SESI #01 Statistics is used not only by business people; we all also apply statistical concepts in our lives. For example, To start the day you turn on the shower and let it run for a few moments. Then you put your hand in the shower to sample the temperature and decide to add more hot water or more cold water, or determine that the temperature is just right and then enter the shower. As a second example , suppose you are at Costco Wholesale and wish to buy a frozen pizza. One of the pizza makers has a stand, and they offer a small wedge of their pizza. After sampling the pizza, you decide whether to purchase the pizza or not. In both the shower and pizza examples, you make a decision and select a course of action based on a sample. As a student of business or economics, you will need basic knowledge and skills to organize, analyze, and transform data and to present the information.
As a student of business or economics, you will need basic knowledge and skills to organize, analyze, and transform data and to present the information. There are at least three reasons for studying statistics: 1) data are everywhere, 2) statistical techniques are used to make many decisions that affect our lives, and 3) no matter what your career, you will make professional decisions that involve data. An understanding of statistical methods will help you make these decisions more effectively.