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Statistics for Management: Assignment Sample

   

Added on  2021-02-19

10 Pages2587 Words75 Views
Data Science and Big DataStatistics and Probability
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STATISTICS FOR MANAGEMENT
Statistics for Management: Assignment Sample_1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Part A...............................................................................................................................................1(1)Defining statistics, its characteristics and benefits of its application.....................................1(2)Sources and types of data and information businesses can access.........................................1(3)Value of employing statistical methods when meeting business objectives and achievingcompetitive advantage.................................................................................................................2(4)Analysis of deductive and inductive approaches and what the implications are for businessintelligence..................................................................................................................................2(5)Analysis of sample sets of data for making decisions............................................................3(6)Suitability of data analysis method........................................................................................4TASK B...........................................................................................................................................4Analysis of results.......................................................................................................................4Task C..............................................................................................................................................6Analysis of facts..........................................................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................................8Figure 1Data analysis of investment proposals...............................................................................3Table 1Products A, B and C varied campaign share in total number of campaigns run.................6
Statistics for Management: Assignment Sample_2

INTRODUCTIONStatistics is the one of the field that is gaining due importance in current time period. In thepresent research study statistics and data is defined in detail and by using tools data is analyzedin the report. At end conclusion section is prepared.Part A(1)Defining statistics, its characteristics and benefits of its application Statistics is the field where by using varied approaches analysis of variables is done eitherindividually or collectively. There are some of the characteristics of statistics and same areexplained below.Aggregation of facts: In statistics aggregation of facts happened. Aggregation refers toperforming operations that consider bunch of data and return specific result like SUM,MAX, MIN and STDEV etc (Little, Deboeck and Wu, 2015). Numerically expressed: In statistics all variables are numerically expressed. Even resultsare obtained in text they need to be convert in to number through coding. Hence, it isanother important characteristic of statistics.There are number of benefits of using statistics in the business. One of benefit is that by usingstatistic one can identify whether significant change comes in cost of production due to fastincrease in price of raw materials. In other words, relationship between varied variables can beidentified by using statistics. If one knows relationship between variables then it can find out thatdue to business operations any change comes in specific activity then what sort of change cancome in another activity.(2)Sources and types of data and information businesses can accessThere are multiple sources from where data business can access. Some of these sources areCRM or customer service management software. Another source from where business can accessdata are Amazon AWS where when pixel fire data goes to AWS server and through PostgreSQLone can access entire data. PostgreSQL is always connected Amazon AWS. Type of data thatbusiness can access (Silverman, 2018).Qualitative: It is the data that is obtained from open ended questionnaire. Under this onegive answer in detail business manager need to ensure that data is converted in quantitative fromqualitative 1
Statistics for Management: Assignment Sample_3

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