Comments

Comments:

The paper highlighted a number of statistical operations that are important in management, one of these concepts is probability which is determined using the frequency of individual groups, example the probability of selecting a male employee aged between 16 to 21 years. Apart from probability the paper also highlights the importance of the mean, median and standard deviation in decision making, the practical example given is the case where the mean age of workers will help a manager to decide whether to change the current insurance provider, the mean value of age will help determine whether this change will result into an increase or reduction in costs.

The paper also highlights the importance of correlation in statistics, the correlation value helps determine how two variables are related, a distinction is made between correlation and causation, according to the writer a high positive correlation value does not mean that an increase in one variable will cause the other variable to increase, when correlation variable is high and a researcher wants to determine whether one variable is dependent on the other then a chi square test for independence is undertaken.

Finally the paper highlights the ANOVA process which is used when comparing mean values, when comparing tow mean values then a T test is applicable, however when comparing more than two mean values then ANOVA analysis is used. The paper is educative whereby it aids in the understanding of various statistical concepts and the way they can be used in decision making, however the writer should have used an example to illustrate the various techniques and also interpret the results.

References

Bluman, G. (2008). Elementary statistics, fourth Edition. NY: McGraw-Hill

Comments

Clark, J (2009). E-Z statistics. NY: Barons educational series.