Write your thoughts on this discussion.

Coming from the IT Industry, research and data are critical elements that support the statistics and decision models used in business. This type of information is advantageous to any business which simply enables good business and sometimes can be a competitive advantage. For example, some types of quantitative analysis businesses may use are cost-benefit, break-even, statistical, and modeling (Kenton, 2019). If a business owner decides to use probability to determine its success in forecasting with the roll of dice, the business is simply looking at a finite set of outcomes based upon the number of dice used and the number of rolls. Making a decision to determine the profitability or the amounts of supplies to order require critical decision models to aid the business. Research provides the business with factual data points to assist in mitigating uncertainties. Statistics provide management of a business with the tool to aid in forecasting and identifying trends. Statistics will connect the dots so to speak, identifying relationships between variables Williams, 2019). Decision models will provide the logic behind the businesss decision. Circling back to data, and of utmost importance, is the validation prior to executing calculations as well as understanding how the formulas used with statistics are derived and applicable to the specific end result. According to Evans, Sampling approaches play an important role in providing information for making business decisions. Sampling provides a business with research using a finite set of data points to help determine ideal target markets, the level of product satisfaction, or the level of client satisfaction. It is virtually impossible to conduct a survey of every single person in a populations so sampling represents a subset of the population during business research. Sampling provides an assumption that is representative of an entire population. The consumer market is an ever changing environment and without research and sampling techniques, a business will be challenged in trying to understand its customer base, its competition, and its capability to survive especially during economic downtimes.