Basic Statistics for Business and Economics Essay Example for Free

Basic Statistics for Business and Economics Essay Over the last four weeks of being in the QNT/351 course our team has learned a lot about researching a hypothesis and understanding the mean. The hypothesis testing begins with the statement and the assumption that determines the population of the mean, (Lind, 2011, p.288.). There are five steps taken which include; state the hypothesis, select level of significance for it, identify the test statistics, formulate decision rule, and take a sample to arrive at a decision. On the contrary, however, McClave, 2011 states that there are seven steps including; null hypothesis, alternate hypothesis, test statistic, rejection region, assumptions, experiment and calculation of test statistic, and the conclusion. With setting a hypothesis and testing it is important to understand the mean and how to compare it amongst two or more groups. With testing the mean with multiple groups, the data collected is used to help determine the probability of a given amongst two distinct groups being analyzed which have the same or equal variances. This info it all based off the given hypothesis and should result in proving the null hypothesis stated. When looking at the mean the distance noted between the hypothesis and the mean placed is a value given as a result of the probability of occurrence. When analyzing and testing the means of the two groups we use the variance analysis. An example of this type would be testing the means of the two groups based off statistical models and valid conclusions. Along with completing the testing of the means of the groups, we must also calculate the variance according to the distribution of the differences in means. If the standard deviation is known we can calculate the z-score by using the difference of the variance and the mean. In calculating the correlation between the two variables we see that it is crucial to know the characteristics of the coefficient. According to Lind, 2011 pages 386-389 we can calculate the coefficient of correlation. The coefficient of correlation can help dete rmine the cause as well as effect amongst the two variables. Calculating these numbers is  crucial as the results give information which help determine the level of significance of the given hypothesis. References Lind, D. A., Marchal, W. G., & Wathen, S. A. (2011). Basic Statistics for Business and Economics (7th ed.). New York, NY: McGraw-Hill/Irwin. McClave, J. T., Benson, P. G., & Sincich, T. (2011). Statistics for Business and Economics (11th ed.). Boston, MA: Pearson Education, Inc. Basic Statistics for Business and Economics. (2016, Apr 02). We have essays on the following topics that may be of interest to you

PROJECT PLAN FOR ORGANISATION OF MUSIC FESTIVAL Essay

PROJECT PLAN FOR ORGANISATION OF MUSIC FESTIVAL - Essay Example By undertaking such a report, I would earn income and gain more experience in my field, while my client would be able to get professional guidance on how to carry out the music festival project. At the same time, other stakeholders would benefit by getting a good grasp of the role they need to play to make the project a success. This would subsequently guide them in the future and avoid the hurdles of developing a new project plan each time a new project idea is conceived and due for implementation. The purpose of this paper has several parts. The goal is to develop the objectives, scope, and work breakdown structure for the project; develop the logic of the project to the lowest level possible and illustrate this in diagrammatic form; detail the team structure and responsibilities that are deemed appropriate for the project, including how the client structures their team to interact with the project team, and define the types of contracts that would be implemented for the various sub-contractors involved in the project. The objective of this project is to develop a project plan for the organization for a one day music festival to be held in Greenwich Park. ... Estimation of the work to be performed Scheduling of work packages Manage resource availability Create the budget Integrate the schedule and the budget Identify key performance indicators Identify critical success factors Scope For the scope of this project, it is being undertaken for a target audience of 5,000 people. In addition to this, the plan is being developed for the musical festival to take place one month from today. Work Breakdown Structure of the Project The work structure is divided up into five different groups, each of the groups being composed of two team members that are responsible for the actions described herein. The six teams in the work breakdown structure are hall, musicians, finance, logistics, and safety and security. One of the five teams is hall. Underneath hall falls renting the hall and coordinating the hall arrangement and decoration. This is a very important step as the initial appearance of the location when project attendees first walk in the door will have a lot to do with the success of the project and whether or not a favorable first impression is created. First impressions last a long time. The second team is musicians. The work to be performed by this group includes contacting and contracting with musicians and promoting the festival. They are also responsible for contracting for ticket sales, and printing and distribution of tickets for sale. The third team is finance. This team is responsible for drafting a budget for the festival and performing a cost benefit analysis of the festival. They are also responsible for arranging and conducting a meeting of the budget and organizing committee, and budget study and approval. The fourth team is logistics. This team is responsible for

Hould the pharmaceutical industry be providing free medication to Research Paper

Hould the pharmaceutical industry be providing free medication to those who cannot afford it - Research Paper Example First, if medicines are made available to those who cannot afford them, this is a promotion of fundamental human rights. Specifically, this will help promote the access to health. Pharmaceutical companies have unique human rights responsibilities and this requires that they include the aspect of human rights in their operations (Nwobike, 2006). This industry has a human rights obligation of protecting the right to health to all. This then obligates them to make such drugs available to those who need them even if they may not be able to afford them. This is particularly the case when epidemics such as AIDS are considered. Pharmaceutical corporations should thus put mechanisms in place to ensure that a certain percentage of their profits are directed towards proving free medications to the poor. Just like many other corporations, the pharmaceutical industry has a big influence in promoting human rights, and providing free medications is one of the strategies that can be used to achieve this. Opponents of this view have argued that pharmaceutical companies are like any other corporations and hence should not be treated differently. It is argued that compelling them to provide free medicines would mean that they are treated unfairly. However, it is clear that their violations of human rights are manifested differently and are usually instant (Nwobike, 2006). In many cases, a patient who fails to receive the necessary medication ends up dying, or suffering permanent complications that affect their lives. This demands that in view of the human rights aspect, the pharmaceutical industry needs to be treated differently. Agencies charged with the responsibility of promoting human health, such as the World Health Organization (WHO), should play develop principles and frameworks that will help the pharmaceutical industry provide free medications to those who