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What are importance of statistics?
Statistics is a very effective tool, in which you look at past data from surveys or census', or simply recorded data over a period of time. It is important because using stats you can view past data to help make business decisions, or decisions within any workplace. You can do a statistical test to find out if a new idea or business decision should be considered or rejected. They say "history repeats itself", well by analysing historical data you can find out where past mistakes were made and how to avoid repeating them.
What does inference mean in statistics?
It can be defined as followed. The conclusion reached on the basis of evidence.
Importance of quantitative techniques?
Quantitative techniques provide managers with concrete evidence and information, which allows them to make better decisions. Without quantitative techniques, managers would guess and risk assets of the business.
What is mean by clock driven approach?
Clock-driven (time-driven) schedulers - Scheduling decisions are made at specific time instants, which are typically chosen a priori. • Priority-driven schedulers - Scheduling decisions are made when particular events in the system occur, e.g. • a job becomes available • processor becomes idle - Work-conserving: processor is busy whenever there is work to be done.
What is the importance of statistics in Nigeria?
Statistics is crucial in Nigeria for various reasons. It helps in monitoring and evaluating the country's economic growth, informing policy decisions, and assessing the effectiveness of government programs. Additionally, statistics play a vital role in identifying trends, patterns, and disparities within the population, which is essential for targeted interventions and resource allocation. Overall, accurate and reliable statistical data is fundamental for evidence-based decision-making and sustainable development in Nigeria.
Why is it important to analyze all available data and documentation before decisions are made?
safety,quality,production,cost,benefit to the wrold.
Why is it important to analyze all available engineering data and documentation before decisions are made?
safety,quality,production,cost,benefit to the wrold.
Importance of capacity decisions?
importance of capacity decisions and hive examples on each
Definition of management accounting?
Managment accounting is a process of identifying, measuring, analysing and communication of information to internal managment so as to help them plan and make decisions.
Which management concept suggests that low-importance decisions be handled by subordinates so that managers can focus on high-importance decisions?
participatory management
What is the importance of differentiating fact from opinion when revuewing data and documentation?
Differentiating fact from opinion is crucial in reviewing data and documentation as it helps to ensure accuracy and objectivity in the analysis. Facts are verifiable and can be relied upon to make informed decisions, while opinions are subjective and may introduce bias. By distinguishing between the two, one can make more sound and evidence-based conclusions.
Discuss the importance of measuring variability for managerial decisions?
discuss the importance of measuring variability for managerial decision making
Describe the importance of differentiating fact from opinion when reviewing data and documentation?
Differentiating fact from opinion is crucial to ensure the accuracy and reliability of data and documentation. Facts are objective, verifiable information, while opinions are subjective and influenced by personal beliefs or biases. By understanding the distinction, one can make informed decisions based on the facts presented, leading to better analysis, problem-solving, and decision-making.
What are the importance of pressure groups in Zambia?
Pressure groups influence government decisions.
What is importance of material management?
There are many great importance reasons for the management of material. This management leads to more effective and efficient decisions.
What is the importance of the materials management?
There are many great importance reasons for the management of material. This management leads to more effective and efficient decisions.
What was the importance of fort Sumter in relation to the decisions made by the key leaders?
what was the importance of fort sumter in relation to the dicisions made by the key leader
