Statistics-informed

Statistics-informed refers to a process, decision, or conclusion that is based on and guided by the principles, data, and insights derived from statistical analysis. It implies a rigorous approach that utilizes quantitative methods to understand patterns, trends, and probabilities, leading to more accurate and evidence-based outcomes. This approach emphasizes the importance of data-driven decision-making, considering factors such as sample sizes, statistical significance, and potential biases to ensure reliable interpretations. It is the application of statistical reasoning to any given situation.

Statistics-informed meaning with examples

• The marketing team, aiming to launch a new product, used a statistics-informed approach to analyze consumer preferences from their survey data. They applied statistical tests to identify key demographics that were most likely to purchase the product. Their findings informed the targeted advertising campaign, making it more effective and resulting in an increase in sales.
• Policy decisions should always be statistics-informed. Before implementing changes to healthcare funding, the government analyzed national health data, employment rates, and economic trends. This quantitative method, taking all factors into account, helps reduce waste of precious public funding by making evidence-based decisions that target specific patient groups.
• When choosing an investment portfolio, it is crucial to adopt a statistics-informed strategy. By examining past market performances and economic forecasts, then using statistical models to predict the future, and considering various risk factors, a professional advisor can create a portfolio designed to achieve financial goals, reducing unnecessary risks.
• The research team used a statistics-informed approach to analyze data collected from a clinical trial. By employing statistical tests to compare treatment outcomes and control groups, they were able to determine the efficacy and safety of a new medication, providing the FDA with reliable findings.
• During the negotiation process, the union leaders utilized a statistics-informed strategy to determine the wage increases. They analyzed the company's financial reports, and then used statistical methods to determine the cost of living, and productivity data to justify their requests, resulting in a fair compromise.