Saturday, 19 December 2015

Statistics and Decision Making

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.


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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