This type of measurement is best used when the data has also been captured at the ordinal or ratio level as the orthogonality of the data set is reliable (Marshall, Ruiz, Bredillet, 2008). Extrapolating statistics to a broader population is also dependent on the approach of randomization used. When a solid methodology, sampling frame and approach to randomization have all been defined, inferential data is often used in organizations to define company-wide strategic initiatives. These include the decision to open more retail stores for a clothing or sporting goods retailer for example based on demographic data.
Inferential statistics are often used for experimental analysis where the statistical significance of relationships within the data is analyzed is highly useful for gaining insights into customer preferences and requirements (Ainslie, Leyland, 1992). Using inferential statistics to project the cause-and-effect relationships of marketing and sales programs has proven to have a high Return on Investment (ROI) as well (Marshall, Ruiz, Bredillet, 2008).
Conclusion
When data needs to be accurately and succinctly summarized for analysis and decision making, descriptive statistics are most often used. Conversely when data has been captured using statistically-sound methodologies with randomization as part of the sampling plan, extrapolations of results across...
statistics also identify various types as well as levels of the same. Further, the role statistics plays in business decision making will also be explored. Later on, a number of examples will be presented in an attempt to identify situations in which statistics can be put to use. A review of literature demonstrates that over time, different authors have given varying definitions of statistics. According to Siegel (2011), "statistics is
Introduction The business taken into account for the analysis is Google, Inc. The primary data being collected is on Google and on different mobile applications to evaluate the validity of whether the latter are becoming more significant and popular compared to Google. In this case, the independent variable is percentage of internet usage on Google for every period. Basically, the metric taken into consideration is the percentage of time spent on
Managing to a significant reduction in variably is a key aspect of Six Sigma, which explains why statistics are used extensively throughout the quality management strategies of services companies and manufacturers alike (Bergquist, Albing, 2006). Many organizations are creating enterprise-wide quality management systems that encompass product and service process audits, Six Sigma strategies for gaining greater performance from trimming wasted time and materials for processes, and the development of quality
Statistics in the Hardware Store Statistics can be used in a variety of ways in a hardware store. Because it is a retail business, the main reason for the use of statistics for decision making that will help the business financially prosper. They are used to determine what products customers want and need and how much of each item to keep in stock. Statistics are used answer important questions like when
Again, the presidential campaign acted as a catalyst for technology adoption, and led to first-time social networking users getting online. It also led to existing users creating additional profiles as well. On the third most significant variable in determining the effects of social networks on which candidate would eventually win Q39. Do you have a single profile on each site, or do you have multiple profiles on one web site?
Based on the method the researcher use to conduct analysis, the data analysis presented is appropriate because the researcher use combination of both qualitative and quantitative methods in the data analysis. Interpretation of Results The interpretation of results is critical in the research studies. Based on the objective of the study, the researchers have been able to draw a significant correlation between research results and research aim and objectives. Researchers emerge the
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