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Uses of Statistics and Decision Models to businesses

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Define statistics and decision models. Why are they important to business?

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Solution Summary

The solution describes how useful is statistics and decision models to businesses. The discussion shows that knowledge of statistics and decision models enhances businesses.

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Business success depends largely on proper utilization of data and information. An organization that effectively processes data may reap its benefits. Knight (1991) said that business decision making can be greatly enhanced by the use of statistics when managers are more attuned to viewing statistics as a toll of negotiation rather than strictly a science of numerical calculations.

With the advent of the information age and the wide use of computing technologies, business are able to decide and convert ...

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