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Knowing statistics in your everyday life will help the average business person make better decisions by allowing them to figure out risk and uncertainty when all the facts either arent known or cant be collected.Even with all the data stored in the largest of data warehouses business decisions still just become more informed guesses.Some of the techniques that are classified under data mining such as CHAID and CART really grew out of the statistical profession more than anywhere else, and the basic ideas of probability, independence and causality and overfitting are the foundation on which both data mining and statistics are built.One thing that is always true about statistics is that there is always data involved, and usually enough data so that the average person cannot keep track of all the data in their heads.Statistics can help greatly in this process by helping to answer several important questions about your data: Certainly statistics can do more than answer these questions but for most people today these are the questions that statistics can help answer.
However, statistical techniques are driven by the data and are used to discover patterns and build predictive models.
These two sections have been broken up based on when the data mining technique was developed and when it became technically mature enough to be used for business, especially for aiding in the optimization of customer relationship management systems.
Thus this section contains descriptions of techniques that have classically been used for decades the next section represents techniques that have only been widely used since the early 1980s.
The more and better the data and the better the understanding of statistics the better the decision that can be made.
Statistics has been around for a long time easily a century and arguably many centuries when the ideas of probability began to gel.