Central Tendencies
Discuss each of the central tendencies identified the results section covering the following topics:
a. Meaning/importance
b. Include a screenshot of the figures with your paragraph
1. You are reading a study comparing the income of first-year nursing students versus first-year respiratory students. The results section states, “the p-value
is .04; the t value is 2.14.”
a. What does the p-value mean, and how would the reader interpret this value in relation to the conclusions of the study?
b. What does the t -value measure?
2. Write a brief paragraph comparing and contrasting the p-value and confidence interval involved in inferential statistics.
Sample Solution
The p-value is a measure of the probability that the results achieved in a study were obtained by chance and not as a result of an actual difference between groups (Miller & Smith 2015). In this case, the p-value of .04 indicates there is only a 4% chance that these results could have been generated from randomness. Therefore , this suggests that there is likely to be at least some significant differences between income levels for first year nursing students compared to respiratory students.
Additionally, the t-value measures how far apart two sample means are compared to each other (Miller & Smith 2015). The t- value for this particular study was 2.14 which indicate that on average , nursing students had incomes slightly higher than those studying respiratory therapy . This provides useful information when interpreting results as it helps determining if any observed differences may actually be meaningful or they just occurred due to random variations in data.
In conclusion ,the use of both p -values and t values can help researchers make more educated decisions when interpreting their findings. By understanding what each measures and applying it accordingly, readers will be able to determine if any observed differences are statistically relevant or simply due noise within the data itself.
2.1 Sources of data
Data is fundamental to each examination venture, and given the vagueness in the idea of data it is fundamental to guarantee that data gathered is pertinent and suitable for some random exploration, investigation and so on. There are 2 fundamental data sources: essential and optional sources.
2.1.1 Primary source
Essential sources are direct reports that give direct proof on a topic. They Library of Congress allude to them as the "unrefined components of History" (Sotheby's Institute of Art, n.d.). Models incorporate; interviews, letters, ancient rarities, diaries and witness articulations.
2.1.2 Secondary source
Auxiliary sources are translations and assessments of essential sources. They are not proof but instead critique on and conversation of proof (Sotheby's Institute of craftsmanship, n.d.). As such this could be articles, or examine on another person's unique examination.
2.2 Methods of Information Gathering
With the end goal of this report, I utilized just optional wellsprings of data. This data has been gathered from different mediums, including:
2.2.1 Text Books
These were an extraordinary wellspring of information as they worked on how I might interpret different speculations for instance SWOT, PEST, which assisted me with performing better examination. I likewise did a survey of monetary proportions, seeing every proportion and their importance. A portion of the books I utilized were ACCA course books (BPP F7, F9, P3), Finance and Accounting in business second version (Bob Ryan, 2004).
2.2.2 Annual Reports
The yearly reports contain the yearly outline of an association, the budget summaries and monetary features. This gives a perspective on the association according to the point of view of the chiefs and was hence a significant device that aided my examination. I involved the yearly reports for both Fresnillo Plc and the benchmark Tahoe Resources Inc.
2.2.3 The Internet
The web was an incredible source giving admittance to a huge scope of data. This was made conceivable using web indexes like Google, hurray, Bing search among others. This gave me admittance to books, articles, diaries, reports, pamphlets, business channels, and sites which gave a ton of information.
2.3 Limitations to data gathering
One of the serious issues I confronted was having the option to secure applicable data. With the web being one of my significant wellsprings of data, there was the gamble of a portion of this data being incorrect. Getting explicit data relating to Fresnillo was testing.
It was unrealistic to get fiscal reports in succeed design in this way I needed to separate them from the yearly explanations which were in pdf designs, which then required further changes, making it more vulnerable to blunders.
Another significant restriction was that I couldn't get sufficiently close to specific business diary information bases which required premium memberships like Financial Times, and BNamericas.