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Practical Applications of Statistics. Practical Applications of Statistics
Statistics is a collection of procedures and principle ...
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Practical Applications of Statistics
Statistics is a collection of procedures and principle for gaining and processing information in order to make decisions when faced with uncertainty. (Davis, Simon & Utts, 2002).
This paper will concentrate the on the practical application of the following statistical concepts standard deviation, mean, mode, and median concepts, frequency polygon and sampling techniques.
Standard Deviation
The standard deviation method is one of the most commonly used statistical tools. It gives a precise measure of the amount of variation in any group of numbers. One practical use of standard deviation is to measure risk of investing in mutual funds or other investment products. It can also be used for a number of different purposes in investment decision-making. As a measure of volatility, standard deviation measures the tendency of data to be spread out.
When looking at the historic returns of a mutual fund, standard deviation can be used to measure the variation of expected return that has taken place in the past giving a sense of range of performance that can be expected given different probabilities of return for the future. According Harrell (1997),"When used to measure the volatility of the performance of a security or a portfolio of securities, standard deviation is generally calculated for monthly returns over a specific time period--frequently 36 months. And, because most people think about returns on an annual, not monthly, basis, the resulting number is then modified to produce an annualized standard deviation."
Mean, Mode, and Median
The mean of a list of numbers is the average of those numbers. Mean is calculated by adding all the numbers in the list and dividing by the number of numbers in the list.
Companies can use mean to calculate the average company salary as in the table below. The mean salary is higher than all but two salaries because...
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