Statistical concepts Essay Example | Topics and Well Written Essays - 750 words

Statistical concepts - Essay Example Regression has diverse applications in my professional life and an understanding of factors to team work is one of the scopes in which it can be applied. This is because of the skills ability to develop models of relationships among variables (Ott and Longnecker, 2010). I have also improved on my descriptive statistics skills, skills that relate to identification of main features of a data set. Major improvements are application of statistical software to facilitate computation of the statistics, and differences between the statistics and their corresponding parameters. Descriptive statistics skills such as ability to compute and interpret mode and standard deviation is applicable to understanding trends of occurrences in my daily life activities such as time spent on traffic, and time and money spent on leisure over a period of time. The skill is then applicable in budgeting for efficient utility and conservation of resources in my personal life. Like regression analysis skills, des criptive statistics skills are applicable in problem solution towards passing examinations that test the skills, either directly or indirectly. The skills are also applicable in understanding data in professional scopes towards effective managerial decisions. I have also developed competence in skills related to test of hypothesis, a concept that evaluates validity of occurrences. Even though they have limited application in my personal life because precision is not a necessity, the skills are important in ensuring accurate decisions in professional decisions, such as effectiveness of training on employees, and helps in passing examinations that test related concepts (Ott and Longnecker, 2010). Probability and sampling are concepts whose skills I... Statistical concepts This paper discuses some of the concepts and their possible roles in my personal life, my academics, and my professional life. The course has been instrumental to my knowledge of mathematical skills through introducing me to new concepts and helping me to review previously learnt concepts. Some of the skills that I have acquired or improved on during the course are skills on regression analysis, descriptive statistics, and test of hypothesis. Regression analysis is a mathematical skill for estimating relationships among variables and ascertaining significance of the relationships. It develops models of best fit for relationships by estimating coefficients of independent variables. With an established model, a dependent variable can be estimated, provided values of its associated independent variables are known. The mathematical technique helps in understanding relationships and in forecasting. In my personal life, regression analysis is fundamental to understanding categories of my e xpenditures and their respective burden on my total expenditure. Explored on from periodic expenditures, the skill can help me to understand expenditure categories that are significant to my total expenditures and the degree of significance of each category. This can then help me to review my preferences and align my expenditures to reflect on my preferences and needs. The skills are applicable to decision making processes in my personal and professional lives, and aid my academic competence.