Write 6 pages thesis on the topic business statistics and use of probability for inference. In the language of statistics, the inference is the use of samples or the characteristics of a subset of a larger population to describe the characteristics of a population. Through the method of making inferences on the population based on the characteristics of a sample, man is able to make a diagnosis of a problem and formulate a possible solution to a problem based on the diagnosis. It is not always possible to conduct a characterization of a population through a one-by-one characterization of all members of a population to characterize a population. The reasons for this are several. Firstly, doing so is usually expensive. Secondly, for a large population, it is usually not possible to describe the characteristics of all the members of a population. Lastly and thirdly, getting the data for all the members of the population can be a long process. Unfortunately, man, society, or an organization does not always have the time to wait because immediate action on a problem can be required: the time loss for a few days or years of delay in making an action is just as great as the cost of inaction itself. Thus, a decision may have to be made based on the characterization of the population based on inferences on population characteristics based on sample characteristics.
To make certain inferences, man uses probability distribution functions that express a set of assumptions on how variable values are probably or possibly distributed across a population. The assumptions help man to make inferences on the population based on sample characteristics. The assumptions or the probability distribution functions allow a man to associate variable values with probabilities.
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