First, so that they can lead others to apply statistical thinking in day to day activities and secondly, to apply the concept for the purpose of continuous improvement. This course will provide you with hands-on experience to promote the use of statistical thinking and techniques to apply them to make educated decisions whenever you encounter variation in business data. You will learn techniques to intelligently assess and manage the risks inherent in decision-making. Know that data are only crude information and not knowledge by themselves. Data becomes information when it becomes relevant to your decision problem.
Information becomes fact when the data can support it.
Fact becomes knowledge when it is used in the successful completion of decision process. The following figure illustrates the statistical thinking process based on data in constructing statistical models for decision making under uncertainties. That's why we need Business Statistics. Statistics arose from the need to place knowledge on a systematic evidence base. This required a study of the laws of probability, the development of measures of data properties and relationships, and so on.