Descriptive statistics over inferential statistics


Question 1. Why use statistics in business research, and what is its role?

Question 2. How can the concept of variance and standard deviation be applied to solving a real world business-related problem? Include a specific example from business. Explain.

Question 3. When would you use descriptive statistics over inferential statistics? Give a specific scenario and explain your rationale.

Question 4. Why is using Baye's theorem (conditional probabilities) important to help answer business-related questions? What does this theorem allow you to do?

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Basic Statistics: Descriptive statistics over inferential statistics
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