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Answer each of the following questions in Q&A format. Minimum 100 each. (except questions 2 & 3)

Date Posted: 29/03/2019
Category: Business
Due Date: 30/03/2019
Instruction
1. From your own experience with statistics in business identify the difference between descriptive and inferential statistics and give two examples of each. 2.Respond to the following:"An example of inferential statistics, in supply chain, is looking at the number of vendors used by an organization based on spend and commodity. It is always difficult to determine or establish how many vendors should be in a system. Statistics helps guide that decision, because the data would reveal the top vendors and the top commodities used and the total number of vendors by commodity. To give you an idea, a medium size organization can have anywhere between 10 to 30 thousand vendors in their system. Inferential statistics gives the visibility into managing and reducing the vendor population." (can be minimum 65 words) 3.Respond to the following: "The differences in the two methods would be to remember that descriptive focuses on the targeted amount where the inferential uses samples of the generalized numbers. One method organizes the data in a meaningful way while the other compares and predicts an outcome. Lastly, descriptive proves the data as the information is known and the inferential tries to conclude data that is not available.(can be minimum 65 words) 4.Describes various ways managers can use graphical tools to help explain the data in a data set. 5.Name two of the graphical tools and describe what the tool is best used for. Post your original response and reply to at least two of your fellow classmates.. 6. Summarize all of the above. Be sure to include: Describe how you will apply that learning in your daily life, including your work life. Describe what may be unclear to you, and what you would like to learn.
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