QNT 275 Week 1 Practice: Week 1 Discussion

Review the Discussion FAQs Module.

Choose one statistical tool that you read about this week.

Consider a decision you need to make at work or at home.

Explain how this tool will help you make that decision.

Note: This must be original; do not use examples from the internet.

Role of Statistics

Hi Class,

The statistical terms you read in the earlier chapters of the book may be new to many of you.  In this week, you will be introduced to the ideas of research, data collection, analysis of data and information, and informed decision making.   I would like you to start thinking about the role of business research in your companies or other business with which you are familiar.

Statistics plays an important role in our decision-making in our daily life, as you might notice.  If you like to watch sports, you probably already have been quoting some of the statistics on a sport team, a player currently and historically.  Often times, statistics bring information to you in its unique format, i.e. as data, then you absorb and understand it, finally you make a decision.  As a statistician working at FDA, I do this every day.  We review the statistical results and decide whether a drug is going to be safe and effective, and therefore “approveable” for use by the patients.

Do you have any examples on how statistics plays a role from your daily life or work place?

Sample and Population

What is the difference between a sample and a population?