Page Summary on the Importance of Simple Statistics and It's Every Day

Matt Ulrich

11/7/01

Page Summary on the Importance of Simple Statistics and its' Every Day Use

Statistics are included in our every day routine weather we like it or not, from weather "guesses" on the radio and news to who will be most likely to win the Super Bowl. However, what I will explain is how we can use statistics to benefit our future success and also show how we can better trust and understand these predictions of our future.

Any sales, marketing, or industry driven business can tell you that statistics are what determine the direction and survivability of a certain product. It's simple; if statistics show that consumers are not happy with a certain product that product seizes to exist. A perfect example of this is population-sampling data, data that is simply measured by tallies and histograms. Measures of Central Tendency basically measure mediums and means, it shows what is popular and what is not, this might be useful to marketing businesses. Measures of Dispersion show what areas are particularly strong or weak from the average that would help companies when they need to know where they should ship more or less of a certain product. MOE or Margin of Error shows just what a confidence level companies can have and can also give a worst case scenario in case of product failure.

If in fact I were a business major this chapter would give me basic knowledge of what I might need know in order to progress in the competitive business world. I would be able to give lectures to heads of production on how a particular product might succeed or fail.