Ways Basic Statistics Helps in Research Paper Example

Introduction

Basic statistics gives a reader the foundation they need to understand the wide field of statistics, which is a mathematical and science of collecting data, organizing it into realistic sets then interpreting it to create sense and meaning, as well as presenting it to readers. Basic statistics also creates a foundation for a learner to understand that different fields can adopt a statistical format to present information (Hill & Lewicki, 2007). Therefore, the characteristic information on basic statistics will equip a learner in a research process with the ability to gather data from diverse sources, and then analyzing it then presenting it in a statistical format.

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The four areas of basic statistics inform readers on ways statisticians can create and design an experimental design from a sample. A sample is part of a population, and it is used since it represents the characteristics and interests of all participants. An experimental design allows a researcher to collect information from the sample using different tools like questionnaires or interviews, then analyzing the data to draw conclusions and other inferences about the entire population (Hill & Lewicki, 2007). Hence, this information will be useful to me when conducting a research as I will have basic information on factors to consider when choosing a sample. When selecting a sample, a researcher should ensure that all participants are randomly selected so that they can have equal chances of being part of the study.

Additionally, the four areas of statistics have quality information on research and assume that it is one of the areas that students must conduct in their academic studies, which requires them to collect data from different sources and then analyzing it to form a concrete report. Statistics and data mining are part of the research processes that learners should follow before making a report. Statistics takes a quantitative nature, which requires a researcher to represent information in numeric format. Transforming qualitative information into a quantitative format requires a careful examination of the different datasets (Hill & Lewicki, 2007). Descriptive statistics enable an individual to summarize a large piece of data to a small representation. For instance, since a sample has different characteristics and measurements, their weight or age can be summarized as a single numeric, like a mean. Further, statistics simplifies the process of comparing more than one data set. Analysis of data increases the probability of finding the significance level. Therefore, basic statistics will be useful to me in my research as it will inform me of different ways of summarizing a sample's characteristic and work with a single number.

Basic statistics equip readers with knowledge about the strengths and reliability of relationships that exist between variables. A variable can either be independent or dependent, which then determines its strength and reliability (Hill & Lewicki, 2007). A strong variable has a characteristic relationship with the sample used in the study to represent the entire population. However, it is important to note that some variables' significance and strengths also depend on the sample size. This information will be used in my research. This is because it will help me determine the variables to be used in the study to determine their relationships. The information will also be significant when choosing the sample size since it affects the relationships that exist among the variables.

Ways Data Mining Could Be Used in Business or Profession

Data mining is a concept and process that most modern companies embrace as they transform data into processes information (Hill & Lewicki, 2007). The development of technological infrastructure has simplified software that enables business managers to turn complex data into a simplified format. A software developer considers the business patterns and then comes with a customized data mining procedure that enhances the performance of an organization, as well as maximizes the profits. However, for a successful data mining process, a firm should have a simplified data collection method and a warehouse for storing the information. An organization determines its storage space depending on the type of business it operates as well as the number of clients it serves.

One of the areas that the data mining concept can be applied is in the decision-making process (Hill & Lewicki, 2007). An organization can collect customer information and use it to determine the behavior and buying patterns. Customers' attitudes towards a product affect the sales an organization makes both in the short-term and in the long-term. Therefore, a market researcher that wants to launch a new product will analyze the customer behavior and predict the reception their commodity will have in the market. This information enables a marketer to determine the selling price of a product, as it should not be too high or low. For instance, the banking sector uses automated data mining systems to understand their customers' behavior. The information is then used to create forecasts for their future sales, and also determine the loyal customers whose accounts are active. Customer information is important for an organization as it enables the marketing department to evaluate trends and patterns in demand and supply of the company product. The marketing team also tracks down the inactive clients and find out reasons why they no longer purchase a company's products. If the information is within the control of the company like pricing or quality of products, then the marketing team can initiate change in the organization to prevent the loss of future customers.

