Data Analysis And Decision Making Essay

2261 WordsSep 20, 201610 Pages
Statistics for Managers Statistics refers to the scientific method of doing data collection, interpretation, organization, and analysis. The key activities involved in applied statistics include: coming up with the data collection techniques; summarizing the information to help in their easy understanding; drawing inferences from the collected data and using the data to predict the future occurrence (Kalat, 2013). This paper will aim to expand on the key elements learned in statistics and their application in data analysis and decision-making. When we think of statistics we generally think of it as a purely mathematical subject but statistics covers so much more that numbers. Generally, data analysis is done to convert raw data into meaningful information which is the basis of what statistics is all about. The subject of statistics covers a larger number of topics ranging from simple to complex. Through statistics, I have learned that many real life situations and problems can be explained and solved using statistical data analysis. Without statistics, we would not be able to plan our budgets, evaluate class and job performance, pay taxes, or keep score at sporting events. These are just a few of the ways statics influence our everyday lives. By explaining and demonstrating examples of some of the key elements of statistics I will show all that I have learned from statistics as well as how statistics impact our day to day lives. Without statistics, we would not
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