Question: Question7 Why do people prefer to use statistics in decision making rather than using the intuition or just making decisions without?

Question7

Why do people prefer to use statistics in decision making rather than using the intuition or just making decisions without?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

Q:

11. Nasim's employees have requested that he switch the office to flextime so that they can better manage their childcare and commuting schedules. Nasim is reluctant to make a drastic change all at...

Q:

Canyou read the article under below and answer the following question like tell us what article you read and your reaction to the article. Your 'audience' is your peers, so can you explain reaction...

Q:

please summarize and post your takeaways from the below Great managers may be charismatic or dull, generous or tightfisted, visionary or numbers oriented. But every effective executive follows eight...

Q:

WINTER 2010 V O L . 5 1 N O. 2 Steven A. Melnyk, Edward W. Davis, Robert E. Spekman and Joseph Sandor Outcome-Driven Supply Chains REPRINT NUMBER 51221 S U P P L Y C H A I N : M A N A G I N G F O R M...

Q:

1. Which of the following is true of using data from ERP systems to make decisions? The process is prone to error since big data is often unreliable. Data-driven decision making eliminates the risk...

Q:

Planning Demand and Supply in a Supply Chain Capacity Planning and Assignment 1 utdallas.edu/~metin Outline Capacity Planning Product-to-plant Assignment utdallas.edu/~metin 2 Deterministic Capacity...

Q:

Growing quickly can kill a venture if the related stresses caused by growth are not managed properly. Question 1 options: True False Question 2 (1 point) Saved Employee resource groups or networks...

Q:

write report MAnAgEMENT ToOLS \& PRACTICE-ReadingS, PART 1 Sources: Robert C. Appleby (1991): Modern Business Administration. Pitman \& Cole, G. A. (1993): Management Theory and Practice. DP...

Q:

Introduction Dell, Inc. was the worlds market leader in personal computers using direct sales through the Internet and over the telephone until 2005. In 2006, it experienced an unexpected decline in...

Q:

please to create an conclusion base on the information presented below with relevant literature or citations .1 INTRODUCTION Reliable statistical data is essential for effective national development....

Q:

How does the Strategic Profit Model (SPM) assist retailers in planning and evaluating marketing and financial strategies?

Q:

Diane Simpson, Inc., sells two popular brands of cookies: Dianes Delight and Bessies Bourbon. Dianes Delight goes through the mixing and baking departments, and Bessies Bourbon, a filled cookie, goes...

Q:

Pingway also issued $6 million 5% loan notes on 1 April 20X7, incurring issue costs of $200,000. The loan notes are repayable at a premium, giving them an effective rate of interest of 8%. How much...

Q:

On 1 March 2007 DB Limited issued R560 000 15% debentures at R98. The debentures were to be redeemed at par in four equal annual payments starting 28 February 2010. Required: Journalise the above...