Discuss the below:
Q1. Now is there any way you personally use statistics not related to business. For example when driving somewhere do you ever estimate the time it will take (and possibly include a plus or minus value)?
Q2. What is the definition of the statistical term variance?
Q3. "Descriptive statistics is concerned with summarizing data collected from past events."
Inferential statistics is computing the chance that something will occur in the future. Statistical inference deals with conclusions about a population based on a sample taken from that population. Can you give us an example from your business or work area?
Q4. In your own words what is the importance of Bayes Theorem to business, science, and us? In other words why should we care?
Q5. What are the most important concepts of descriptive statistics and probability distributions?
What would you recommend to your management/leadership based on descriptive statistics and probability distributions?
How will descriptive statistics and probability distributions impact you personally and professionally?
What is the value-added from descriptive statistics and probability distributions or what difference can these concepts make to your organization? (e.g., financial savings, productivity improvements, expanded marketing activities).