Majority of good decisions are driven by data. In all aspects of our lives particularly in the business context, a wide variety of data is available for inspection and analytical insight. Business managers and professionals are increasingly required to justify decisions on the basis of data. They require statistical model based decision support systems. Apart from business, a diversified data is available such as socio economic, health, geological, hydrological, geochemical, environmental, pharmaceutical and many more. Proper analysis and interpretation of such data is important to achieve a better decision. Statistical skills enable professionals to intelligently collect, analyze, and interpret data relevant to their decision making. The major advantage of statistical concepts and statistical thinking are to,

• Solve problems in a diversity of contexts
• Add a substance to decisions
• Reduce assumption and guess work.

The various useful statistical models include, ANOVA, Regression (linear and multiple), Cluster, MANOVA, Discriminant (linear, multiple), Factor analysis, Canonical Correlation, Partial Correlation, Tests of hypothesis.