Basic Understanding Of Statistics For Managers

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Week 5 Assignment - Basic Understanding of Statistics
Adam McCartney
BUS308: Statistics for Managers
Professor Donald Platine
August 27th 2016 There was a single introductory course of statistics. We studied the basic principles of statistics to achieve the proper level of understanding. Sometimes the material didn’t come easily because statistics is largely grounded in mathematics. We learnt some basic theories in statistics and their practical applications without significant background mathematical concepts required in studying statistics. The main question was about the purpose of statistical investigations. We need to know what kind of problems can be solved with the help of statistical methods and whether any limitations of using statistics do exist. We tried to understand how reliable the statistical estimates can be and what kind of information we can obtain to simplify decision making process in fields such as business, demography, health etc.
As we have learnt, statistics is one of the most useful subjects in modern life. Newspapers and internet resources are filled with statistical data. Anyone who is unfamiliar of statistical information is at risk of being seriously misled about important real-life decisions. Knowing a little about statistics will help one to make more informed decisions about these and other important questions.
Statistics is the science of data that involves collecting, classifying, summarizing, organizing, analyzing, and
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