QM's E-portfolio (Reflective Journal)

Statistical concepts is vital in our life, without mathematics, things could not be done accurately and may takes longer time to finish a task.

Without using measurement of mean, the expected value will not be calculated. Mean is an average of the number. For example, Sally is generally refuels her car petrol once a week. The different of travelled distance, different pay for each time refueling petrol. The amount spend for the first week is RM 37.50; the second and third weeks is RM32.10 and RM 40 respectively, and the last week is RM 35. The calculation of the mean of expenses for a month will be the sum of all spending divided by four. Sally is only able to estimate the average money needed to pay throughout the weekly car’s petrol refueling by using mean. By the presence of mean, Sally can manage her finance in advance.

Standard deviation can only be measured after obtained mean value. It is useful in money while measuring interest earned and it shows that how different one person earned might be different from the average. In money, it shows the risk of how a price will goes up and down such as stocks. As the risk increases, the expected return on an investment will be higher.

Last but not the least, I’m thankful that our group assignment can be done smoothly and submitted before due date without occurring any conflicts with group members. In brief, I have gained knowledge about statistics apply in real life during the time doing assignment.

(256 words)

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