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Statistics Pitfalls

Explain/discuss each pitfall and how it might impact good problem solving in the business environment.

1. Making conclusions about a large population from a small sample
2. Making conclusions from nonrandom samples
3. Attaching importance to rare observations
4. Using poor survey methods

Solution Preview

1. Making conclusions about a large population from a small sample: If population data are used directly for an analysis, one can get perfect information about the population. But, because of population size being very large, it is not possible to use full population data. Hence, a sample of population is used for analyse, and accordingly making ...

Solution Summary

Some of the important and interesting questions of statistics are discussed.

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