Practical Applications of Statistics

Statistics is a collection of procedures and principle for gaining and processing information in order to make decisions when faced with uncertainty. (Davis, Simon & Utts, 2002).
This paper will concentrate the on the practical application of the following statistical concepts – standard deviation, mean, mode, and median concepts, frequency polygon and sampling techniques.
Standard Deviation
The standard deviation method is one of the most commonly used statistical tools. It gives a precise measure of the amount of variation in any group of numbers. One practical use of standard deviation is to measure risk of investing in mutual funds or other investment products. It can also be used for a number of different purposes in investment decision-making. As a measure of volatility, standard deviation measures the tendency of data to be spread out.
When looking at the historic returns of a mutual fund, standard deviation can be used to......

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Title: Practical Applications Of Statistics
Approximate Word Count: 856
Approximate Pages: 4 (250 words per double-spaced page)

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