Statistics

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Accountants in various fields, including auditors, forensic accountants, controllers and risk accountants, use statistics to accomplish their professional duties. Accountants who conduct audits use samples that are statistically representative of a data base because it is almost impossible to collect all the data needed in a short period of time. Auditors typically use this method when conducting a reliability assessment to determine the accuracy of the data being audited.

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  • What Is the Definition of "presentation of Data"?

    Q: What Is the Definition of "presentation of Data"?

    A: The presentation of data refers to how mathematicians and scientists summarize and present data related to scientific studies and research. In order to present their points, they use various techniques and tools to condense and summarize their findings. These tools include the use of tables, graphs and subsets to provide an overview of their calculations and the data they have mined.
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  • Versatile Math: The Importance of Statistics

    Q: Versatile Math: The Importance of Statistics

    A: Statistics is the collection and study of large amounts of numerical data, specifically for the purpose of determining proportions, averages and other related information within data sets. Statistics are used in a variety of ways.
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  • What Is the Importance of Statistics in People's Daily Lives?

    Q: What Is the Importance of Statistics in People's Daily Lives?

    A: People use statistics daily for weather forecasts, predicting disease, preparing for emergencies, medical research, political campaigns, tracking sales, genetics, insurance, the stock market and quality testing. Statistics lends credibility to these industries and makes it easier to track different things in the industry.
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  • What Is the Purpose of Statistics?

    Q: What Is the Purpose of Statistics?

    A: The purpose of statistics is to allow sets of data to be compared so that analysts can look for meaningful trends and changes. Analysts review the data so that they can reach conclusions regarding its meaning. Statistics allow people to see how things are or are not correlated and how a change in one variable might affect another.
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  • What Are Different Types of Probability?

    Q: What Are Different Types of Probability?

    A: Different types of probability include conditional probability, Markov chains probability and standard probability. Standard probability is equal to the number of wanted outcomes divided by the number of possible outcomes.
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  • What Are the Odds of Getting Hit by a Car?

    Q: What Are the Odds of Getting Hit by a Car?

    A: Based on information provided by the Centers for Disease Control, the odds of being struck by a car in the United States is about one in 4,292. The odds of dying as the result of being struck by a car are about one in 47,273.
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  • What Is a Coin Toss Simulation?

    Q: What Is a Coin Toss Simulation?

    A: A coin toss simulation uses software to mimic the act of tossing a coin many times to demonstrate how frequency affects probability. With two possible outcomes (heads or tails), most observers assume even odds, or 50 percent, but tossing a coin only a few times may show uneven outcomes. By increasing the frequency of tosses, the result gets close to 50 percent, demonstrating how frequency affects outcomes.
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  • How Do You Average Your Grades?

    Q: How Do You Average Your Grades?

    A: To calculate an average grade, first add up all the individual grades, then divide by the total number of grades. Letter grades or percentage grades can be converted to the 4.0 scale to find the grade point average, or GPA.
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  • What Is the Difference Between the Dependent Variable, the Independent Variable and the Controlled Variable?

    Q: What Is the Difference Between the Dependent Variable, the Independent Variable and the Controlled Variable?

    A: The difference between the independent, dependent and control variables rests with the way each variable impacts research. The dependent variable is the item under observation, the independent variable receives manipulation by a researcher and the control variable is an aspect that affects the dependent variable if the researcher does not hold it constant, explains Nuffield Foundation. These variables form the basis of an experiment or observation.
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  • What Does "average" Mean in Mathematics?

    Q: What Does "average" Mean in Mathematics?

    A: In mathematics, the “average” typically refers to the “mean value” of a set of numbers that is found by adding all the numbers in the set and then dividing this answer by how many numbers were in the set. However, there also are other types of averages in mathematics, such as the weighted average, mode and median.
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  • Who Is the Father of Statistics?

    Q: Who Is the Father of Statistics?

    A: Sir Ronald Aylmer Fisher, a British statistician, is considered by many to be the father of the modern science of statistics. The Danish statistician Anders Hald recognized him as a genius who built the foundations for modern statistical science, according to Wikipedia.
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  • What Percentage of Our Lives Are Spent Working?

    Q: What Percentage of Our Lives Are Spent Working?

    A: About one-third or 30 percent of human life is spent working. The average working week in the United States consists of 40 hours of work. Most people take a few holidays every year. On an average, most people spend about 25 to 30 years working.
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  • How Are Statistics Used in Accounting?

    Q: How Are Statistics Used in Accounting?

    A: Accountants in various fields, including auditors, forensic accountants, controllers and risk accountants, use statistics to accomplish their professional duties. Accountants who conduct audits use samples that are statistically representative of a data base because it is almost impossible to collect all the data needed in a short period of time. Auditors typically use this method when conducting a reliability assessment to determine the accuracy of the data being audited.
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  • What Are the Divorce Rates for Second and Third Marriages?

    Q: What Are the Divorce Rates for Second and Third Marriages?

    A: In the United States, the divorce rate for second marriages is estimated at between 60 and 67 percent. Third marriages fare considerably worse, with the divorce rate estimated between 73 and 74 percent.
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  • What Is the Outlier in a Math Problem?

    Q: What Is the Outlier in a Math Problem?

    A: In math, outliers are observations or data points that lie an abnormal distance away from all of the other values in a sample. Outliers are usually disregarded in statistics because they can skew calculations and cause the final statistical analyses to be invalid.
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  • How Do You Work Out Probability?

    Q: How Do You Work Out Probability?

    A: Theoretically, define the probability of a specific outcome of any event as the ratio of the number of outcomes that favor that specific outcome to the total number of possible outcomes of that event. Mathematically, define the probability of outcome "A" with this equation: P(A) = Number of outcomes that favor A / Number of every possible outcome.
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  • How Do You Measure Effectiveness and Efficiency?

    Q: How Do You Measure Effectiveness and Efficiency?

    A: Effectiveness and efficiency are measured by how rapidly change is expressed in organizational systems and how great the difference is over time. This allows companies to compare workforce performance before and after a change is made. Effectiveness and efficiency look at return on investment, employee engagement, client satisfaction and positive gains versus negative side effects of an endeavor.
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  • How Do You Calculate Jelly Beans in a Jar?

    Q: How Do You Calculate Jelly Beans in a Jar?

    A: To calculate the number of jellybeans in a jar, count the number of jellybeans on the top layer of the jar. Then, count the number of jellybeans going down the side of the jar, and multiply that number by the number of jellybeans in the top layer to get an estimate of the number of jellybeans in the jar.
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  • Why Is Sampling Important?

    Q: Why Is Sampling Important?

    A: Sampling, in statistics, is a method of answering questions that deal with large numbers of individuals by selecting a smaller subset of the population for study. One of the most prevalent types of sampling is random sampling.
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  • Why Are Statistics Important?

    Q: Why Are Statistics Important?

    A: Experts use statistics to understand large and complex sets of data. Statistics are also helpful with surveys, which legislators use to affect policy. Knowing how statistics work is important for fully understanding news reports.
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  • How Big Is a Cereal Box?

    Q: How Big Is a Cereal Box?

    A: Cereal box size depends on the cereal brand and the volume size. For example, a box that is 12 inches long, 7 5/8 inches wide and 2 1/2 inches deep is required to hold 12.8 ounces of Multi Grain Cheerios.
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