Understanding Statistics in Decision Making

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12 Questions

What is the primary role of statistics?

To provide decision makers with methods for obtaining and analyzing information

Data points

What distinguishes theoretical statistics from applied statistics?

Theoretical statistics deals with proofs of statistical laws

What is the purpose of descriptive statistics?

To organize, display, and summarize data

Which aspect of statistics deals with solving real-world problems using statistical theorems?

Applied statistics

What are the two main meanings associated with the word 'statistics'?

Numerical facts and a field of study

Which branch of statistics uses sample results to make decisions or predictions about a population?

Inferential Statistics

What does the statistic 49% in the Gallup poll represent?

The percentage of people who knew the name of the first book of the Bible

What does the accounting department of a large firm do to check the accuracy of all invoices?

Randomly select a sample of invoices

Epidemiology

What do governments need statistical data on for making right decisions?

Population growth and health

What is a common application of statistical analysis in business?

Testing production designs

Learn about the role of statistics in helping decision makers use information effectively to make informed decisions. Explore how statistics is used to answer long-range planning questions and analyze numerical data.

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