Statistical Approach to Business Decisions

 

Conduct research on Descriptive and Inferential Statistics.
Provide an example of when each would be used for decisions in business.

 

 

Sample Solution

Statistical Approach to Business Decisions

Descriptive statistics describes data (for example, a chart or graph) and inferential statistics allows you to make predictions (“inferences”) from the data. With inferential statistics, you take data from samples and make generalizations about a population. Statistics can describe markets, inform advertising, set prices and respond to changes in consumer demand. Descriptive analytics look at what has happened and helps explain why. By using historical data, managers can analyze past successes and failures. Inferential statistical analysis is often used to study the relationships between variables within a sample, allowing for conclusions and generalizations that accurately represent the population. Businesses can test a hypothesis and come up with various conclusions from this data.

Furthermore, Klein describes pain and its relationship to suffering, which is of interest for this paper. Klein makes a point that because pains are unpleasant, it is generally acknowledged that people go out of their way to avoid them and get rid of them when they arise. Because hurt is a feature of pains both emotional and physical, it is often assumed that it must be an always occurring property of pain. Klein then offers four arguments to distinguish between pain and suffering. The first argument, he claims is also the simplest. He claims that pain and hurt come apart, and calls this the argument from dissociation. He explains that some pains don’t hurt, and many things that hurt aren’t pains. Klein gives example after example of pains that do not hurt, and hurts that do not stem from pain, but instead just motivate the bearer to move them self or take initiative to use their power to fix the pain. The next argument he presents is the argument from independent variation. Before he delves into the argument, he reminds readers that the question trying to be answered is whether pain and suffering should be distinguished as separate phenomena, not whether pain can occur without suffering. He returns to the argument, stating that pain and suffering are able to independently vary from one another in their intensity. Simply stated, something can hurt intensely but not cause suffering or hurt mildly but bring intense suffering. He claims that this is solid evidence for his view that proposes pain intensity alone is part of pain, while suffering is a secondary characteristic. His third argument is what he calls the argument from differing domains. In it, he attempts to distinguish between pain and hurt. He states that all things that hurt don’t deserve the title of pain and continues to arg

This question has been answered.

Get Answer
WeCreativez WhatsApp Support
Our customer support team is here to answer your questions. Ask us anything!
👋 Hi, Welcome to Compliant Papers.