Question

Define statistics. Identify different types of statistics. Describe the role of statistics in business decision making.
Write a 300-word summary providing at least three examples or problem situations in which statistics was used or could be used.

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A statistic is a quantity that characterizes a data sample. Examples are the average, or mean, of the sample or the standard deviation of the sample. Statistics are useful in summarizing data and drawing conclusions about the underlying population. An example is a market study where the participants are asked whether they prefer Sprite or Sierra Mist. The authors of the study draw conclusions about consumers in general based on the responses of the study participants...

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