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Friday, July 1, 2011

Introduction to Statistics for Management

Why Should You Take This Course and Who Uses Statistics Anyhow?
Richard L. Levin and David S. Rubin said, every 4 years, American suffer through an affliction known as the presidential election. Moths before the election, television, radio and newspaper broadcast inform us that "a poll conducted by XYZ Opinion Research shows that the Democratic (or Republican) candidate has the support of 54 percent of voters with a margin of error of plus or minus 3%." What does this statement mean? What is meant by the term margin of error? Who has actually done the polling? How many people did they interview and how many should they have interviewed to make this assertion? Can we rely on the truth of what many should they reported