This site explores Statistics as a branch of applied mathematics with a focus on business applications. It offers a wide range of practical tools for processing random data.
From the managerial view point, statistics provides methods and techniques for collection, presentation, interpretation and analysis of random data and thus it assists the management in decision making and operation control under uncertain conditions.
Statistics helps managers better understand probabilistic aspects (constraints, requirements, implications, etc.) of their decision environment.
Statistics is everywhere:
Tax auditors are frequent users of Statistics. It is usually impractical to process all financial records. They process samples of records in order to assess the financial outcomes at a certain confidence level.
Pharmaceutical companies use Statistics to evaluate effectiveness of new drugs.
Doctors and patients want to know to what extend cholesterol increase risk of heart failures.
Marketing specialists use Statistics to develop shopping patterns, evaluate demand levels, determine advertising ratings, etc.
City traffic officials set traffic light times based on the statistical study of traffic.
A baker sets the level of his daily inventory of bread based on the average daily demand and his cost analysis.