On the other hand, data mining can be used to collect and analyze the available competitors in an industry. A firm can collect traits and attitudes of companies that provide similar products and services in the market, then determine their weaknesses and threats. When an organization is equipped with this information, it expands the weaknesses of competitors to become their strengths and ways they can penetrate the market, and position themselves as the best service provider. Further, top management uses the information collected about competitors to determine the trends and innovative ways they have adopted that give them a competitive advantage. Management can also use the information collected to design new products, depending on customer preferences. Competitor information is important for an organization as the management team is able to track the developments that other service providers have done in the same industry. In addition, it enables a company to understand what has already been done by others, and it is a chance to come up with creative and innovative ideas so that clients can be interested in a product.

In the modern day of knowledge and development, data mining techniques are used to discover the status of databases. Some organizations handle large volumes of data from different sources which increases the probability of making mistakes or creating confusion. However, with the careful and strategic decision to embrace a data mining system, then retrieval of information becomes efficient, while the management and storage of the various types of data are eased. For instance, the healthcare sector holds a large database as it stores information about patients and their medical history. Some of the patients are outpatient while others are inpatient. A data mining set in a health care system should allow the practitioners to retrieve information about the patients irrespective of whether they are inpatient or outpatient. The increased storage space in data mining software and hardware has enabled companies to preserve important customer information. Further, the regular development of technology in data mining techniques have made it easy for both technical and non-technical staff in an organization to key-in and retrieve information about the company or customers with ease.

Case II: Viridity Energy: The Challenge and Opportunity of Promoting Clean Energy Solutions

Part A: Summary of Case

Viridity Energy is a company that opened its operations less than three years ago, and provide electricity services to the customers. The private company has progressively grown as it attracts customers who embrace the new smart grid system in electricity supply that has seen a tremendous decrease of expenses spent on power per year (Laszlo, Chandrachud., & Ghatge, 2012). The electricity demand in Conshohocken, the locality where Viridity Energy operates had increased, and America's electricity supply had gone down, giving private companies a chance to operate and help fill in the gap. Further, the national drive towards energy independence and federal debts had increased the low supply of electricity in the locality. Viridity Energy, one of the smart-grid systems operating in Pennsylvania had adopted new strategies that would enable customers to reduce the amount of energy they used in their homes, thereby, decreasing the bills they paid per month (Laszlo, Chandrachud., & Ghatge, 2012). For instance, clients were advised to turn off lights when exiting a building, using appliances and lighting systems that did not consume lots of energy, amongst other savings tactics. However, despite the growth that Viridity Energy had experienced since its inception, there was an uncertain future on its status, due to the increasing competition from other smart-grid systems providers, the unpredictable regulations from the government on clean energy technologies, and possible evaluation on the environmental regulations that would affect the company both in the short-term and in the long-term. There was also the issue of Viridity Energy differentiating itself and positioning itself in the market. Most customers were unaware of the choices that were available to them, necessitating Viridity Energy to create awareness and educate its markets on the benefits of using a smart-grid system.

The management team engaged customers with the aim of increasing their value proposition. A software was developed that enabled customers to regulate their energy usage by tracking their load. The software was simple to understand and use for the customers which helped increase the clientele base. This strategy gave Viridity Energy a competitive advantage and made clients prefer the company as its main supplier of electricity. Additionally, Viridity Energy adopted a value pyramid, aimed at increasing the customer experience. The pyramid was a smart-grid architecture that was divided into seven distinct layers. Each layer was specially designed to increase electricity optimization and supply.

The marketing manager had also realized a gap in the market as clients did not understand how price fluctuations in electricity worked. Therefore, Viridity Energy committed itself to provide a model that would ensure clients understood the price fluctuations concept, which would help them conserve their energy use. The smart technology as used by Viridity Energy to engage its customers would make it possible for the market to be active participants in energy matters as they would understand how the grid systems worked, which would then increase customer satisfaction (Laszlo, Chandrachud., & Ghatge, 2012). Viridity Energy had also incorporated the environmental sustainability as a competitive differentiation strategy that would give it a competitive advantage in an industry that saw the increase of more service providers penetrate and compete for the same market. Viridity Energy considered using natural sources of energy like wind and water to reduce the greenhouse gas emissions. In addition, the concept...