Phase 1 - Concepts and terminology of statistics applied to business Essay - 2

Phase 1 - Concepts and terminology of statistics applied to business decision-making 4-20 - Essay Example Mean-  the arithmetic mean (mean) of a list of numbers is the sum of all the members of the list divided by the number of items in the list. A  classic example of Arithmetic mean is average income. The arithmetic mean may be misinterpreted to imply that most peoples income is higher than the case in fact is.† In statistics, mean has two related meanings: MEDIAN-  The median is the number which is in the exact  middle of the data set. Literally, it is the value in the middle. â€Å"The statistical median is the middle number of a group of numbers that have been arranged in order by size. If there is an even number of terms, the median is the mean of the two middle numbers: If there is an even number of terms, add the two middle terms and divide by 2.†Ã‚   (Statistical Median). Mode means the number that appears the most often, if working with only one variable. In statistics, mode means the most frequent value assumed by a random variable, or occurring in a sampling of a random variable. The term is applied both to probability distributions and to collections of  experimental data. Range  - It means the difference between the highest and the lowest value. The range is the length of the smallest interval which contains all the data. It is calculated by subtracting the smallest observations from the greatest and provides an indication of  statistical dispersion. The mid range point is the half way between two variables. .Variance -   In probability and statistics , the variance of a   random variable, is a probability distribution , a measure of its statistical dispersion , indicating how its possible values are spread around the expected value . Where the expected value shows the location of the distribution, the variance indicates the scale of the values. A more understandable measure is the square root of the variance, called the Standard deviation... For a population, range is more than twice the standard deviation. Variance

The Challenges of Developing a Strategic Enterprise Resource Plan Essay

The Challenges of Developing a Strategic Enterprise Resource Plan (ERP) Program for the Small Business - Essay Example I would like to thank her for teaching me how to navigate through the ocean of knowledge. I am equally overwhelmed by the unflinching support of all my other professors, lecturers and administrative staff and the library staff at the _____________ University and thank them profusely. Their slightest disarrangement would have distracted my focus from the research. Finally, a paper of this nature is a lifetime opportunity, in the sense it not only provides an opportunity to study a problem in depth, but it also provides a window to express an opinion to the issues that affects the object of study. Implementation of ERP is a matter of importance and is of benefit to many. Any research on this subject would contribute to spreading prosperity in the society. I sincerely thank my previous researchers for providing me the inspiration and information required to carry on their research to a next level. At the end, I pray the almighty whose invisible hands have guided me to successfully undertake this project. I sincerely hope that the project is useful to the society and help prosperity in its own way. Enterprise Resource Planning and a small business! It’s like a missile launcher in the hands of a child. This is in fact is the subject of this paper. How can a small business successfully develop and implement an ERP system to accrue strategic benefits for the company. Technology and globalization have made a small business to appear big and move to capture new territories which were erstwhile areas controlled by industry goliaths. Technology has now made new weapons available to the â€Å"David†, the small business. Globalization is now defining the new arena that was until now not available to it. The small business is now is much stronger and no longer restricted to its neighborhood and be leveled as the â€Å"local guy†. It is now evidently becoming the â€Å"global guy†, taking orders and