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Business Statistical Techniques : Essay

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Added on  2020-02-24

Business Statistical Techniques : Essay

   Added on 2020-02-24

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Business Statistical Techniques : Essay_1
BUSINESS STATISTICSStatistical techniques play a vital role in the presentation, processing and analysis of thedifferent kinds of data. The underlying statistical technique involved may be descriptive orinferential. The descriptive statistical techniques aim at representing the data provided whileinferential statistical techniques aim to derive conclusion about the population based onsample data (Eriksson & Kovalainen. 2015). The objective of the given essay is to analysecertain selected charts, tables and graphs in relation to the source, type of data, descriptive orinferential statistical techniques and suggestion of potential improvements in the givenfigures so as to enhance their underlying utility.The source for Chart 2 is authentic considering that the data used for the same has beenobtained from World Bank. The data type is quantitative since the data is expressed in theform of percentages while the scale of measurement is ratio considering numerical data witha defined zero (Flick, 2015). The given data has been graphically represented through a linegraph. The given data is descriptive as it is not based on sample but rather the population (i.e.whole world). Also, the respective statistics in terms of GDP and export is based on actualfigures and not estimates. Further, no probability technique or measure of central tendencyhas been deployed as only the population data has been depicted using line graph. A minorimprovement could be in the form of introduction of minor gridlines which would have madeit possible to decipher the exact data for a particular year (Hair et. al., 2015).The source of data for Chart 3 is authentic considering that the information represented in thetables has been obtained from government departments in Australia and New Zealand. Thenature of the data is qualitative since it consists of names while the scale of measurementseems nominal as the data cannot be arrangement in any particular order (Hillier, 2006). Thetime series data has been represented in the form a table. The given data for 1995, 2005 and2015 is descriptive as population export data for Australia and New Zealand has beenconsidered. However, the data for 2025 seems inferential as the same seems to have beenestimated rather than being available at the present. A graphical representation of data usingbars may have been a more attractive manner to represent the same data (Liebermann et. al.,2013).The source of data for Chart 5 is authentic since the data has been retrieved from ABS orAustralian Bureau of Statistics. The nature of data is quantitative as it has been expressed inthe form of numbers and the measurement scale is ratio. The data that is presented in the formof chart is descriptive as no inference is being drawn from any particular sample about the
Business Statistical Techniques : Essay_2

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