What is Statistics? Why do we need to study Statistics? What ...

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What is Statistics? Why do we need to study Statistics?
 
  What will be an ideal response?

Question 2

What is the probability that it will take at least 16 minutes to assemble a component?
 
  A) 0.8483
  B) 0.3483
  C) 0.1517
  D) 0.6517

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Answer to Question 1

Statistics deals with the collection, analysis, and interpretation of numerical data, often using probability theory. It is used to predict or forecast sales of a new product, construction costs, customer-satisfaction levels, and many other variables that affect our daily lives.
We study Statistics relative to business and economics because Statistics provides the knowledge and information used to predict, forecast, or estimate sales of a new product, construction costs, customer satisfaction levels, interest rates, currency exchange rates, and many other variables that help us make better business decisions.

Answer to Question 2

D