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# The Importance of Utilizing Statistical Tools in a Business Environment - Case Study Example

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The paper "The Importance of Utilizing Statistical Tools in a Business Environment" states that a number of degrees of freedom indicate how certain we are that the sample population will be a good representative of the whole population- the greater the n, the more chances…

## Extract of sample "The Importance of Utilizing Statistical Tools in a Business Environment"

Download file to see previous pages Population variation and mean are the true measurements while the sample statistics are estimates of these values but which hare still helpful in making conclusions about the whole population.
This is a very basic introduction to the utilization of statistics and the tools that have been developed to help decision-makers. While a bit dry, the topic has to be understood and utilized by all students of management sciences at both undergraduate and graduate level. Examples and practical demonstration are much more helpful to visualize the concepts and practical usage of these tools.
The limitations of the paper include an inability to discuss hypothetical testing for mean and variance and degrees of freedom in detail; these would have provided a better insight on the probabilistic conclusions for population parameters taken from sample statistics. A further review should be done to discuss the results and methods of hypothetical testing and how these are used in the business setting.
H.G. Wells once said ‘Statistical thinking will one day be as necessary for efficient citizenship as the ability to read and write’. In a diverse world, no two events are the same yet for rational decision making it is necessary to be able to predict with some certainty the probable events which can occur and then plan accordingly. Statistics is the science of making decisions by analyzing any given set of variable data. Descriptive statistical techniques allow the data to be represented in an easily understandable form with clear anomalies, patterns, relationships and expected trends apparent. These include Frequency Distribution; Histograms; Boxplot; Scattergrams and Error Bar plots; and diagnostic plots. Qualitative techniques help in further analyzing and forming conclusions about certain sets of data through which important decisions can be made.  ...Download file to see next pages Read More
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