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

Big Ideas Math A Bridge To Success Algebra 1: Student Edition 2015
1st Edition
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:HOUGHTON MIFFLIN HARCOURT
Chapter11: Data Analysis And Displays
Section11.5: Choosing A Data Display
Problem 10E
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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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