Why do you think so many people have problems with using, interpreting, or applying statistics in making business decisions?
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Statistics is a discipline that deals with the collection,organization,interpretation and presentation of the data so obtained in order to make an informed decision. Statistics are very important too that leads to making of wise decisions in a business hence helping the businesses achieve their goals.Since statistics require a knowledgeable person to deal with them in order to make an informed decision,many people have problems with using,interpreting and applying the statistics in making business decision because;
Many people do not know the importance of statistics in the success of a business thus considers it worthless ,therefore businesses just collect the data “for the sake”of collecting data not utilizing them.
People also do not consider statistics of importance during decision making because of the complexity of the statistics or figure , therefore business people ignore them in order to avoid brainstorming and overthinking.
Many business people also have negative attitude towards statistics therefore they switch their minds that it is difficult to analyze the data and transform them into useful information for thee business.
People also do not consider statistics as an important tool during decision making since they consider it having many errors that may misdirect the business into making a loss.
Since statistics take too much time when collecting,organizing and presenting data business people considers doing other things that may attract fast results since statistics will use a lot of time to come with decisions.Also people do not consider statistics of importance in decision making because most people lack the knowledge of collecting,organizing ,interpreting and representation of data.