Exploring Statistical Methods for Improved Business Decision-Making
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Desklib provides past papers and solved assignments for students. This report explores statistical methods for business decision-making.

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Table of Contents
Introduction:...............................................................................................................................3
Question 1:.................................................................................................................................4
a):............................................................................................................................................4
b):............................................................................................................................................5
c):............................................................................................................................................6
d):............................................................................................................................................6
e):............................................................................................................................................7
f):............................................................................................................................................9
g):..........................................................................................................................................10
h):..........................................................................................................................................11
i):...........................................................................................................................................12
Question 2:...............................................................................................................................13
a):..........................................................................................................................................13
b):..........................................................................................................................................14
c):..........................................................................................................................................15
d):..........................................................................................................................................15
e):..........................................................................................................................................15
f):..........................................................................................................................................16
g):..........................................................................................................................................16
Conclusion:..............................................................................................................................17
Reverences:..............................................................................................................................18
2
Introduction:...............................................................................................................................3
Question 1:.................................................................................................................................4
a):............................................................................................................................................4
b):............................................................................................................................................5
c):............................................................................................................................................6
d):............................................................................................................................................6
e):............................................................................................................................................7
f):............................................................................................................................................9
g):..........................................................................................................................................10
h):..........................................................................................................................................11
i):...........................................................................................................................................12
Question 2:...............................................................................................................................13
a):..........................................................................................................................................13
b):..........................................................................................................................................14
c):..........................................................................................................................................15
d):..........................................................................................................................................15
e):..........................................................................................................................................15
f):..........................................................................................................................................16
g):..........................................................................................................................................16
Conclusion:..............................................................................................................................17
Reverences:..............................................................................................................................18
2

Introduction:
To ensure the stability and sustainability of the business, effective decision-making is very
essential and different methods of Statistical analysis can be utilized to improve the quality of
business decisions. These frameworks provide the facility of data analysis so that managers
can understand the problem in descriptive view and make suitable decisions to support
business growth. This assessment is based on different Statistical methods like survey
methods, sampling procedures, variable relation and more and going to be created to deliver
elucidated information about these methods. This Report will exam the provided data-
population and explains the merits and demerits of many Statistical frameworks.
3
To ensure the stability and sustainability of the business, effective decision-making is very
essential and different methods of Statistical analysis can be utilized to improve the quality of
