Standard Deviation Abstract
Standard Deviations Are Not Perverse
The purpose of this article is to illustrate how using statistical data, such as standard deviation, can help a cattleman choose the best lot of calf’s at auction. The statistical data used in these decision making processes can also help the cattleman with future analysis of the lots purchased and existing stock.
How can understanding the standard deviation of weights in a lot of calf’s be used to determine which lot should be purchased?
The hypothesis proposed in this article is that in using the group average and standard deviation a cattleman can choose a lot of calf’s that is larger in number and closer in average size, thereby, increase the likelihood of a good purchase.
The finding in this article prove that choosing a smaller standard deviation will ensure that the lot of calf’s will have a more consistent weight amount the group. The example provided in the text outlines two groups of calves and the standard deviation of both groups, one being 150 lbs and the other at 40 lbs. The second group with the smaller standard deviation helps the cattleman to understand that in the group 66% of the calf’s will fall into the weight range of plus or minus 40 pounds of the average, helping the cattleman to determine that the largest percentage of cattle will be closer in weight that the group with a standard deviation of 150 lbs.
Deviation and Escalation: Decision-making pitfalls illustrated
The purpose of the article is to address the rapid and constant changes that are taking place in the business world. These businesses that have to face every day changes range from local franchise investors to multinational corporation managers. These businesses have to have the ability to cope with everyday challenges and properly assess new innovations that can potentially bring