Business statistics Essay Example | Topics and Well Written Essays - 250 words

Business statistics - Essay Example This is given that Professionals and Managers frequently are attentive to their measures level like mode, sums, and means. This is a way of communicating of the measure level and numbers use. In comparing of descriptive and inferential data, the two define the data variation in terms of the probability or dispersion distributions/patterns describing the data. This is where both rely on the same set of data. The only difference between the 2 is that inferential data aims to draw general conclusions about a big population (Richard, 69). This way its clear organizations look at results in many ways: quality, time, expenses etc. The dispersion learnt earlier helps to recognize the data information being tracked/measured. In order to decide of results and outcomes, we ought to understand the data variation or consistency (Richard, 44). This means data variation results to dissimilar results understanding. Descriptive statistics method of calculating data is for instance, function of Excel Analysis ToolPak function which produce salary data that is descriptive in statistics. The example of calculations in statistics is the Employee Salary Data set. In research, we categorize the collected data by the GEN1 (G variable) for females and males and then get each gender average and standard deviation for these variables in terms of age or other quantity measure (Richard, 78). It is possible to use for one gender descriptive and the functions of FX for (MEAN and STANDARD DEVIATION) for the other. The paper has looked at the numbers and measurement as well as descriptive and inferential data as a way of analyzing data collected. This way the paper has discussed how inferential data differs from the descriptive data where as seen, inferential depend on the data to draw general perspective of big populations. Lastly, the paper has viewed some research application of descriptive data in contrast to inferential

Auditing Essay Example | Topics and Well Written Essays - 1500 words - 8

Auditing - Essay Example Auditing is the process that involves the assessment of the financial statement of a company to verify whether the contents of such statements comply with the required framework. Auditors are charged with the task of ensuring that the financial statement of the company contains all the information considered as material. In a nutshell, the auditors check whether the content of the financial statement is free of fraud, errors or omission of material information. On that note, an audit risk is the possibility that the auditor will not detect any error, fraud or misstatement of material information when reviewing the financial statement (Thompson & Ward 1993, pp. 2-9). Based on the auditor’s opinions, it is fair to conclude that the financial statements of Mobile Streams PLC present a true and fair financial position. That is; they are free from errors, fraud or material misstatements. However, the auditors should pay more attention to the following three areas of heightened audit risks: foreign currency translation, share-based compensation, and financial income. Based on the financial statement, the company’s foreign currency loss is  £ 1,347. The Foreign currency loss is encountered if the previous spot rate when selling the local currency is higher than the current spot rate when buying the local currency (Annual report: Mobile Streams PLC 2014, pp. 8 & 15). Close to 99% of the company’s revenues are generated outside the United Kingdom. Therefore, a larger part of the company’s operation is exposed to foreign currency risk. Fortunately, there are strategies used to lessen the exposure. However, Mobile Streams PLC does not use any to reduce the risk. The company relies on the prevailing spot rate for transaction purposes. The exchange rates constantly fluctuate. The company could manipulate the exchange rate to reduce the amount of taxable income. Assume that the loss on foreign currency was  £ 690