Rational Decisions with Statistics
The
researchers are today investigating each area of Arts, Humanities, Sciences to
find out the inter-relationships among variables and cause-effect of various
variables. Statistics is the only subject with introduce techniques to collect
data, analyse it as per the needs, and summarize it to present for further
analysis with something which can be used for making rational decisions. There
are tools for estimation and testing by framing hypotheses on the basis of
calculations. The logical information with scientific approach realized the
bases to take strong decisions and achieve success. Even the decisions already
taken by Managers, Administrators, Politicians, and others are tested by
looking at various aspects of each decision keeping in view their context.
Statistics for Decision Making:
It
is fact that the best decisions came on logical grounds which can be achieved
only through best applications of Statistics. Due to inherent strengths of
Statistics, the Systematic Application Products (SAPs) are used to operate the
businesses more effectively. The use of technology and statistics based
framework reduce the uncertainty or fix the level of uncertainty in each
decision; which make the process of solving practical problems easier. The
guesswork is restricted strictly as per the demand of the decision makers.
Possibility of Making Sound Decisions:
The
subject of Statistics is a stream of Science which use only numbers and methods
of measurement of numbers to arrive at decisions on the basis of opinions,
beliefs, logics, priorities, and more. The decisions affected with more
deviations are avoided on the basis of variances.
Everything is realistic in Statistics:
There
are logics in each operation of the Statistics, unfortunately most of the
students doing research adopt the Statistical methods without knowledge of the
logical basis of the Statistics. For example, why mean is taken more seriously
than median and mode? Why deviations are computed on the basis of mean in each
series? Why the squared deviations are computed and why to divide with n-1? How
software like SPSS can be used for more accurate results from the analysis of
data?
Using Probability for Approaching Logical Decisions:
The
Statistics is empowered with use of probability theory; however, in most of the
research papers, the decisions are arrived without using the probability
theory. Definitely, it is not mandatory to use probability theory for arriving
the aims of a research but in case, the arrived findings are analysed on the
basis of probability theory then the results became more authenticated.
Statistical Models for Containing Uncertainties:
The
Descriptive and Exploratory analyses are used to arrive at possible
alternatives of a decision and the application of statistical models suggest
the best alternative which can be opted provided the conditions or context
under consideration. The conditional techniques including ‘What-If’ analysis with
Correlation and Regression, Time Series Analysis to study the dependent and independent
variables; made the research interesting.
*Copyright © 2019 Dr. Lalit Kumar. All rights
reserved.
