Busn311 Unit 2 Ip

Topics: Statistics, Probability, Probability theory Pages: 5 (1187 words) Published: November 25, 2012
Unit 2 – Probability and Distributions
Leah Lopez
American InterContinental University

Within this email, I will cover different probabilities within your company. This information can help you to understand whether or not your employees are satisfied with their jobs or not. Also within the results of this survey, you will find that your employees are not distributed equally in terms of gender.

From: Leah Lopez
Date: November 13, 2012
Subject: Survey of employees at American Intellectual Union

Dear AIU:

Within this email, I will be providing some information from a survey that was given to your employees. This information can help you to understand how satisfied your workers are with their jobs. This will also help you to understand whether or not you should hire more women and men to even out the gender amongst certain departments. Overview of the Data Set

The current data set is comprised of 64 individuals who were surveyed, and this is a part of the sample of the population at American Intellectual Union, and these individuals were identified by 5 characteristics: gender, age, position (hourly or salaried), tenure, and how they felt about job satisfaction on a scale of one to seven. The qualitative variables include: gender, department, and position. The quantitative variables include: age, tenure, and job satisfaction. Use of Statistics and Probability in the Real World

There are several different ways that statistics and probability could be used in the real world. You could see this used in the horse races, the lottery, certain things in the stock market, also in marketing in a corporation. The Value of Statistics

Every corporation that is successful exhausts statistics. It does not matter if they are operating a small fish store or they are a member of a board for a huge business, almost every decision made by a corporation is based on statistics. Averages, means and medians are a part of a business’s everyday life. Whether it is a chart, a data set, a correlation, or a bias, there is some sort of tool that will make sure your company is successful (Ayres, 2009). Data sets are one of the easiest statistical devices for businesses and one that you will probably exhaust daily without realizing it. When a person is reading over his/her bank statements, and taking care of daily business, they are more than likely going over a data set. When you pick up the morning paper and look at how your company's stock is performing, you are looking at figures gleaned from a data set. When using the words average, mean or deviation, you’re describing statistical tools that are currently being exhausted in your business (Ayres, 2009). Charts aren't just a pretty picture of an aspect of your business they are a visual representation of a data set. Whether you are looking at a bar chart of sales or a pie chart of company profits, these snapshots can tell you where your business is performing well and where it is performing poorly. From bank balances to employee compensation, charts and graphs can give you a visual picture of any part of your company which deals with data (Ayres, 2009). Correlations are where one event causes another. For example, you may notice that customers who buy a certain type of product are more likely to purchase another type of product. However, just because you think one event is causing another doesn't necessarily make it true; it could be a coincidence. Correlation analysis allows you to figure out whether one event is causative or not. A knowledge of correlations can be invaluable in planning sales and marketing campaigns (Ayres, 2009). Every business uses or produces some kind of statement or resolution; however, these may not always come out to be reliable. Errors may be present in the data collection, different sources do not always have the same information and there also could be mistakes in the...
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