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Because the nature of economic and business phenomena is clearly statistical in nature and the need for a scientific approach is becoming more and more necessary, so statistical analysis has become an integral part of every aspect of theoretical and applied research.
The inter-dependence of economies and the development of global markets has introduced new levels and sources of competition for the businesses. Businesses face new levels of risk as the markets in which they operate become more open. Should they invest in new capacity to be able to compete more effectively? How exposed a position can they afford to take in their key markets? In short, how does a business cope with the risks inherent in the modern economy? When uncertainty is so high, the management has no choice but make the...
So statistical devices are a set of tools that can help business organizations impose order in the modern world. Business statistics offer the opportunity to make decisions based on numerical data, in the face of uncertainty.
Some of the common use of the statistical tools is to measure economic activity and the impact of developments in the world economy on their markets. The other important activity of statistical tools is to do market research and gain information about customers, markets, economic conditions, and the prices. Finally, the use of the statistical tools can be implemented for forecasting and trends, i.e., how businesses use data to examine economic trends and try to forecast ahead to see how these trends may impact on their business.
Using this data set we can calculate mean, median, mode, and standard deviation for this data set over last 20 years: Mean can be found according to the following formula: So mean February temperature equals to 33.825 F Median of the data is the middle score after data has been set in order, so February temperature median equals to 33.7 F Mode of the data is the value from data set which occurs
This distribution can be applied to multiple business situations even where data is distributed differently, because a normal distribution adopts the central limit theorem which suggests that no matter how a population is distributed, the distribution "of the means of random samples approaches a normal distribution for a large sample size" (ICMBA, 2002). Business executives can use normal business distribution to create diversified asset portfolios, to calculate process variations within
This means they set medium term goals may be up to five years. This requires that they make detailed and precise judgments, so that their medium term goals are met. This has made the methodology require sophisticated business statistical applications. (Statistical Thinking for Managerial Decisions) Long-term planning in business normally makes it necessary to make estimations regarding the future and extrapolations of the past, is used for this. The
Task 1(h) - Difference of opinions within nationalities British German French Italian Chi-square value 5.04E-06 2.83E-15 Comments This shows that there were differences of opinion about the resort for the British, German and Italian visitors, but not the French. Task 1(i) - Difference of opinions between nationalities Overall Accommodation Location Food Chi-square value Comments This shows that overall there were differences of opinion for the visitors in each area. Task 2 SUMMARY of RESULTS The results of the data analysis show that at the present time the French spend substantially
Therefore to form a basis of good decision making business people should be able to understand how statistics can be applied in the description of markets, advertising development, price setting and how they can best respond to the consumer demands that are often changing (Petryni, 2010). Statistics can be used in various situations within a business for instances; incase a business wants to venture into new markets statistics can be
Statistics The plant opening is only a few months away and the Board of Directors for ABC Complete Kitchens, Inc. is interested in learning more about what you recommend for plant productivity analysis. Specifically, the board members want you to identify and describe the tools and techniques that are available that will help the plant's executive team better conduct statistical analyses for plant productivity evaluation. Be sure to define the