QNT 275 Week 1 participation The Role of Statistics in Business Decision-Making

Watch the “The Role of Statistics in Business Decision-Making” video.

Consider the following as you watch:

• Describe probability theory.
• Explain how sampling theory relates to probability theory.
• Differentiate between a population and a sample.
• Explain, based on the video, why statistics is important in decision-making.
• Interesting Article About the Relationship Between Gender and Career
• http://www.npr.org/blogs/money/2014/10/28/359419934/who-studies-what-men-women-and-college-majors?utm_source=facebook.com&utm_medium=social&utm_campaign=npr&utm_term=nprnews&utm_content=2055
• I believe you all will find this article and the various statistics interesting

Thoughts

I really like this introductory activity. Frankly, when most people here the word Statistics they freak out a bit (understatement). However, if you dig deeper, you will find that we all use statistical data on a daily basis. In fact, everything that you interact with regularly. Statistics drive local, State and Federal legislation, consumer product development and offering, marketing, internet research, internet advertising etc.

Statistics helps consumer product producers, government officials, marketers to understand the needs of their market and constituency. If they have data that clearly illustrates a picture of how their population is behaving, they can then customize their product and service offering to the market place. All statistical models enable researchers to understand how the population is behaving so they can proceed with a solution.

Based on your reading of this activity, what is an example of the application of statistics in your life?