Probability and Normal Distributions in Business Decision-Making
A look at the importance of statistical information to businesses and how it allows managers to collect, analyze, and interpret data vital to their company's success.
# 57407 | 1,020 words | 5 sources | APA | 2005 |
Published on Mar 31, 2005 in Business (Actuarial Science) , Business (Statistics) , Mathematics (General)
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This paper discusses the importance of statistical information to a company's growth and success. The paper explains how a manager with statistical skills will have a significant business advantage, since business decisions are often based on inferences from data. The paper further explains the many applications of statistical tests and how the the premise for many of these tests relates to two concepts, probability and the normal distribution. Finally, the paper explains both concepts and how these concepts form the basis of most statistical tests.
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