1. Why use statistics in business research, and what is its role?

2. How can the concept of variance and standard deviation be applied to solving a real world business-related problem? Include a specific example from business. Explain.

3. When would you use descriptive statistics over inferential statistics? Give a specific scenario and explain your rationale.

4. Why is using Baye's theorem (conditional probabilities) important to help answer business-related questions? What does this theorem allow you to do?