Question

Statistics is the foundation of sound decision making.” Elucidate giving suitable examples​

Answer 1

Answer:

enabling us to establish numerical benchmarks and monitor and evaluate the progress of our policy or program

Answer 2

Answer:

We all use statistics in our daily lives. Both the workplace and daily life use it. In the workplace, statistics are frequently used to determine which aspects of a business' marketing strategy are most effective or how to divide up the workload among the staff. Statistics can be used to analyse your weekly spending on purchases or what groceries you should buy at the grocery store. There are statistics all around us, and they aid in our understanding of the world.

Step-by-step explanation:

• Any size business operation is a challenging endeavor. In addition to day-to-day duties, your business must engage in long-term planning, create new goods or services, streamline delivery or production, and find new clients while maintaining relationships with current ones. Using your gut to run a business is no longer sufficient. Despite the abundance of data available, statistics give managers greater confidence in handling uncertainty, allowing them to make better decisions more quickly and provide more stable leadership to the staff who depend on them.
• There is widespread use of statistics in business decision-making. All you have to do is search on Google or Amazon. Have you ever used a Google or Twitter advertisement? Statistics enable decisions to be made about which advertisements are effective and which are not.
• A quarterly earnings report is also available for every publicly traded company. Business decisions are based on the various statistics used in those reports.
• Although semantics can be used to categorize statistics as analytics, metrics, or financials, statistical models are used in large corporations to estimate risk and make decisions about how to use company resources most effectively.

Examples

• As a practicing statistician for many years, I find the experience of using some tools of statistics like the t-test rather satisfying, especially if I can use it to aid me in decision making. A simple addition of points given for the advantages and disadvantages of a choice may be sufficient in some circumstances, but in some in some instances, more rigorous analysis of statistical data can provide useful information. Statistics can also verify whether the decision made was, after all, a good one.
• One specific instance from my own life illustrates how statistics play a part in making decisions. The decision-making conundrum happened in 2005. I made the decision to purchase a car to satiate a dual need.

• When I first started driving, I was very concerned about the fuel usage of my second, or more accurately, third-hand customized owner-type Toyota jeep that I had purchased from a friend. For just 4 or 5 kilometers of road, the jeep consumes about 1 litre of gasoline! I made the decision to take the Jeep to the auto repair shop because I felt that this needed to be addressed right away.
• I asked the mechanic to perform a significant engine overhaul, which requires re-boring the engine block to make room for a cylindrical metal sleeve. The piston is fired up and down by a series of explosions that take place in the combustion chamber, and the metal sleeve narrows the opening where this occurs.
• However, many people who are unfamiliar with these terms may be perplexed by this engine-related jargon. The entire tune-up procedure aimed to get rid of the loose fuel compression in the engine that causes a tiny distance-to-fuel ratio.
• I wondered if it would matter if I spent money on a tune-up. Did the tune-up significantly increase the number of kilometers the old Jeep could travel?
• I used the monthly monitoring data I gathered on the total number of kilometers travelled for one gas up to try to answer this question using my understanding of the t-test. Every time I went to the gas station, I religiously noted the number of liters of gasoline in the receipt.
• In order to prepare for the t-test calculation, I encoded these data in MS Excel. I want to compare how much gas my jeepney uses before and after the tune-up.
• Here’s how the simple table where I logged the data on gas consumption looked.
• Simply dividing the total number of kilometers travelled by the quantity of liters used for one gas fill-up yields the km/liter.

Example:

100 km/10 liters equal 10 km/li

After the tune-up, I kept track of how much gas my jeep used for several months. After gathering data for at least ten gas fill-ups, I used this information to compare the performance of the Jeep before and after the tune-up.