Table of contents

1. Introduction to Statistics53m
2. Describing Data with Tables and Graphs2h 1m
3. Describing Data Numerically1h 48m
4. Probability2h 26m
5. Binomial Distribution & Discrete Random Variables2h 55m
6. Normal Distribution & Continuous Random Variables1h 48m
7. Sampling Distributions & Confidence Intervals: Mean2h 8m
8. Sampling Distributions & Confidence Intervals: Proportion1h 20m
- Sampling Distribution of Sample Proportion
  35m
- Confidence Intervals for Population Proportion
  45m
9. Hypothesis Testing for One Sample2h 23m
10. Hypothesis Testing for Two Samples3h 25m
11. Correlation1h 6m
12. Regression1h 4m
13. Chi-Square Tests & Goodness of Fit1h 30m
14. ANOVA1h 4m

4. Probability

Basic Concepts of Probability

Statistics for Business

4. Probability

Basic Concepts of Probability

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Multiple Choice

Which of the following is a benefit of applying statistical methods to HR forecasting?

It eliminates the need for any human judgment in decision-making.

It increases the objectivity and accuracy of workforce predictions.

It guarantees that all future HR needs will be met exactly.

It reduces the amount of data required for workforce planning.

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Verified step by step guidance

Step 1: Understand the context of the problem. The question is asking about the benefits of applying statistical methods to HR forecasting, which is a process used to predict future workforce needs based on data and trends.

Step 2: Analyze the options provided. The first option suggests eliminating human judgment, which is not accurate because statistical methods complement human judgment rather than replace it. The second option mentions increasing objectivity and accuracy, which aligns with the purpose of statistical methods. The third option guarantees future HR needs, which is unrealistic as forecasting involves predictions, not certainties. The fourth option suggests reducing data requirements, which is incorrect because statistical methods often require substantial data for accurate predictions.

Step 3: Focus on the correct answer. Statistical methods are designed to enhance decision-making by providing objective, data-driven insights, which increases the accuracy and reliability of workforce predictions.

Step 4: Reflect on why the other options are incorrect. Eliminating human judgment is impractical, guaranteeing future needs is unrealistic, and reducing data requirements contradicts the nature of statistical analysis.

Step 5: Conclude that the correct benefit of applying statistical methods to HR forecasting is that it increases the objectivity and accuracy of workforce predictions.