Hear the Word "Statistics," the Essay

Excerpt from Essay :

Being able to express statistical results in ways non-statisticians can understand, and explaining those results correctly in language that does not mislead or confuse is becoming a lost art, if the popular media are any indication. Entrepreneurs will use these visual display techniques to increase productivity, notice patterns that may go unrecognized in tabular or numerical reporting, and communicate results quickly without requiring extensive and subjective verbal explanation.

Inferential statistics will become increasingly useful even before graduating college, if peer-reviewed studies in consumer psychology, economics and marketing become more rather than less proportional in coursework on the way through graduate school. Some of the coursework I read for other classes contains statistical procedures I am unfamiliar with even after this course, and thus learning more statistics should explain a significant improvement in grades in my other classes, hopefully with a strong (? = .001) effect size! Knowing how likely flaws are to occur in design and manufacture will prevent wasted resources during development and product cycle, potential market response, testing that response after product or advertising deployment, and refining targets to maximize profit and resource performance, without which the entrepreneur might as well throw darts at the map.

These are only some of the reasons and ways statistics, both descriptive and inferential, will become increasingly useful in private and professional performance before and after graduation, as an entrepreneur, consumer, voter, and for general literacy at large. We could expand on how predictive statistics actually saves lives through medical research for example, or improving harvest outcome or public safety. Understanding measures of dispersion and central tendency, hypothesis testing and predictive strength, and the complex interaction of multiple or serial procedures or test treatment, is one of if not perhaps the most fundamental tools on which entrepreneurial success will depend in…

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