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Stat for Managerial Decision Making

Date Posted: 30/05/2019
Category: Other
Due Date: 30/05/2019
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Misuse of Statistics Contains unread posts As we will see in the next 12 weeks, statistics when used correctly can be a very powerful tool in managerial decision making. Statistical techniques are used extensively by marketing, accounting, quality control, consumers, professional sports people, hospital administrators, educators, politicians, physicians, etc... As such a strong tool, statistics is often misused. Everyone has heard the joke (?) about the statistician who drowned in a river with an average depth of 3 feet or the person who boarded a plane with a bomb because "the odds of two bombs on the same plane are lower than one in one millionth". Can you find examples in the popular press of misuse of statistics?
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