Statistics Quotes (167 quotes)
How a Time Chart Can Misrepresent Statistical Data
Statistical analyses have historically been a stalwart of the high tech and advanced business industries, and today they are more important than ever. With the rise of advanced technology and globalized operations, statistical analyses grant businesses an insight into solving the extreme uncertainties of the market. Studies foster informed decision-making, sound judgments and actions carried out on the weight of evidence, not assumptions. As businesses are often forced to follow a difficult-to-interpret market road map, statistical methods can help with the planning that is necessary to navigate a landscape filled with potholes, pitfalls and hostile competition. Statistical studies can also assist in the marketing of goods or services, and in understanding each target markets unique value drivers. If all this true, what is the problem with statistics?
By Deborah J. When you create a statistical time chart, you have to evaluate the units of the numbers being plotted. Make sure you understand what numbers are being graphed and examine them for fairness and appropriateness. The scale on the vertical axis can make a big difference in the way the time chart looks. The above figure shows a time chart of the ages for the Best Actress Academy Award winners from — in increments of 10 years. You see a fair amount of variability.
What Is A Misleading Statistic?
Information identified as archived is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived., But Statistics are not absolute truth!
Statistics are supposed to make something easier to understand but when used in a misleading fashion can trick the casual observer into believing something other than what the data shows. That is, a misuse of statistics occurs when a statistical argument asserts a falsehood. In some cases, the misuse may be accidental. In others, it is purposeful and for the gain of the perpetrator. When the statistical reason involved is false or misapplied, this constitutes a statistical fallacy. The false statistics trap can be quite damaging for the quest for knowledge.