What is statistics? How do you think that the knowledge of statistics is essential in management decisions. Give examples.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.3: Measures Of Spread
Problem 4CYU
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What is statistics? How do you think that the knowledge of statistics is essential in management decisions. Give examples.
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Statistics is a form of mathematical analysis that uses quantified models, representations and synopses for a given set of experimental data or real-life studies.

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.

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