Statistics Harvard Case Solution & Analysis

Introduction

Statistics is a discipline in which one can study the collection, examination, explanation, graphical representation and organizing of data. It involves mathematical tools and techniques by which one can collect the data through surveys from a population then analyze it critically. Furthermore, it involves the interpretation of data in the graphical format, in which one can organize the data according to the results and draw the conclusion from it. Also, it is used in designing the survey methods by which one can gather the data for any research.

Nowadays, the discipline of statistics is emerging at a fast pace. Statistical tools and techniques are used in every academic discipline, such as sociology, marketing, management, business and many more. In every academic discipline, decisions are made on the basis of the statistical information. The business community is also taking help from the discipline of statistics. They formulate their business strategies with the help of statistical tools and techniques in order to maximize the profit. Statistical methods and thinking are used everywhere in our daily life. One cannot imagine, but most of the time one also thinks like the statisticians when they have made their decisions or use some statistical statements in their conversation. When a person can pass the statement that “I work almost 60 hours a week on average”, this is the example of a statistical statement in one’s conversation. More specifically, statistics are concerned with:

  • Designing of survey methods and collect the data from it.
  • Summing up the information to make it understandable for others.
  • Depicting the conclusion of the findings.
  • Presenting it in the form of graphs, and
  • Making some educated guesses about the present and forecast the future.

Moreover, the usage of statistical tools and techniques in the daily life is increasing. Increasing users also create a desire in the people, who want to learn statistical tools as much as they can and put into practice as well.

Scope of Statistics

The scope of the discipline of statistics is very wide, as it has been mentioned above that currently statistics tools and techniques are used everywhere, also the decisions are made on the basis of the statistical results. In economics, business, mathematics, education, psychology, even in the situation of war, one can take help from the discipline of statistics. A list of examples, which describes the importance and scope of the discipline of statistics is given below:

  • In economics, statistical data is becoming very useful for economists, so that they can analyze the data and try to solve the economic problems such as inflation, demand and supply, wage rate of an employee etc.
  • In the field of business, it helps business executives who are trying to capture the large number of customers. They are also finding the ways to meet the needs of their customers with the help of statistical information.
  • As statistics are used everywhere in the world, even the armed forces of a country are also taking help from the discipline of statistics. In decision making, they are applying the statistical methods to measure the consequences of their decisions.
  • In medical sciences, doctors are very keen to know the causes and incidence of diseases therefore; they are also taking help from the statistics. Statistical tools provide some useful information about the patients and diseases to the doctors.

Collection of Data

There are numerous ways of collecting data in the field of statistics. Collection of data is considered as the essential part in statistics. Firstly, the statistician designs the method of data collection. Secondly, the data is collected through different ways of data collection. Without collecting the data, one cannot do any type of research; as it has been mentioned before that the presence of data is necessary. The methods of data collection are sampling, observational and experimental study and many more.Statistics Case Solution

Sampling

Sampling is the most common data collection method which is used to collect the data. In this data collection method, a statistician can select the number of participants of their interest from the population, so that it will become easier for him to generalize the result and draw conclusions of the research. In discipline of statistics, there are some guidelines on how to select the sample size of the data. In statistics, there are two types of sampling techniques. First is the probability sampling technique and the second is non-probability sampling technique. In probability sampling technique, one can choose elements randomly for their sample size from the population; whereas in non-probability sampling one can choose only those elements from the population that are easier...........

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