Practical Applications of Statistics

The United States formally conducts a census of its entire population every ten years to analyze various demographics of our society. However, this process is terribly inefficient and can be a tremendous drain of time and financial resource; and even with attempts to include literally every individual, the census is not 100% accurate due to errors such as under-counting or misrepresenting. Think how difficult it would be to accurately measure all customers of a business organization. …

…Using the statistical techniques discussed here, a manager can reduce the unexpected, and potentially costly, variances when making business decisions. By reducing the amount of uncertainty, better conclusions can be drawn that will minimize risk and maximize profit gain. References Lind, D. et al (2002) Statistical techniques in business & economics, Eleventh edition. Retrieved from the University of Phoenix Online Resource. Pearson Education (2004). Introduction to Business Statistics. Retrieved from http://www.pearsoncustom.com/uop/mba/ .