MANAGEMENT

Detailed explanation-1: -What Is A Misleading Statistic? Misleading statistics refers to the misuse of numerical data either intentionally or by error. The results provide deceiving information that creates false narratives around a topic. Misuse of statistics often happens in advertisements, politics, news, media, and others.

Detailed explanation-2: -In 2007, toothpaste company Colgate ran an ad stating that 80% of dentists recommend their product. Based on the promotion, many shoppers assumed Colgate was the best choice for their dental health. But this wasn’t necessarily true. In reality, this is a famous example of misleading statistics.

Detailed explanation-3: -There are two main statistical analysis methods commonly used for market research purposes: descriptive and inferential statistics. Both methods have different goals and applications, making them suitable for evaluating different data sets.

Detailed explanation-4: -The data can be misleading due to the sampling method used to obtain data. For instance, the size and the type of sample used in any statistics play a significant role-many polls and questionnaires target certain audiences that provide specific answers, resulting in small and biased sample sizes.