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What is the utility of statistics as a managerial tool?

Anonymous

∙ 16y ago

Updated: 4/28/2022

utility of statistics as a managerial tool

Wiki User

∙ 16y ago

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Continue Learning about Statistics

How can you observe a class using inferential statistics?

You cannot. Statistics are not an observational tool.

Application of inferential statistics in managerial decision making?

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Discuss the utility of statistics as a managerial tool Also describe its limitations?

The limitation of any statistical application is the fact that it always depends on some sampling. If this sampling is incomplete, or not representative of your actual base (say customers), your data may not yield accurate conclusions. Additionally, since it depends on sampling, your measurement is only applicable to a base that fits the profile of your sampling. For instance, if you took your sampling from Caucasian males over age 35, and it turns out your customer base has a large number of African, American females under 23, your conclusions based on the statistics could be imperfect.

What is the only tool of the seven quality tools that is not based on statistics?

Cause and Effect is a what could not what did. Its a theory chain

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