Table of Contents
Probability Symbols and Statistics Symbols – Definition with Example
Probability Symbols
There are three probability symbols:
P(A) – The probability of event A occurring
P(A|B) – The probability of event A occurring given that event B has occurred
P(B) – The probability of event B occurring
Statistics Symbols
There are three statistics symbols:
x – The sample mean
σ – The standard deviation
n – The sample size
Definition with Example
In managerial accounting, performance measurement is the process of collecting, analyzing, and reporting financial and nonfinancial information in order to assess the performance of a company’s managers and business activities.
Performance measurement is used to make decisions about where to allocate resources, how to improve business performance, and whether managers are achieving desired results.
One of the most common performance measures is return on investment (ROI), which is a measure of how much profit a company generates relative to its invested capital.
Other performance measures can include measures of revenue, costs, efficiency, asset utilization, and customer satisfaction.
Performance measurement systems can be tailored to meet the specific needs of a company, and they can be updated regularly to reflect changes in the business environment.
Example
A company’s performance measurement system might include measures of revenue, costs, and profits. The company might use these measures to track the performance of its managers and business activities and to make decisions about where to allocate resources.
Statistics
Statistics is the study of the collection, analysis, interpretation, presentation, and organization of data. In statistics, data is collected from a sample of a population. The data is then analyzed to draw conclusions about the population. Statistical methods are used to summarize and describe the data. Statistical models are used to make predictions about the population.
Probability and Statistics
posted by Anonymous Tuesday, October 9, 2012 at 10:06pm
Suppose you roll a six-sided die. What is the probability of rolling a 2?
1/6
Relational Symbols
A symbol is an object, character, or figure that stands for something else, especially a person or thing in literature or history.
Some common symbols are the dove (peace), the cross (faith), and the lion (strength).
Understanding Statistics
Statistics is the study of the collection, analysis, interpretation, presentation, and organization of data. It is a branch of mathematics that uses mathematics to collect, organize, and analyze data.
There are two types of data: quantitative and qualitative. Quantitative data is data that can be measured and is usually represented in numbers. Qualitative data is data that cannot be measured and is usually represented in words.
Statistics is used to make decisions about things like how to allocate resources, how to design a study, how to make predictions, and how to understand trends.
Types of Statistics
Descriptive statistics are used to summarize and describe a data set. They include measures of central tendency (mean, median, and mode) and measures of variability (standard deviation and variance).
Inferential statistics are used to infer the characteristics of a population from a sample. They include techniques such as the t-test, chi-squared test, and ANOVA.
