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QRB501 Quantitative Reasoning for Business Week 3 DQ

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Discussion Topic 1 – Using Statistics To Make Decisions

I don’t know much about the use of statistical data.  Please tell me the meaning of the term – Mean, what the mean is used for, and reasons for not using the mean.  When should the mean be used to make decisions.

 

 

Discussion Topic 2 – Minimizing the probabilty of being wrong.

How can the analysis of descriptive statistics help us to minimize the probability of being wrong?

 

 

Discussion Topic 1 – Using Statistics To Make Decisions

I don’t know much about the use of statistical data.  Please tell me the meaning of the term – Mean, what the mean is used for, and reasons for not using the mean.  When should the mean be used to make decisions.

 

 

Discussion Topic 2 – Minimizing the probabilty of being wrong.

How can the analysis of descriptive statistics help us to minimize the probability of being wrong?