How does statistics help in decision making?
As a student who is not doing mathematics as a major, you may wonder why you are doing statistics. The idea is that statistics plays a very big part in our daily lives. “How does statistics help in decision making?” Take for instance a businessman using statistics to determine whether a certain business decision is bound to succeed or not or bankers using statistical approaches to determine how much profit they will make if X amount of people take loans while Y amount of people are depositing Z amounts of money over W amount of time. Simply put, statistics is offered in an interdisciplinary approach with many courses.
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