If all this is true, what is the problem with statistics?Īctually, there is no problem per se – but there can be. In the digital age, these capabilities are only further enhanced and harnessed through the implementation of advanced technology and business intelligence software.

Statistical studies can also assist in the marketing of goods or services, and in understanding each target market’s unique value drivers.

Studies foster informed decision-making, sound judgments, and actions carried out on the weight of evidence, not assumptions.Īs businesses are often forced to follow a difficult-to-interpret market roadmap, statistical methods can help with the planning that is necessary to navigate a landscape filled with potholes, pitfalls, and hostile competition. With the rise of advanced technology and globalized operations, statistical analyses grant businesses insight into solving the extreme uncertainties of the market.

Statistical analyses have historically been a stalwart of the high-tech and advanced business industries, and today they are more important than ever. 3) Misleading Statistics Examples In Real Lifeĥ) How To Avoid & Identify The Misuse Of Statistics?

What is a data dredging