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Essay / Research Paper Abstract
This is a 4 page paper that provides an overview of statistics in business decision making. The loss function calculation is emphasized. Bibliography lists 2 sources.
Page Count:
4 pages (~225 words per page)
File: KW60_KFbiz058.doc
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Unformatted sample text from the term paper:
in order to make the right decisions in business, one needs as much relevant information as possible, as well as the ability to measure that information in an appropriate way
that reveals meaningful dimensions of the problem at hand. This is what statistics are most useful for. This paper will explore the concept of using statistical data in a business
context in order to better inform decision making. The decisions that are made in a business context are often not even matters of top level strategy, but rather matters
of day to day decision making that involve the analysis of costs and benefits. For instance, one might suppose that one wanted to purchase insurance for a laptop that one
had recently purchased. This is a common occurrence in todays world, especially in business, because of the absolute critical nature of the data frequently held on such machines. In a
society that conducts banking and shopping via computer, and business records are generally retained on hard drives, the loss of a computer can be more than an annoyance; it can
result in the outright loss of business productivity and jeopardize ones personal information. Therefore, the purchasing of insurance to protect a laptop can be a wise investment. However, there is
always the possibility that the cost of insurance could outweigh the benefits to be gained by having that insurance. For this reason, one should not simply default to buying insurance,
but should rather carefully analyze the pros and cons associated with the purchase, using statistical data. In order to develop statistical tools to determine whether or not the purchase
of laptop insurance is well-advised, one must first have the pertinent information necessary to carry out the relevant statistical calculations. For instance, the cost of insurance is a critical factor
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