Since statistics play crucial role in decision making, do you think that statistical numbers are always reliable? If not, why?
Answers
Answer:
THE IMPORTANCE OF STATISTICS.
Explanation:
The field of statistics is the science of learning from data. Statistical knowledge helps you use the proper methods to collect the data, employ the correct analyses, and effectively present the results. Statistics is a crucial process behind how we make discoveries in science, make decisions based on data, and make predictions. Statistics allows you to understand a subject much more deeply.
In this post, I cover two main reasons why studying the field of statistics is crucial in modern society. First, statisticians are guides for learning from data and navigating common problems that can lead you to incorrect conclusions. Second, given the growing importance of decisions and opinions based on data, it’s crucial that you can critically assess the quality of analyses that others present to you.
Personally, I think statistics is an exciting field about the thrill of discovery, learning, and challenging your assumptions. Statistics facilitates the creation of new knowledge. Bit by bit, we push back the frontier of what is known.
Answer:
Statistics are useful when they are applied to improve decision making. No longer is the production of statistics confined to quantitative analysis and market research divisions in firms. Managers in each of the functional areas of business use statistics daily to improve decision making.