Description
Statistics in Business Essay
Assignment Instructions:
Develop a 875-word response that addresses each of the following prompts:
- Define statistics with citation and reference.
- Contrast quantitative data and qualitative data. Use two Peer Reviewed references.
- Evaluate tables and charts used to represent quantitative and qualitative data.
- Describe the levels of data measurement.
- Describe the role of statistics in business decision-making.
- Provide at least two business research questions, or problem situations, in which statistics was used or could be used.
Use two peer reviewed references.
Format your assignment consistent with APA guidelines.
Additional Requirements:
- Complete the assignment using your own words with correct spelling, punctuation, and grammar in APA format. No plagiarism.
- If you are not using your own words or if you are quoting any information or definitions, make sure to cite the information by using proper APA format citations and don’t forget to include the source of the information as a reference on the references page by using proper APA format.
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Explanation & Answer
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Running Head: Statistics in Business
Statistics in Business
Student Name
Course ID
Instructor Name
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Statistics in Business
Statistics
Statistics is the branch of Applied Mathematics in which statisticians gather, organize and
interpret the data and this data is depicted through graphs, charts and tables (Icoachmath, n.d). It
can also be said a mathematical study of the chances and probabilities of the occurrence of events
that are based on the quantitative data. It helps to draw results from the samples that can be inferred
to a large population which helps in making informed guesses with the small expenses. This paper
will discuss qualitative and quantitative data, charts and tables to depict the data, data measurement
levels, role of the statistics in the business decision-making and application of statistics in problems
or research questions
Qualitative vs Quantitative data
Qualitative data are the measures of the types that can be represented by symbols, names
or number codes. This data is about the categorical variables, for example, what type (Slevitch,
(2011). Quantitative data is about numbers and measures or counts the values. This date is
concerned with the numerical variables, for example, how often, how much and how many.
Qualitative data is about quality and quantitative data is about quality. Both types of data...