The main advantage of statistics is that information is presented in a way that is easy to analyze, which makes its conclusions easily accessible. Comparative statistical analysis allows people to identify the strengths and weaknesses of different strategies, programs, policies or products across multiple demographics, making it an indispensable tool for decision makers.
Statistics are gathered anonymously, which reduces the reluctance of individuals to volunteer information. This allows researchers to gather data that is otherwise inaccessible. Furthermore, statistical methods are standardized, which makes them easy to replicate and guarantees consistent quality over time. Statistics provides hard data on performance and output, creating an excellent benchmark by which to measure efficiency and productivity.
A poisson distribution displays discrete random variables, according to the University of Glasgow. Examples of discrete random variables include the numbers of cars that pass through an intersection in a given period of time. A discrete random variable is a representation of a countable number of separate values; this variable is always a finite number. Discrete random variables follow a poisson distribution.Full Answer >
Statistics are a methodology necessary in the field of statistics and are used to collect, analyze and evaluate data. Economics depends heavily on the use of statistics.Full Answer >
In statistics, common response refers to changes in both the explanatory and response variables that result from changes in another variable. The variable that triggers a common response is typically not part of the research design.Full Answer >
Although simple random samplings are a common research method, they are expensive to use, extremely time consuming and difficult to organize. A simple random sampling requires a complete list of all members of the target population so that the sample is a real representation of the larger group. Each individual in the population has the same chance of becoming part of the sample. All possible combinations of the sample are equally likely to occur, as well.Full Answer >