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Essay / Research Paper Abstract
This is a 3 page paper which explores the various uses of statistics. Uses in business and health are emphasized. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: KW60_KFlstat5.doc
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Unformatted sample text from the term paper:
to be able to "predict the future" to an extent. Business is all about the expenditure of resources in order to gain benefits that outweigh the value of those resources.
For example, spending one hundred million dollars to make a movie might seem like a lot of money, but it is a justifiable expenditure if the movie makes more than
a hundred million dollars in revenue. However, organizations do not survive simply by making unsubstantiated guesses about what will and will not succeed. Instead, they conduct statistical analyses of market
forces in order to accurate predict the sales potential of a particular product in a particular market. Knowing this ahead of time, the business can save resources by avoiding sinking
resources into a project that is determined to have low market potential (and thusly, unlikely to make its budget back). This paragraph helps the student explore the use of
statistics in business. Statistics are used in business to make projects about costs and revenue by analyzing market trends, engaging in quality control to ensure the standardization and quality of
products before release, or in sales forecasting ("What, 2011). Importantly, these statistical calculations must be correct in order to benefit the business. Otherwise, it could impact sales margins. For example,
if a statistician attempts to conduct a statistical analysis of a market and determines that a business can ten thousand sales in its first six months on a product, but
then that product only sells one thousand, there was obviously something wrong with the statistical process, and now the business will be in the red. If statistics are used in
quality control, inaccurate calculations might allow non-standardized (defective) products to reach the market, which could hurt sales indirectly. Statistics and Generic Allergies Statistics are also of immense
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