When would you use descriptive over inferential statistics? Provide a specific scenario and explain your rationale.
How may variance and standard deviation be applied to a real-world business-related problem? Provide a specific application in which these measures are useful.
When would you use Chebyshev’s theorem and the empirical rule in business? How are they calculated? Provide one real-life example that requires Chebyshev’s theorem and one that requires the empirical rule.