Reference no: EM13818574
looking for a few paragraph feedback on the following
The main objective of Business Statistics is to make predictions and decisions about certain characteristics of a population based on information contained in a random sample from the entire population. The condition for randomness is essential to make sure the sample is representative of the population.
Business Statistics is the science of good decision making in the face of uncertainty and is used in many disciplines, such as financial analysis, econometrics, auditing, production and operations, and marketing research. It provides knowledge and skills to interpret and use statistical techniques in a variety of business applications.
For two major reasons, it is often impossible to study an entire population:
The process would be too expensive or too time-consuming.The process would be destructive.
In either case, we would resort to looking at a sample chosen from the population and trying to infer information about the entire population by only examining the smaller sample. Makes sense?
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