business decisions. These frameworks provide the facility of data analysis so that managers
can understand the problem in descriptive view and make suitable decisions to support
business growth. This assessment is based on different Statistical methods like survey
methods, sampling procedures, variable relation and more and going to be created to deliver
elucidated information about these methods. This Report will exam the provided data-
population and explains the merits and demerits of many Statistical frameworks.
3
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Question 1:
a):
To obtain the relevant and real conclusions about the research topic, process of gathering
information and views from the large or small population is known as a survey. The survey
can be made in many forms and each form has own merits and demerits so the selection of
survey method depends on the need and nature of research matter (Research, 2019). There are
numerous components which influence the selection of survey type and availability of funds,
time, nature, are some examples of such components. Some highly admired survey methods
are as below:
(Figure: Frameworks of Survey)
(Source: By Author, 2019)
All these methods are very popular to conduct the survey and each method has some
specifications along with some limitations. For instance, the direct interview is very effective
to obtain fast, most effective and relevant conclusion from the targeted respondent population
but it is not suitable for a large population (Research, 2019). The phone survey is cost-
effective but not reliable as a direct interview. Written questionnaire depends on the
seriousness of respondent populations. For the given case log, the written questionnaire is
adopted-able due to following reasons:
Cost effective and useable for the large student population.
It is time efficient and easy for the survey-researcher (Research, 2019).
4
Survey
methods
Phone
survey
questionnai
re interview
Direct
interview
a):
To obtain the relevant and real conclusions about the research topic, process of gathering
information and views from the large or small population is known as a survey. The survey
can be made in many forms and each form has own merits and demerits so the selection of
survey method depends on the need and nature of research matter (Research, 2019). There are
numerous components which influence the selection of survey type and availability of funds,
time, nature, are some examples of such components. Some highly admired survey methods
are as below:
(Figure: Frameworks of Survey)
(Source: By Author, 2019)
All these methods are very popular to conduct the survey and each method has some
specifications along with some limitations. For instance, the direct interview is very effective
to obtain fast, most effective and relevant conclusion from the targeted respondent population
but it is not suitable for a large population (Research, 2019). The phone survey is cost-
effective but not reliable as a direct interview. Written questionnaire depends on the
seriousness of respondent populations. For the given case log, the written questionnaire is
adopted-able due to following reasons:
Cost effective and useable for the large student population.
It is time efficient and easy for the survey-researcher (Research, 2019).
4
Survey
methods
Phone
survey
questionnai
re interview
Direct
interview
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Useable when the same type of question is going to be asked to a large population for
rapid response.
b):
Sampling procedures can be explained as those systematic activities which are required to be
run for the selection of small data set from large targeted data population. It is a procedure
which works to ensure that selected data set which is going to be utilized in statistical
analysis is close representative of whole data population from which it is selected. Following
methods of sampling procedures are available to use:
Probable Sampling
These methods are based on the probability and say that sample selection should be impartial
so the equal chance of selection should be provided to each data unit so that effective and
most relevant conclusion about the whole population can be obtained. Stratified, Random,
cluster is some examples of probability sampling methods (Statisticsbyrachel, 2012).
Non-Probable Sampling
These methods ignore the probability and say that selection of samples is systematic and
scientific procedure so selection should be made on the basis of importance weight to ensure
that most important factors of the targeted population got more chance to selected for
statistical analysis (Statisticsbyrachel, 2012). In this method, weights are allowed to each data
unit and selection is made on the basis of such importance weights.
From the analysis of some probability and non-probability based sampling practices, it is
outlined that Cluster sampling which is a probability-based sampling practice will be most
suitable for the given case log. Selection of Cluster framework is made due to the following
reasons:
In cluster method of sampling, the targeted data group is segregated in small data–sets
which are known as Clusters which makes the sampling easily and fast.
Formation of Data-sets assists to gain more descriptive information about targeted data
group which improves the sample quality (Alvi, 2016).
Sampling becomes time efficient.
5
rapid response.
b):
Sampling procedures can be explained as those systematic activities which are required to be
run for the selection of small data set from large targeted data population. It is a procedure
which works to ensure that selected data set which is going to be utilized in statistical
analysis is close representative of whole data population from which it is selected. Following
methods of sampling procedures are available to use:
Probable Sampling
These methods are based on the probability and say that sample selection should be impartial
so the equal chance of selection should be provided to each data unit so that effective and
most relevant conclusion about the whole population can be obtained. Stratified, Random,
cluster is some examples of probability sampling methods (Statisticsbyrachel, 2012).
Non-Probable Sampling
These methods ignore the probability and say that selection of samples is systematic and
scientific procedure so selection should be made on the basis of importance weight to ensure
that most important factors of the targeted population got more chance to selected for
statistical analysis (Statisticsbyrachel, 2012). In this method, weights are allowed to each data
unit and selection is made on the basis of such importance weights.
From the analysis of some probability and non-probability based sampling practices, it is
outlined that Cluster sampling which is a probability-based sampling practice will be most
suitable for the given case log. Selection of Cluster framework is made due to the following
reasons:
In cluster method of sampling, the targeted data group is segregated in small data–sets
which are known as Clusters which makes the sampling easily and fast.
Formation of Data-sets assists to gain more descriptive information about targeted data
group which improves the sample quality (Alvi, 2016).
Sampling becomes time efficient.
5

