Is knowledge of statistics really necessary to
be successful in business? Or is it enough to rely on intuition, experience, and
hunches. Letís put it another way: Do you really want to ignore much of the vast
potentially useful information out there that comes in the form of data?
Why Should You Learn Statistics?
By learning statistics, you acquire the
competitive advantage of being comfortable and competent around data and
uncertainty. A vast amount of information is contained in data, but this
information is often not immediately accessible statistics helps you extract and
understand this information. A great deal of skill goes into creating strategy
from knowledge, experience, and intuition. Statistics helps you deal into
creating strategy from knowledge, experience, and intuition. Statistics helps
you deal with the knowledge component, especially when this knowledge is in the
form of numbers, by answering questions such as; to what extent should you
really believe these figures and their implications? And, how should we
summarize this mountain of data? By using statistics to acquire knowledge, you
will add to the value of your experience and intuition, ultimately resulting in
better decision making.
You wonít be able to avoid statistics. These
methods are already used routinely throughout the corporate world, and the lower
cost of computers is increasing your need to be able to make decisions based on