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Statistical Tools for Decision-making Questions with 100% correct Answers 2024 What is statistics? an instrument that observes a set of units to draw conclusions about collective phenomena Why do we need statistics? 1) we are not all the same 2) world is complex 3) we easily make mistakes in observing reality How do we bring meaning to raw data? 1. Description 2. Comparison 3. Inference 4. Risk assessment and other probability-related events 5. Identifying important relations (asso...