Basic Statistics and Application

Running head: BASIC STATISTICS AND APPLICATION
Basic Statistics and Application
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1BASIC STATISTICS AND APPLICATION
Table of Contents
Introduction:....................................................................................................................................2
Answer 1.A......................................................................................................................................3
Answer 1.B......................................................................................................................................3
Answer 1.C......................................................................................................................................4
Answer 2.A & B..............................................................................................................................5
Answer 2.C......................................................................................................................................5
Answer 2.D......................................................................................................................................6
Answer 2.E......................................................................................................................................7
Answer 2.F.......................................................................................................................................7
Answer 3.A......................................................................................................................................7
Answer 3.B......................................................................................................................................8
Answer 3.C......................................................................................................................................9
Answer 3.D....................................................................................................................................10
Answer 3.E....................................................................................................................................10
Answer 3.F.....................................................................................................................................11
Answer 3.G....................................................................................................................................11
Answer 3.H....................................................................................................................................12
Reference.......................................................................................................................................13

2BASIC STATISTICS AND APPLICATION
Introduction:
Statistical techniques have a major role in case of solving critical problems on the basis
of different types of data. Mainly there are two types of data: Qualitative and Quantitative. Again
quantitative data is of two types: Continuous and Discrete. Binomial, nominal and ordinal data
are three types of qualitative data. These all types of data follow a certain distribution like
normal distribution and binomial distribution, depending upon their nature and number of
observations. Now, specific statistical techniques are there to work efficiently and unbiasedly on
these distributions and data for proper analysis in solving business problems and decision
making. Few examples are discussed below:
Production managers use random sampling techniques to modify or regulate the rank of
materials in terms of quality. Random sampling is also used by the accountants at the time of
audit and by the policy makers of a company to investigate the employee’s efficiency.
Correlation is used by the financial department to correlate the business associated
variables and regression is used to judge the relation among those variables.
Forecasting is used in supply chain management and to predict the revenue and sales of a
profit making institution.
This type of practices is very general in business practices. There is some complicated
analysis which is practiced by the business professionals via computer packages or soft wares
that performs statistical analysis. In the below section some basic problems are solved and
discussed by using statistical techniques on the given data. In the end, a conclusion part
summarizes the findings.

3BASIC STATISTICS AND APPLICATION
Answer 1.A
Figure 1: Export of Australia in 2004-05 and 2014-15
The above bar diagram is used to compare the value of Australian exports in 2004-05 and
2014-15 across different countries. The difference between the heights of two bars presenting
each year presents the difference of export amount between the year 2004-05 and 2014-15 (Ho et
al. 2019).
Answer 1.B
Figure 2: Percentage of Australian export across export destination in 2004-05 and 2014-15