Statistics in Business, assignment help

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Business Finance

Description

Develop a 1,050-word response addressing 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.

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Explanation & Answer

Attached.

Running head: STATISTICS IN BUSINESS

Statistics in Business

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STATISTICS IN BUSINESS
Statistics

Statistics is generally a type of mathematical analysis which uses the quantified models,
synopses, and representation for a certain set of an experimental data or real-life studies.
Statistics usually studies the methods used in gathering, reviewing and drawing conclusions from
a set of data (Cramér, 2016). Some of the statistical measures which are mostly used include;
variance, skewness, mean, regression, kurtosis and variance analysis. For instance, if a data set
depends on a given sample of a population, an analyst can interpret the population on basis of the
statistical results from the given sample. Generally, the process of statistical analysis involves
gathering, evaluating and summarizing a given data into a mathematical form. Statistical
methods can analyze large sets of data together with their properties. Statistics is widely applied
in business, psychology, humanities, sciences and manufacturing. Two types of statistical
methods can be used in analyzing the data which include inferential statistics and the descriptive
statistics (Gravetter & Wallnau, 2016).

Quantitative data and qualitative data

Quantitative data is a type of data which can be measured as well as counted. It can be
collected from height, length, weight, time, speed and temperature (O'Leary, 2017). An example
of a quantitative data in business can be the numbe...


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