Business Statistics Episode 2

The standard deviation of 2 indicates that customer service representatives always took exactly three days to address customer concerns.

Inferential statistics is used to analyze data from an entire population.

The businessman's team used descriptive statistics to make estimates about the average of an entire population.

The sample data from the call logs can be used to make inferences about the average response time of all customer service representatives.

The standard deviation of 2 is a measure of central tendency.

The study on customer service response time is an example of using statistics in business to improve customer satisfaction.

The median is a measure of variability in descriptive statistics.

Descriptive statistics is used to analyze data and make predictions about future outcomes.

The mean is the most frequent age in a dataset.

The mode is a measure of central tendency that is used to describe the most common value in a dataset.

A/B testing is a type of descriptive statistical method.

In business analytics, statistical measures are used to analyze data and make informed decisions.

Inferential statistics is used to describe the characteristics of a sample.

The standard deviation is a measure of central tendency that tells you the position of values in the frequency distribution.

Retail analytics uses descriptive statistics to analyze sales data.

In HR, statistical applications can be used to analyze employee demographics and identify trends in employee behavior.

The mode is a measure of variability.

Customer satisfaction surveys use inferential statistics to make predictions about future customer behavior.