STAT-DISCUSSION 2.docx

Due to the limited nature of time and resources most

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with this since studying a large population calls for more time and resources. Due to the limited nature of time and resources, most researchers opt for a sample to represent the population. Question #b Managers are wrong by considering models as not being applicable in real life and have little value in making decisions that advance the organization. Models assist in the analysis of empirical situations to create a better understanding and improve the decisions that will be arrived at. The models analyze daily situations an represent them in a different form such as a physical object. Managers who consider models as not applicable in decision making fail to understand the power of models in conceptualizing and solving issues obtained from various forms of real world situations. A similar model can apply in different situations and offer a solution. Therefore models are applicable in real life and it is important to consider them when making decisions.
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BUSINESS 3 Reference Anderson, D. R., Sweeney, D. J., Williams, T. A., Camm, J. D., & Cochran, J. J. (2014). Statistics for business & economics, revised . Cengage Learning.
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