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Describe briefly how to think differently about Statistics? Describe five (5) tasks that comprise the DCOVA...

Describe briefly how to think differently about Statistics?

Describe five (5) tasks that comprise the DCOVA framework?

Describe briefly how Statistics is an Important Part of Your Business Education?

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Describe briefly how to think differently about Statistics?
The knowledge of statistics helps us to understand the world around better and make much more informed decisions.

1. It helps us to evaluate claims made in media or by advertisements.
For example it an advertisement says, that 90% of the students have got a job who completed the course. We start statistically thinking by asking questions, how many students were enrolled for the program, how many completed the program.

2. It helps to understand claims that are made using rates and percentages.

3. It helps us to critically understand and judge statistically based arguments

4. It helps us to identify and understands what are the variable in an experiment, the results and the impact.

Describe five tasks that comprise the DCOVA frame?
In the DCOVA frame, DCOVA represents define, collect organize, visualize and analyse.

Define - We need to define the variable of the business problem we are investigating. We need to identify what type of variable they are (numerical or categorical) and the measure they must be captured.

Collect - We need to use appropriate and correct sources to collect the data. We need to find both primary and secondary sources to obtain the variables interest.

Organize: The collected data must be organized in a manner that is helpful to carry out the next steps of the analysis. The most recommended format is the tabular form that is rows and column. This format helps to summarize the data in many ways.

Visualize - In order to understand the data better, need to use a chart and figure to reveal hidden insights from the data. Visualizing data can also help us see the hidden relationships between data, which then further examined to check if they are statistical significance.

Analyze - Once we have a full understanding of the data, we need to employ appropriate statistical methods for testing the hypothesis and reach a conclusion.

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