Statistics Term Paper Essay Example | Topics and Well Written Essays - 1250 words

Statistics Term Paper - Essay ExampleInterpretation of data and results is one fundamental annoyance of using statistics in the fields of stock and economics. One important statistical tool that for many historic period has become proved to help businessmen and economists is the analysis of variance (ANOVA). Analysis of variance is a real component of inferential statistics and it tries to measure the difference between two or more self-supporting groups or variables.In this paper, the proponent tries to discuss ANOVA as a significant statistical tool for business and economics especially in inferential statistics and in tests of difference for three or more independent groups, variables or data.Analysis and interpretation of data are important roles associated with inferential statistics. This statistics has different statistical tools or test for the analysis of interval, ratio, nominal and ordinal data. For making inferences from or conclusions on larger groups or population s, or even in generalizing information gathered in one or more samples, inferential statistics has been proven effective in doing so. The goodness of samples is very important to consider in order so as to ensure effectiveness of inferential statistics. In addition, sampling techniques or procedures are necessary or of bulky importance prior to the use of inferential statistical tools. In reality, the only way to find what specialised tool in inferential statistics is necessary for any research problems or studies depends on the nature of data. It is in this reason that inferential statistics is subdivided into two groups parametric and non-parametric tests.Non-parametric tests are tests that do not require conventionalism dissemination and they utilize both nominal and ordinal data (Bajpai 678). One could say that the distribution is not normal when the value of skewness is either positive or negative. Skewness is positive when the mean is greater than the average and