In Class ExerciseWelcome to MNGT 403/ECON 436 This is your first assignment for the term. For this assignment you will work in small groups and answer the following three questions. Your group will provide a 2-3 page report for these questions. Please ensure that you follow APA Format. This assignment is worth 10 points.In your small group discuss and analyze the following statement. “Statistics is the Branch of Mathematics that transforms numbers into useful information for decisions makers. Statistics provides a way of understanding and the reducing–but not eliminating–the variation that is part of any decision-making process, and can also tell 2010 p. 4). As a group come up with two examples of current situations where this statement applies and explain your reasoning.