statistical analysis.Discuss in 5-6 sentences.

2. Inferences (conclusion) about parameters are made under uncertainity. Unless parameters (measure of population) are computed directly from the population, the statistician never knows with certainity whether the estimates or inferences made from samples are true ot not. Discuss in 5-6 sentences.

Explanation / Answer

1

The person with statistical background has opportunities in different types of fields. The skill of statistical analysis is very important for understanding the scenario and solving the problem. Many organizations or private industries need statistical analysis while making decisions. The skill of statistical analysis helps in deciding future policy for the business or organization. Upper level management always use the data produced in the industry for making effective decisions. There are several fields where statistical analysis plays an important role. Although there are several statistical software’s available for statistical analysis but it is important to know the background of statistical analysis. The use of proper statistical test or method is key point for any research design. The use of statistical analysis plays a vital role in different fields such as agriculture, pharmaceutical industry, business industry, service industry, insurance industry, etc.

2

The foundation of statistical analysis is based on the term ‘uncertainty’. We know that if the size of population is small, then we can use this population for calculation purpose. But so many times, population size is very large and we cannot do entire enumeration. Big industries or organization produces very high data. In these types of situations, we need to use sampling methods for the inferences about the population. We use these inferences or conclusions for taking decisions regarding entire population. If we use entire population data for estimation purpose, then results would be completely unbiased and we would avoid approximate biased results for the estimation of population parameters.

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