Statistics and Data

I was reading an excellent text "Statistics for Business and Economics" written by Anderson & Sweeney. It highlights the importance of statistical measures in decision making. Many of the existing predictive analytical tools use most of the principles covered in the text. It also highlights the importance of collecting and preserving data.

One such example covered was to calculate the average wait time of a queue in a particular ATM in New York. Using this data, the bank would then decide to position a new ATM to balance the load in that busy place. The predictive model uses probability distribution and helps the analyst in making a decision. The models have to be refined so that they don't reflect any false positives.