State the statistical topic (example “regression”) and the corresponding page numbeR, HOMEWORK HELP

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(3 page paper) a sample example paper has been uploaded:

This advance sheet gives further information about the paper and how it will be graded. The paper will be worth 45 points. Choose any three topics from the book (whether included them in the syllabus or not). Do NOT take any topics introduced in Chapter 3. A sample is on Canvas. Up to 15 points are available for each topic.

For each topic --

State the statistical topic (example “regression”) and the corresponding page number.
Explain the meaning of topic as you would in plain English to your boss or coworker. Ensure that you are complete and correct, but do not use technical language – use “layman’s terms.” Your supervisors and coworkers will be experts in their fields, but those fields may not be in Statistics. If you explain the meaning of the topic in plain English, as you would to a co-worker who is not skilled in statistics, then up to 8 points are available for each topic. If you explain the meaning of the topic using “technical jargon,” such as copying the meaning from the book, up to 4 points are available for each topic.
Explain how you either use or could use the topic area in either your personal or your professional life.The topic’s application mustdirectly apply to your personal or your professional life, and not how it could be used in industry or some general application. Clearly explain how you do or could use the topic area. Up to 7 points for each topic are available. If your topic does not clearly apply directly to you, then up to 4 points are available.
Include references to avoidthe appearance of plagiarism. Topics without references will have 2 points deducted from each topic. References must point directly to the concept being discussed, not just listed in the back of the paper. See sample paper.

Topics introduced in Chapter 3, such as the mean, median, or standard deviation, will receive no credit.

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Concept. The Median (page 100). Meaning. The median is one measure of the typical value of a set of data. [1] A good measure of the typical value is important because it provides the customer of the data with a quick snapshot of the data, without having to read and understand all of the individual data points. The median is defined as the center value of a sorted list (high value to low, or low value to high) of data points. For example, if there are an odd number of data points like below, the median is the middle value, or 15. 3, 7, 11, 15, 17, 25, 31 If there are an odd number of data points, like below, then the median is defined as the average of the center two values, or 13. 3, 7, 11, 15, 17, 25 Use in Personal or Professional Life. In the fast food business, customer service time is a critical performance measure. Short service times are much more preferable than long service times. However, there are some situations where valued customers want special orders which take significantly longer to prepare, or valued customers may bring in larger than normal orders which also take significantly longer to prepare. The Restaurant Manager should be encouraged to serve these special customers without having to be penalized for realizing the resulting longer than average service times. Suppose the “average” is the performance metric [2], and the standard is 140 second average service time. Using a simple example, suppose that the following service times for 6 customers. Customer # Service Time 1 142 2 96 3 163 4 117 5 45 6 202 125 average service time The average service time is calculated at 125 seconds. Now suppose Customer 6 had arrived with a special order which took a significantly longer time to prepare, taking an additional two minutes. This boosts the average service time to 145 seconds, which is outside of performance standard limits. Customer # Service Time 1 142 2 96 3 163 4 117 5 45 6 306 145 average service time If the median was chosen as the performance metric instead of the average, however, the median of the first data set would have been 129.5 seconds. The median of the second data set would also have been 129.5 seconds. The median of the second data set was not affected by the 6th customer’s longer service time, which fairly represents the fact that the underlying food servicing process was not degraded in the second instance – only that it experienced an outlier customer. The median is a preferred performance metric when there are outliers in the data which are reasonable aspects of the nature of the business, and managers should not be penalized for servicing these outlier customers. REFERENCES [1] Anderson, David R., Sweeney, Dennis J., Williams, Thomas A. “Essentials of Modern Business Statistics,” 5th edition, page 100, South-Western, CENGAGE Learning, US, 2012. [2] Ibid. page 99.
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Explanation & Answer

Attached.

Surname 1
Name:
Tutor:
Course;
Date:
Statistics
1. probability
2. Regression
3. Binomial distribution
4. Bibliography

Running head: STATISTICS

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Statistics
Author’s Name
Institutional Affiliation

STATISTICS

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Statistics
Concept 1: Probability (page 117)
Meaning

Probability is a statistical branch of Mathematics that calculates how likely a certain
event is to happen. Such an expression varies in numbers ranging between 1 and 0. For instance,
an event involving tossing a coin has the outcomes of the coin either landing on the head or the
tail side for the coin lands flat on either side. Such a case has a probability of one; hence, it is
certain. On the other hand, an event that has a probability of 0 is considered impossible
(Mendenhall et al., 2013). An example is assuming a tossed coin will land flat without facing
either the heads or the tails side. The core value of probability, considering the examples above,
is to come up with accurate calculations to measure occurrences of events as they happen
randomly. Using the mathematical means to calculate the probability of outcome is den...