Statistics for Decision Making and Competitive Advantage

Abstract

In the increasingly competitive global arena of business in the Twenty First century, the select few business graduates distinguish themselves by enhanced decision making backed by statistics. Statistics are useful when they are applied to improve decision making. No longer is the production of statistics confined to quantitative analysis and market research divisions in firms. Managers in each of the functional areas of business use statistics daily to improve decision making. Excel and other statistical software live in our laptops, providing immediate access to statistical tools which can be used to improve decision making.