Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
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 used to inform the business decisions in the definition of target consumers. The statistical analysis of the trends of consumers, purchasing powers and preferences can be useful in making decisions before venturing into a particular business.
Another situation can be where decisions on the branding and advertising products or services the statistical analysis may aid in the definition of the consumers who are targeted, provide information about the industry one wants to venture in and description of the buying trends. This information can be very helpful in businesses...
When it comes to media circulation or the type of media available; statistical research can be used to make decisions about where purchase advertising. Another scenario can be when it comes to decisions on pricing; statistical research can be used to help in the guiding the making of decisions of pricing it can also be used in the determination of trends in pricing, how sensitive consumers are too high or low prices and the ratio of production cost to price (Petryni, 2010).
References
Petryni, M. (2010). How Is Statistical Research Used in Business Decisions? Retrieved January 17, 2013 from http://www.ehow.com/info_8000423_statistical-research-used-business-decisions.html
Calkins, K, .G. (2005).Applied Statistics. Retrieved January 17, 2013 from http://www.andrews.edu/~calkins/math/edrm611/edrm01.htm
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
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
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
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
Morality of Statistics Ethics/Business Statistics, Christian Worldview The morality of statistics: Will statistics invariably lie? A famous book from the 1950s was entitled How to lie with statistics. Implied by the counter-intuitive name was the concept that the old cliche that 'numbers don't lie' was false. In fact, as discussed in the article "Reflection before action: The statistical consultant confronts ethical issues" by S. Andrew Ostapski and Claude R. Superville, statistics can be
Business Research Denial of Security Clearance: An Examination and Application of Real World Business Statistics The purpose of this research is to identify the factors most relevant to decisions involving access to classified information and the denial of such security clearance. From an analysis of the commonly cited reasons for such denials, which range in official reports from sexual misconduct to the equally ambiguous and somehow more intriguing issue of "financial considerations,"