Statistics takes collected information (Data) and uses it to help us make decisions about the future (Inferential Statistics). As consumers we often make decisions that involve a significant amount of money.

Discuss how statistics can play a role in a particular important financial decision you have or may have to make.

Some examples you can consider are a car purchase, stock investing, purchasing insurance, etc. It may help to think of something that involves probability or taking a chance. Probability plays a significant role in statistics as it helps measure the likelihood of something happening.