In today’s business world, companies cannot remain competitive if they must measure every product’s weight, color, size, strength, and any other characteristic 100 percent. Organizations use probability and statistics to measure samples of a product and provide mathematical proof of the quality of the product or process.
Learning Objectives
- Define probability
- Describe and apply probability concepts
- Define statistics
- List statistical parameters
- Distinguish between descriptive and inferential statistics
- Distinguish between a population parameter and a sample statistic
- Define a central limit theorem and its significance in statistics
Language: English
Estimate Time (Hrs.): 2.1