week 1 discussion questions Statistics for Managers

Language

 

Numbers and measurements are the language of business.  Organizations look at results in many ways: expenses, quality levels, efficiencies, time, costs, etc. What measures does your department keep track of? Are they descriptive or inferential data, and what is the difference between these?  (Note: If you do not have a job where measures are available to you, ask someone you know for some examples, or conduct outside research on an interest of yours, or use personal measures.)

 

Probability

Read the article, “Better Living Through…Statistics?!” and give an example of how you might use increasing information to make actual business decisions. Respond to at least two of your classmates’ posts.