Statistics is a very broad discipline that is defined as “the collection of informative data, interpreting these data and drawing conclusions about a phenomenon under study” (Johnson & Bhattacharyya, 2010). Statistics has been perceived to be a technical subject since it is thought to involve analysis of heavy computations. Whichever way one looks at it, statistics is a very crucial discipline that cuts across all manner of disciplines. Therefore, being a part and parcel of most areas of academia, it is imperative for us to find a way to identify with this critical discipline. However, many do not realize how important statistics is to specific aspects of life. This paper will look at the role statistics plays in our personal lives, grocery store business and why an understanding of general statistical concepts is instrumental for MBA students.
Before establishment of a grocery store, site location is necessary in order to capture a reasonable size of the market share. Statistical data about population figures and retail census help grocery stores to make a speculative estimate for the market share and the quantity of possible sales in a particular location. Moreover, statistical census data is necessary for gauging the level of competition from other similar enterprises, planning the amount and type of groceries to avail for the customers, marketing of the groceries and expanding the grocery stores to other viable locations (Beri, 2010, p. 3). In social living, statistics is essential in adding credibility to a piece of advice or argument one may provide. Further, statistical data on the cost of living index is important in budgeting at home as it informs the consumers on how to readjust according to the rising cost of living index.
More often than not, it has been said that MBA students find it mind-boggling to study a subject like statistics. Instead, they identify more with approachable subjects like marketing, finance and strategy. Still, others claim that they are repugnant to a subject like statistics, since it requires much intellectual rigor. Whether this is the case or not, it is crucial that MBA students comprehend general statistical concepts. One of the characteristics of MBA students is that they come from a vast array of professionalism (Swann, 2002). As it has been noted above, statistics is essential in most professions and is critical in productive decision-making process in virtually all disciplines. Therefore, MBA students stand at a vintage point since as future business administrators, they will be obligated to influence or make the final decisions which are more often than not contingent on statistical data presentations (Siegel, 2012, p. 4).
Furthermore, by virtue of pursuing a Master of Business Administration Degree, MBA students are leveraged in setting up their own businesses and leading a corporation. Besides, MBA students are specialized in subject areas like accounting, economics, marketing, project management, operations management and strategy. An integration of these subjects and how they relate enhances the understanding of the MBA student with regards to these players in the business arena. The link between these subjects can be made possible via statistically analyzed data. For instance, previously accounted data, prevailing economical statistical data can be very instrumental in directing the marketing and project management strategies in an institution. In addition, the knowledge obtained in statistics will help the MBA student to initiate businesses and expand them after an understanding of the relevant statistical data. Last but not list, MBA students will benefit from statistics as it will help them get a clear picture of the efficiency and effectiveness of an enterprise or organization courtesy to statistical data presentations. Consequently, arriving at a decision to improve productivity will be done quickly and precisely.