According to an article from the Wharton School at the University of Pennsylvania, one way statistics are misused is when businesses infer false information from data gained during the course of their business, creating errors that cost time and money. Errors like this arise when an entity performs statistical research but fails to address all the components involved in the subject they are researching.Know More
The misuse of statistics can be accidental or purposeful. Those with malicious intent sometimes misuse statistics in order to mislead their audience about a subject, a tactic that creates vast social issues and misunderstandings that last for years.
Misusing statistics is a broader problem than being a tool for the malicious. Scientists and other individuals that rely heavily on analysis and research often find themselves fooled by misused statistics. This creates errors in their experiments or other works, and leads to problems both minor and major.
Statistics are sometimes cherry picked for positive results, creating a false image of the final product. A survey that creates biased opinions about a given subject produces negative results. Other times, if negative results are treated as inconclusive, unless specific reasons are given then the statistics are skewed to seem positive.Learn More
A good idea for a statistics project would be to investigate the distributions of returns for different investments, and then construct and manage a model portfolio. Different asset classes such as money markets, bonds, equities and commodities could be compared.Full Answer >
People use statistics daily for weather forecasts, predicting disease, preparing for emergencies, medical research, political campaigns, tracking sales, genetics, insurance, the stock market and quality testing. Statistics lends credibility to these industries and makes it easier to track different things in the industry.Full Answer >
An outlier in math is a value in a collection of data points that lies outside of the range of the other data points. The name is derived from the data point "lying outside" of the other given values.Full Answer >
Experts use statistics to understand large and complex sets of data. Statistics are also helpful with surveys, which legislators use to affect policy. Knowing how statistics work is important for fully understanding news reports.Full Answer >