Connection Project Research Paper Example | Topics and Well Written Essays - 750 words

Connection Project - Research Paper ExampleMost significantly, they identified statistical measures such as the standard deviation, coefficient and correlation (Nelson, 2000). The importance of randomness gathering and analysis in the 21st Century is a constant requirement for individuals, institutions and governments. Present day society is faced with endless and varied uncertainties concerning the future. The accessibility of-and access to accurately-synthesized information, therefore, helps in making informed predictions about the future, in planning and provides a basis for assessing performance over a forecasted period. The application of statistics has been embraced globally (most importantly) out-of-pocket its ability to fit into all fields of human interest. This has turned statistics into an inter-disciplinary subject (Pangano, 2008). Discussion The applicability of statistics is derived from the core process of entropy mining. The process of acquiring rude data is the first step towards making relevant statistical inferences and applications designed to assist in solving real world problems faced by both(prenominal) individuals and organizations. The extent to which applications can be made is only limited by the researchers definition of the problem statement and the methodology employed for data mining. This means that the statistical inference is legitimized by the problem being investigated and the snip procedures for collecting and analyzing information concerning the problem (McPherson, 2011). Essentially, one can perhaps rightly surround that the choice of policy, strategy or decision undertaken was decided upon by the intrinsic nature of the problem thereby challenging the traditional view of managerial qualification as the primary factor in decision making. Statistics becomes exceedingly essential in qualitative thinking. It identifies the type of problem facing individuals or institutions, defines the problem, assesses it and relate s it to the final set of alternative courses of actions available in remedy to the problem (Nelson, 2000). It provides a logical approach to problem solving thereby enriching the ability of individuals and organizations alike to make serious accurate forecasts for the future now. Statistics becomes a tool for identifying and successfully effecting change within organizations by minimizing the variations amongst expected and actual results. With regard to applications by individuals, statistics can be used in enriching financing decisions. An investor wishing to invest his savings will rely heavily on quantitative statistics to identify investment alternatives that provide commensurate returns to his investment at minimal risk exposures (McPherson, 2011). Quantitative statistics, therefore, assists in creating a benchmark portfolio for investment by identifying the set of securities that the investor will hold. The performance of the securities and the portfolio managers can be ac curately assessed at different points in time to make relevant adjustments. Statistics can be used by graduates in deciding as between employers and versus self employment. The career path of an individual within an organization can be assessed using industry aggregates on salary packages, determining future growing and development opportunities within the firm (promotions and training) and in formulating personal targets. It is a normal practice for firms to be ranked at both industry level and