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    Importance of statistical theory in business decision making

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    The theory underlying inferential statistics and other theoretical aspects are subjects we do not often consciously think about in our daily activities. Why is it so important we understand the theory even in the practical world of business decision making?

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    In general, I would say that theory is important because it helps you quantify your beliefs and make your analysis with respect to decision making rigorous. Thus, the theory of inferential statistics is essential in the face of uncertainty in business and is used in many disciplines such as financial ...

    Solution Summary

    This solution explains the theory of inferential statistics and the application in business decision making.