What is statistics? How do you think that the knowledge of statistics is essential in management decisions. Give examples.
What is statistics? How do you think that the knowledge of statistics is essential in management decisions. Give examples.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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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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