Walking down the street, you see statistics- weather, magazines, political campaigns, medical studies, and so on. Few would argue that there is a downside, and a dark side, to statistics.
Here are a few examples of good, bad, and ugly statistical usage. Find out more to help you with your business strategies and plans.
First, there is the ugly. The “ugly” scenario are those in which distrust could jeopardise relevance. It is more comfortable as it is the featured image of the post. While quirky it statements are barrage. The claim of the image will be interpreted by most (I hope) as a joke.
However, there are many examples of this today. They do not stand true because we can be misled and deceived by factual, true Statistics.
Let’s start with the bad. In 1995 The Committee of the safety of medicines (CSM) published a warning that a birth control pill increases life-threatening blood cloths by 100%.
However, this was measured by comparing blood cloths cases against another birth control. The birth control pill that was estimated to be 100% more deadly; in reality, only had one more case per 7,000 test patients being 2 per 7,000 compared to 1 per 7,000.
Again like the ugly, while being 100% factual, we can understand this is a deceiving and misleading headline as a patients chances of developing a blood cloth is only increase by 0.14%.
This headline was blamed for thousands of unplanned pregnancy.
To demonstrate, here is one more headline “New studies show it is safer to drive drunk” as out of all car crashes sober drivers caused 70% while drunk drivers caused only 30% per cent. In conclusion, it’s safer to drive drunk.
Statistics can be useful and can power business to success. It can gain vital information on the finical, operations or market. When used correctly, statistics tell any trends in what happened in the past and can be useful in predicting what may happen in the future.
Companies make thousands of products every day, and each company must make sure that they sell a right quality item. But a company can’t test everything that they ship to the consumer. So the company uses statistics to try just a few, called a sample, of what they make. If the sample passes quality tests, then the company assumes that all the items made in the group, called a batch, are good.
Statistical usage can mislead and manipulate information. However, being aware of the good, the bad, and the ugly of it can help you with business.
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