c):
IDV:
Independent data variable is representative of those standard variables which is uninfluenced
from other associated variables. An IDV remains unaffected from other factors but makes a
significant impact on the values of other variable factors (Sarikas, 2018). For example,
electricity-consumption is an IDV which will make a significant impact on the bill amount
but bill amount will not make any direct impact on the consumption.
DV:
The dependent variable is representative of those standard variables which are influenced by
the associated factors. The degree of Dependent variable changes along with each alteration
in Independent Variable (Sarikas, 2018). For example, Electricity consumption is IDV and
bill amount is DV and, each alteration in consumption will reduce or increase the amount of
bill. Thus, the value of DV changes with each and every alteration in IDV but there is a
condition that other variables should be constant.
Case log:
Relationship of IDV and DV factors is understandable through the example of study time and
marks. If all other factors remain unchanged, each alteration in IDV (Study time) will reduce
the value of DV (Marks). For instance, if a student reduces the devoted time of the study, it
will reduce the marks but the increment in devoted study time will work to improve the
examination marks. Thus, IDV (study time) remains unaffected from DV (marks) but makes
a vital impact on the dependent variables.
d):
From the study of several survey methods, it can be concluded that a written questionnaire
will be the most suitable method of survey for a given study log. Cost-effectiveness,
accountability with communication channels, time-saving and more are some advantages
which make it suitable for the data gathering activities for targeted case long (Research,
2019). Having all these merits, some demerits are also associated with the written
questionnaire method and some of them are provided in below description:
6
IDV:
Independent data variable is representative of those standard variables which is uninfluenced
from other associated variables. An IDV remains unaffected from other factors but makes a
significant impact on the values of other variable factors (Sarikas, 2018). For example,
electricity-consumption is an IDV which will make a significant impact on the bill amount
but bill amount will not make any direct impact on the consumption.
DV:
The dependent variable is representative of those standard variables which are influenced by
the associated factors. The degree of Dependent variable changes along with each alteration
in Independent Variable (Sarikas, 2018). For example, Electricity consumption is IDV and
bill amount is DV and, each alteration in consumption will reduce or increase the amount of
bill. Thus, the value of DV changes with each and every alteration in IDV but there is a
condition that other variables should be constant.
Case log:
Relationship of IDV and DV factors is understandable through the example of study time and
marks. If all other factors remain unchanged, each alteration in IDV (Study time) will reduce
the value of DV (Marks). For instance, if a student reduces the devoted time of the study, it
will reduce the marks but the increment in devoted study time will work to improve the
examination marks. Thus, IDV (study time) remains unaffected from DV (marks) but makes
a vital impact on the dependent variables.
d):
From the study of several survey methods, it can be concluded that a written questionnaire
will be the most suitable method of survey for a given study log. Cost-effectiveness,
accountability with communication channels, time-saving and more are some advantages
which make it suitable for the data gathering activities for targeted case long (Research,
2019). Having all these merits, some demerits are also associated with the written
questionnaire method and some of them are provided in below description:
6
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The response of the person who is targeted in survey depends on the person view,
assumptions and mental situation and there is no way to reduce the native impact of these
factors on research quality (Research, 2019).
This method has conversation issues because there is no space of communication among
researcher and respondent.
Each survey topic has some associated topics which may create a vital impact on the
whole research outlining but lack of communication ignores such factors.
e):
Frequency diagram (normal):
20-30 30-40 40-50 50-60 60-70 70-80 80-90 90-100
0
5
10
15
20
25
1
8
16
20 20
17
12
6
Frequency Histogram
Class Intervals
F
r
e
q
u
e
n
c
y
Frequency- Relative Diagram:
7
assumptions and mental situation and there is no way to reduce the native impact of these
factors on research quality (Research, 2019).
This method has conversation issues because there is no space of communication among
researcher and respondent.
Each survey topic has some associated topics which may create a vital impact on the
whole research outlining but lack of communication ignores such factors.
e):
Frequency diagram (normal):
20-30 30-40 40-50 50-60 60-70 70-80 80-90 90-100
0
5
10
15
20
25
1
8
16
20 20
17
12
6
Frequency Histogram
Class Intervals
F
r
e
q
u
e
n
c
y
Frequency- Relative Diagram:
7
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20-30 30-40 40-50 50-60 60-70 70-80 80-90 90-100
0
0.05
0.1
0.15
0.2
0.25
0.01
0.08
0.16
0.2 0.2
0.17
0.12
0.06
Relative Frequency histogram
Class intervals
F
r
e
q
u
e
n
c
y
Cumulative-Relative frequency:
20-30 30-40 40-50 50-60 60-70 70-80 80-90 90-100
0
0.2
0.4
0.6
0.8
1
1.2
Cumulative relative frequency histogram
Class Intervals
F
r
e
q
u
e
n
c
y
IDV which stands for the free variables is presented by the Axis-X and views of respondents
are presented by the Y-Axis (dependent variable).
8
0
0.05
0.1
0.15
0.2
0.25
0.01
0.08
0.16
0.2 0.2
0.17
0.12
0.06
Relative Frequency histogram
Class intervals
F
r
e
q
u
e
n
c
y
Cumulative-Relative frequency:
20-30 30-40 40-50 50-60 60-70 70-80 80-90 90-100
0
0.2
0.4
0.6
0.8
1
1.2
Cumulative relative frequency histogram
Class Intervals
F
r
e
q
u
e
n
c
y
IDV which stands for the free variables is presented by the Axis-X and views of respondents
are presented by the Y-Axis (dependent variable).
8

f):
Diagram of the Scatter plot for the case log:
9
Diagram of the Scatter plot for the case log:
9
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g):
Summary of regression statistics output:
ANOVA:
10
Summary of regression statistics output:
ANOVA:
10
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20 30 40 50 60 70 80 90 100
0
5
10
15
20
25
f(x) = 0.0690476190476191 x + 8.35714285714286
R² = 0.0588935574229692
Scatter Plot
Mid Points
F
r
e
q
u
e
n
c
y
h):
Mean 62.9 62.9
Median n/2(even) 50
Range 60-70
Mid- 65
11
0
5
10
15
20
25
f(x) = 0.0690476190476191 x + 8.35714285714286
R² = 0.0588935574229692
Scatter Plot
Mid Points
F
r
e
q
u
e
n
c
y
h):
Mean 62.9 62.9
Median n/2(even) 50
Range 60-70
Mid- 65
11

Point
Thus, the answer will be 25.88 (i.e. Q3 – Q1)
i):
In the provided case log, Coefficient of Co-relation will be 0.55.
12
Thus, the answer will be 25.88 (i.e. Q3 – Q1)
i):
In the provided case log, Coefficient of Co-relation will be 0.55.
12
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