) How much statistics does a business student need to know? (You may select more
ID: 2922483 • Letter: #
Question
) How much statistics does a business student need to know? (You may select more than one answer. Click the box with a check mark for the correct answer and double click to empty the box for the wrong answer.) Not much – consultants do most of the statistical analysis. Enough to handle everyday data problems. Enough to feel confident discussing a colleague’s data analysis. Enough to know when to call in a statistical expert. (b-1) How can you tell when the point has been reached where you should call for an expert statistician? When you’ve reached the limit of your statistical expertise. When your boss asks for a report of last week’s sales data and you had planned to leave work early. When you’re looking for a promotion. (b-2) List some benefits that would govern the decision to call an expert statistician. (You may select more than one answer. Click the box with a check mark for the correct answer and double click to empty the box for the wrong answer.) Better sampling strategies, which can result in more useful data. Better understanding of what information can be extracted from the data. Greater confidence in the results. Projects are always delivered on time.
Explanation / Answer
a) Enough to handle everyday data problems. Enough to feel confident discussing a colleague’s data analysis. Enough to know when to call in a statistical expert.
b-1) When you’ve reached the limit of your statistical expertise.
b-2) Better sampling strategies, which can result in more useful data. Better understanding of what information can be extracted from the data. Greater confidence in the results.
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