Question

Role of statistical techniques in management decision making

Answer 1

Support Judgments:

Statistics go down statements. Pioneers can get themselves got into a tough situation while influencing individuals to move toward a path.

Making Connections:

Statistics can call attention to connections. A cautious audit of information can uncover interfaces between two factors, for example, particular deals offers.

Guaranteeing Quality:

Any individual who has investigated nonstop change or quality affirmation programs, for example, Six Sigma or Lean Manufacturing, comprehends the need for Statistics.

Answer 2

Statistical research gives managers the information they need to make informeddecisions in uncertain circumstances. When managers analyze statisticalresearch in business, they determine how to proceed in areas including auditing, financial analysis and marketing research.