Important Applications of Statistical Concepts

Summarize the most important applications of statistical concepts and discuss why these particular concepts are important for decision makers.
a. When you create and implement a strategic plan, how would you measure the success of that strategy?
b. If you see improvement, how will you know that it is significant? Consider scales of measure and significance testing.

Statistics is the science of dealing with numbers. It is used for collection, summarization, presentation and analysis of data. Statistics provides a way of organizing data to get information on a wider and more formal (objective) basis than relying on personal experience (subjective).

Based on the data …

The solution provides a brief discussion about some important concepts of statistics.