Posted in business on Apr 20th, 2009
When discussing probabilities, it is important to understand the difference between classical and subjective probabilities. Classical probabilities require that each outcome is equally likely to happen. Subjective probabilities require an understanding of the underlying data in order to formulate an educated guess as to their outcome (Triola, 2008). Essentially, classical probabilities relate to data sets [...]
Posted in business on Apr 14th, 2009
Having decided on a research question to investigate, the time has come to collect data. Many methods of data collection exist, but not all are appropriate for every scenario. According to Mario Triola (2008), improper data collection may result in data that is “completely useless” (p. 21). At best, improper data collection might generate results [...]
Posted in business on Apr 10th, 2009
Value of Statistics in Business As Mario Triola (2008) illustrates, statistics can help businesses “use sample data to form conclusions about populations” (p. 4). In order to make sound decisions, businesses must collect data from a sample of their intended customer base and analyze that data to determine the best course of action. The key [...]