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Free «Business Decision Making» Essay Sample

This essay is about information collected from a sample of thirty senators. This number was selected randomly from a hundred of senators. The information that was collected from the senators was their ages, the number of years they have served in the senate, their party affiliation, and their income. Additionally, they were asked on how they would vote on legislation that was affecting a certain industry. Information collected is explained below.

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Discussion

The mean age of most of the senators from the sample is 54.5 with a standard deviation of about 2.78, this means that most of the senators are around their fifties. It is also evident from the mode that is 55 years. The mean or average income of the senators is $ 471.1, with a standard deviation of 365.7, this shows that senators income has wide ranges and they do not receive standardised income. It seems that some senators are highly paid at $1700 000, while others receive very low income at $250 000. The average number of years that these senators have served in the senate ranges around is 14 years with a standard deviation of 2 years.

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There a total of nine senators, who have served less than five years in the senate, most of them ranging around fourteen years in the senate, but some serving as many as forty years. The data collected on party affiliation and voting preference is non numerical. Such data is referred to as qualitative data; this is because it deals with human behaviour and it is not easily quantifiable (Holliday, 2007). To easily analyse this data, one can try and quantify the data and then make interpretation. For instance, in this case take the number of senators who answered 'yes' and those who answered 'no', then infer to make conclusions. In this case, the senators in favour of the legislation are fourteen out of thirty, which is approximately 48%, meaning that it would be possible for the legislation being voted out.

Conclusion

The sample that was picked was thirty out of a hundred of senators. This sample may be too small but it is definitely a good number for a sample. This is because taking the total population may be time consuming and tiring for the researcher. The size of thirty senators is also advantageous as one can easily calculate statistical data using a small sample than when using a larger sample. Lastly, it is not necessarily important to assess all the senators, especially if the random sample is well chosen and extremely representative of the larger population.

   

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