4. 4
The field of statistics is the science of learning from
data. Statistical knowledge helps us to use the proper
methods to collect the data, employ the correct
analysis, and effectively present the results.
Statistics is a crucial process behind how we make
discoveries in science, make decisions based on
data, and make predictions. Statistics helps us to
differentiate between perception and reality in many
different scenarios
6. We have to move beyond
numbers/statistics either
blindly accepting or blindly
rejecting them. We need to
learn the skills to be able to
spot bad statistics.
TWO KEY INSIGHTS
One way to make numbers
more accurate is to have as
many people as possible be
able to question them.
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7. THINGS TO CONSIDER ABOUT STATISTICS
▰ Who did the study?
▰ What are the statistics
measuring?
▰ Who was asked?
▰ How were they asked?
▰ Compared to what?
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8. QUESTIONS TO ASK YOURSELF
▰ How was the data
collected?
▰ Can I see myself in the
data?
▰ Can you see uncertainty?
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9. REALITY VS. PERCEPTION
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✖ There are multiple reasons
for these errors – from our
struggle with simple
mathematics and
proportions, to media
coverage of issues, to
social psychology
explanations of our mental
shortcuts or biases.
✖ We know what people think of as
the norm is important in
affecting their own views and
behaviors.
10. SOURCE OF INFORMATION
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✖ The collected data /
information also
depends on the
geographical area
where the surveys are
being conducted.
✖ The method of information by which
data is collected is of vital
importance. The data collected in
surveys conducted in various
platforms can be incorrect or can be
misreported.
11. HOW IS IT HELPFUL TO A MANAGER
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● Advertising● Commercial
Marketing
of the
product
● Finance of a
business and
Designing a
product.
12. FINANCE AND DESIGNING OF A PRODUCT
12
Designers must be choosy about how and
where they implement their products. To that
end, market researchers and designers use
statistical evaluation to identify the needs,
wants and buying habits of consumers, hoping
to hone in on a profitable segment of the
population.
13. COMMERCIALISATION OF A PRODUCT
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The most basic use of statistics in marketing is
as a source of data. Statistics provide
demographic information such as the number
of potential customers in a geographical area,
their ages, income levels and consumer
preferences.
14. ADVERTISEMENT
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Advertisers can also use statistics to mislead
consumers. For example, suppose a poorly
conducted study or improper interpretation of
data results in a statistic that appears to
support a manufacturer’s claims.
