How descriptive statistics is helpful in decision making

How statistics help to make decisions?
For decision making, we can use statistics to manage the risk the sample statistics are close to the true and unknown actual population values.
This allows us to estimate the risk of making a wrong decision or the right decision..

To conclude, descriptive statistics helps the decision-maker to find the answer to the question, “What has happened?” from the historical data. Inferential statistics helps the decision-maker to infer about the population using the sample data.

Is statistics a science of making decisions?

Casting statistics as the science of making decisions is not a new idea (e

, Lindley 1985 ), but one that is easily forgotten in day-to-day life

Nicholas T

Longford reminds readers of their role and responsibility as facilitators of decisions, and presents a fully fledged statistical approach that can do justice to the task

Descriptive statistics are very important because if we simply presented our raw data it would be hard to visulize what the data was showing, especially if there was a lot of it. Descriptive statistics therefore enables us to present the data in a more meaningful way, which allows simpler interpretation of the data.Descriptive statistics allow for the ease of data visualization. It allows for data to be presented in a meaningful and understandable way, which, in turn, allows for a simplified interpretation of the data set in question. Raw data would be difficult to analyze, and trend and pattern determination may be challenging to perform.

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How descriptive statistics is helpful in decision making

How statistics help to make decisions?

Is statistics a science of making decisions?