Q mthds Essay Example | Topics and Well Written Essays - 1750 words

Q mthds - move Example(Weiss, 2004) For me, statistics are everywhere around us in this world. We face a lot of smear which involves statistics and more particularly descriptive statistics in our lives. In fact this interaction with statistics is so frequent that it is oftentimes very difficult to spend even hours of our lives without having to look at statistics or descriptive statistics. The reason seat statistics being all around us, confines in the periodic activities or routine tasks, which we go through. For example, speak up we are watching a match involving our favorite NBA team, Lakers. Before the match we are going to plant some inferences. These inferences will be based on the basis of statistics are more all-important(prenominal)ly descriptive statistics. For example, to say Lakers is going to win will be based on veritable variables that both the Lakers and the contend team possess. For example, our inferences could be based on the fact that on average, Lakers is scoring more baskets than the opposing team. likewise it can be on the basis that the players of Lakers such as Bryant and Gosol are taller than the players of opposing team. It could be both reason based on the variable between the two teams. If we define variable, it is used to define received characteristics that differ from one person to another or from one entity to another. This is how we can use statistics as putz to guess inferences in our daily life and gives us a little idea about how important statistics can be. From the above example, it has become really clear that statistics play vital role in our daily lives. The above example might not affect our lives greatly simply think about certain situation where using the techniques of descriptive statistics can make our lives better, if we apply the right techniques to a data and make inferences which might benefit us. Lets now take an example of a company which trades stocks in NYSE. Suppose that the food market is bullish and shares prices are rising. This increase could be graphed as the following diagram Source http//www.nasdaq.com/ Date 28 kinfolk 2009The above diagram shows the data of NYSE index on a 28 September 2009. From the above data, we can see that the market has reached peak at 1oclock. By the use of descriptive statistics and analyze the data of several days, we may come to a conclusion that NYSE reaches its peak each day at 1oclock and can disburse all the investment before 1oclock to make huge profits. This will stimulate a motivation for the company to invest in the shares by large amount to maximize its profits. However, cogitate that the market has a trend that after reaching a certain point it goes down or loses its value. (Orr, 1995) If this trend line or line of best fit, which is a part of descriptive statistics, is known, it will grant this company comprehendible information about not only the timings and compositions of optimum investment in NYSE, but will also tell the company when to divest from the market, before the market indices start to fall. This is how giant brokers direct New York Stock Exchange make the use of descri