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Statistical Principles for Problem Solving
Problem solving and decision making are important aspects of running a business. One of the tools that can help in solving real world problems is statistics. Descriptive statistics include graphical techniques to organize and summarize data so that they are more easily comprehensible and simple processes to summarize basic parameters of distributions. Inferential statistics helps decision makers solve problems in more complex situations and to draw conclusions about what the data signify rather than merely describing what they look like. Statistics can also be of help in business problem solving through the development of mathematical models. To meaningfully apply statistics to real world data, the researcher needs to do two things: Control the situation so that the research is only measuring what it is supposed to measure and include as many of the relevant factors as possible so that the research fairly emulates the real world experience.