The discipline of statistics is applicable in every single aspect of life. Different institutions and individuals such as hospitals, politician’s researchers and businesses use various statistical measures to estimate and project how certain things will fall into place. Some of the statistical terms that shape this disciple include; population of interest, sample, parameter and statistics. Using Mi Casa restaurant’s case study the following paper seeks to explain in detail the above terminologies, giving relevant examples where possible.
Definition and explanation of terms
According to Levy, 2013, a population of interest refers to an entire set of individuals or things to which finding of a survey is to be extrapolated (Levy & Lemeshow, 2013) . A common trait with members or object belonging to a similar population is that they share a similar feature. For example, the above case study has a population of 60,000 customers. This number is an actual representation of all customers who visited the three Mi Casa restaurants in the previous year.
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On the other hand, a sample is a representative group of people or items drawn from the population. In this case scenario 1000 customers are what represent the sample for this population (Levy & Lemeshow, 2013) . In order to accurately learn things regarding the population, the sample must be randomly selected. This means that the sampling method should present every member of the population with an equal chance of being selected.
While population and sample generally gives an overview of the study scope, parameters and statistics narrows down the scope and explain their characteristics (Gibbons & Chakraborti, 2011) . For instance with the statistic and parameter’s percentage, Mario is able to tell the exact number of customers coming from the different geographical location and also estimated the number of repeat and new customers visiting the restaurant.
The field of statistics is a very important one in any business setting. From the scenario above it is evident that Mi Casa Front Porch restaurant will be able to make educated conclusion regarding the numerical characteristics of its customers thus influencing the profitability of the business. It is with no doubt that having a functional statistic department is key to the success of any business.
References
Gibbons, J.D., & Chakraborti, S. (2011). Nonparametric statistical inference (pp.977-979). Springer Berlin Heidelberg.
Levy, P.S., & Lemeshow, S. (2013). Sampling of populations: methods and applications. John Wiley & Sons.
