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In: Statistics and Probability
Why is the science of statistics important?
Why is the science of statistics important?
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Expert Solution
Statistics is a field of study or rather a field of mathematics that deals with data and the activities like collection, analysis, interpretation, organization, etc. Organizations bank on statistics in order to understand the trends and performance of the organization a lot. Statistics generally provide a fair idea of how to understand the fluctuations in any aspect of the organization for example if we consider quality management, then we need to ensure that the results before and after change are compared and the comparison results based on statistics will ensure the degree of change or improvement. Organizations in order to make their performance better, conduct statistical survey regarding the products or services or brand as well which will provide them with data that will ensure then with information that they need to work on in order to be successful as an organization in this context.
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