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The Advantages and Disadvantages of Statistical Analysis

Why is statistical analysis preferable to visual inspection ("eye-balling") of data when making managerial decisions? Why is it generally not a good idea to use statistics as the only tool for decision making?

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Business Management

Why is statistical analysis preferable to visual inspection ("eye-balling") of data when making managerial decisions?

Auditors frequently use statistics to describe the results of sample testing or an investigation. This process is referred to as data analysis or descriptive statistics. Auditors also use statistics another way; if the entire population of interest is not accessible to them; they often observe only a portion of the population (a sample) and use statistics to answer questions about the whole ...

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This formatted MS Word file contains information on the advantages and disadvantages of statistical analysis methodology.

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