Statistics and Decision Making
Major Role in Business - Making purposeful decisions in the presence of uncertainty with limited resources
Purposeful Decision
Client wants to make in the pursuit of a professional goal like Save resources in a manufacturing process, confirm the quality of a production process or an innovation, improve the services provided or understand a natural or social phenomenon.
Uncertainty
Incompleteness of the available data. An experiment is generally conducted on a limited number of units as resources are consumed (materials, funding, time, etc.)
Statistics is not solely about data analysis
The client should consult the statistical analyst in the planning stage, before expending resources on the conduct of a study and data collection. Design of a study is a key element of statistics. It can be regarded as an exploration of how reliable the results of a study will be depending on how the study is organised
Major Role in Business - Making purposeful decisions in the presence of uncertainty with limited resources
Purposeful Decision
Client wants to make in the pursuit of a professional goal like Save resources in a manufacturing process, confirm the quality of a production process or an innovation, improve the services provided or understand a natural or social phenomenon.
Uncertainty
Incompleteness of the available data. An experiment is generally conducted on a limited number of units as resources are consumed (materials, funding, time, etc.)
Statistics is not solely about data analysis
The client should consult the statistical analyst in the planning stage, before expending resources on the conduct of a study and data collection. Design of a study is a key element of statistics. It can be regarded as an exploration of how reliable the results of a study will be depending on how the study is organised
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