QRB501 Quantitative Reasoning for Business Week 3 DQ

Discussion Topic 1 - Using Statistics To Make Decisions

I don’t know much about the use of statistical data.  Please tell me the meaning of the term – Mean, what the mean is used for, and reasons for not using the mean.  When should the mean be used to make decisions.

Discussion Topic 2 - Minimizing the probabilty of being wrong.

How can the analysis of descriptive statistics help us to minimize the probability of being wrong?