Business Decision Making

BUSINESS DECISION
MAKING

Contents
TASK..................................................................................................................................3
Question 1.................................................................................................................3
Question 2.................................................................................................................3
Question 3.................................................................................................................5
Question 4.................................................................................................................5
Question 5...............................................................................................................................5
Question 6...............................................................................................................................7

TASK
Question 1
Numbers Tally Frequency
2 II 2
3 I 1
4 IIII 4
5 III 3
6 IIII 4
7 II 2
8 III 3
9 I 1
Question 2
Mean: In mathematic as well as stats, the mean formula is an integral element. In a set
of figures, the mean is most prevalent value. This is a calculation of the key trend
of median and mode distributions of probabilities in stats. It is sometimes called an
anticipated value. It is a mathematical term that plays an important role in financing. The
term is used in several financial areas, including fund administration and corporate
evaluation (Peleg, 2019).
Serial No. Data Set
(x)
1 7
2 11
3 11
4 15
5 20
6 20
7 28
8 29
9 35

10 15
11 36
12 54
13 22
14 45
15 32
16 11
17 15
= 406 / 17
= 23.88
Median: The median value is calculated by arrangement and the exact centre of the
series from smallest to largest (Gaunt and Merkle, 2020). The median value is median
just:
= (n+1)/2 = (17 + 1)/2=9th value i.e., 35
Mode: The mode is value that appears frequently in given range in statistics. One may
also claim that higher frequency number or quantity in data set is considered
mode value or occurs more frequently (Li and Ukil, 2020). In given case maximum
frequency is of 11 and 15 i.e. three times thus mode values are: 11 and 15
Range: The range value is a measurement of the distribution of stats: it is the contrast
among the greatest value and minimum value in data set. Maximum Value -Minimum
Value
Maximum Value = 54
Minimum Value = 7
54 – 7 = 47
Variance:
Formula: Σ (x - x̅ )2 / n
x x̅ x- x̅ (x - x̅ )2
7 23.8 -16.8 282.24
11 23.8 -12.8 163.84