Podcast
Questions and Answers
Why are business statistics considered important in decision-making?
Why are business statistics considered important in decision-making?
- They solely focus on past performance data.
- They provide descriptive data about employee preferences.
- They help in forecasting and improving business strategies. (correct)
- They eliminate the need for qualitative analysis.
What is one primary benefit of using data in business statistics?
What is one primary benefit of using data in business statistics?
- It replaces the need for market research.
- It allows for subjective decision-making.
- It supports evidence-based decisions to minimize risks. (correct)
- It guarantees a profitable outcome every time.
In business statistics, which method is commonly used for predicting future trends?
In business statistics, which method is commonly used for predicting future trends?
- Inferential statistics. (correct)
- Historical data review.
- Qualitative judgment.
- Descriptive analysis only.
What role does sample size play in statistical analysis?
What role does sample size play in statistical analysis?
Which aspect can skew the results in business statistics?
Which aspect can skew the results in business statistics?
Flashcards
Business Statistics
Business Statistics
Collection, analysis, interpretation, presentation, and organization of numerical data in business.
Data Collection
Data Collection
Gathering information from various sources relevant to business needs.
Data Analysis
Data Analysis
Process of inspecting, cleaning, transforming, and modelling data with the goal of discovering useful information, supporting decision-making, and improving understanding.
Descriptive Statistics
Descriptive Statistics
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Inferential Statistics
Inferential Statistics
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