Open Always
Email: Call Now! +1-315 515-4588
Open Always
Email: Call Now! +1-315 515-4588

Management Essay Assignment on Using Statistics in Business Decisions

Nursing Research Paper on PICOT Assignment

This assignment question was recently posted by one of our customers and shared with our professional writers. If you are looking for assignment help on this topic or similar topic, click on ORDER NOW button to submit your details. Once we have your order details, your assignment will be assigned to one of our best writers, who will then proceed to write your paper and deliver it within your specified deadline. Thank you for choosing us today!

Management Essay Assignment on Using Statistics in Business Decisions

Using Statistics in Business Decisions


Data Collection

Businesses and organizations of all types produce significant quantities of data. The majority of these data are generated from normal business operations. For example, each sales transaction of a beverage manufacturer will contain data about the date of the sale, the product sold, the amount of the sale, the customer, the region of the sale, and perhaps the salesperson. These are primary data, and collection of this type of data typically occurs automatically within the organization through the organization’s databases that store the transactions. Other primary data are collected to measure operational performance toward specific objectives. For example, a package delivery company may track driver safety performance over a period of time over certain routes during each day of the week. A copper mining company may collect information on the weight of ore hauled by each truck to understand if truckloads are optimized. A retail store may collect data on customer traffic in the store each hour. Credit card companies may measure how quickly customer service calls are answered.

In addition to company and transaction specific data, organizations and businesses frequently collect financial and market data about competitors, suppliers, customers, and others to guide effective decision making. This data collection effort occurs outside the business and might involve tools such as surveys, interviews, and questionnaires. For example, a manufacturer of appliances might ask its suppliers to produce data on financial health, safety records, and measures of product quality. A consumer goods company may distribute a new product in a defined region and follow up with telephone interviews to assess the product’s performance and attractiveness. National Family Opinion is a national organization that uses the Internet and mail surveys to understand consumer preferences and reactions to specific grocery and nongrocery items. Other site collect data on political opinion for use by political campaigns and journalists. A financial services company that is interested in acquiring another financial institution would require data on the acquisition target’s customer base, branches, and deposits. If any of these data are collected by a third party, such as an independent market research group, or if the data are purchased (such as a customer list), the data are considered secondary data. Whether primary or secondary data, users must always be aware of the collection tools and data sources to ensure fairly measured and accurate data. Having correctly measured data from unbiased samples or sources is critical to correct decision making.

Graphs, Charts, and Tables

Graphs, charts, and tables are tools to help organize and aggregate data upon collection. Each tool helps transform the data into information useful in decision making. Graphs and charts visually present summaries and relationships. For example, a pie chart could visually summarize the percentage of sales dollars in each sales region for a beverage distributor. A frequency distribution could identify the number of salespeople that achieved specific performance targets (e.g., sales or sales growth). A bar chart might compare the quantity of ore hauled by different types of trucks in dry versus wet weather to estimate the effect of weather on mining production. Line charts or graphs frequently involve how performance changes over time. For example, a financial services company might plot a line chart of the growth in deposits by type over time for its acquisition target. Another graph might identify a relationship between the change in sales of soft drinks versus bottled water over the last 5 years, or the change in sales around different levels of marketing. Unlike the visual relationships presented in charts and graphs, tables present summary data in columns and rows, leaving the user to identify and understand relationships. Presentation of data in tables allows users to better understand the data points, range, and distribution characteristics. What is the preferred method of presenting collected data? A combination of visual charts and graphs and tabular presentations ideally describe a set of data and explain the relationships. Pictures minimize the need to explain relationships verbally. However, tabular presentations of data allow users to develop their own understanding of the data and relationships.

Numerical Measures

Numerical measures describe data samples and populations to better understand the central point and spread of the data. Numerical measures, such as the mean, median, and mode describe the central tendency or common point of the data. Variance and standard deviation describe the spread of the data. The variance is the square of the standard deviation. Since the unit measure is squared in the variance, standard deviation is more commonly used to get to the original units.

These measures together allow users to make inferences about the data that can be used to answer questions and make decisions with a statistical measurement of confidence. For example, consider a set of data collected to understand the effect of a smoking ban on restaurant sales. The mean sales is the average level of sales. The median sales is the sales point where half of all observations are greater than the median and half are below the median. The most common data point defines the mode. Typically, the mode is more commonly reported among discrete or categorical data rather than continuous data. For example, if restaurant patrons rate service quality on a scale of 1 (poor) to 5 (excellent) with the following distribution, then the mode is 4.


Percent of Responses











Although data may have similar central points, the variance and standard deviation describe how spread out the data distribution is. For example, do a significant number of data points remain around the central tendency points, or are the data points spread out on one or both sides of the center point? For example, although average restaurant sales are the same before and after a smoking ban, the level of the sales may be found to be more spread out prior to the ban compared to after the ban. Rather than concluding no effect of a ban, a difference in the variance of sales may suggest that a greater variety of customers are attracted to the restaurants after the ban.


M.U.S.E(2020). Using Statistics in Business Decisions.






Academic Writing Help

All writing formats, 24/7 customer support via live chat, email or phone number, and timely delivery guaranteed.

Are you looking for homework writing help? Click on Order Now button below to Submit your assignment details.

Homework Writing Help
We Can Help you with this Assignment right now!

Are you looking for homework writing help on this topic? This question was posted by one of our client seeking homework help.  If you are therefore looking for an assignment to submit, then click on ORDER NOW button or contact us today. Our Professional Writers will be glad to write your paper from scratch, and delivered within your deadline. Perfect choice for your excellent grades!


We ensure that assignment instructions are followed, the paper is written from scratch. If you are not satisfied by our service, you can either request for refund or unlimited revisions for your order at absolutely no extra pay. Once the writer has completed your paper, the editors check your paper for any grammar/formatting/plagiarism mistakes, then the final paper is sent to your email.

Privacy| Confidentiality

We do not share your personal information with any company or person. We have also ensured that the ordering process is secure; you can check the security feature in the browser. For confidentiality purposes, all papers are sent to your personal email. If you have any questions, contact us any time via email, live chat or our phone number.

Our Clients Testimonials

  • I appreciate help on the assignment. It was hard for me but am good to go now

    Impact of pollution on Environment
  • Am happy now having completed the very difficult assignment

    Creative Message Strategies
  • Your writer did a fine job on the revisions. The paper is now ok

    Ethics: Theory and Practice
  • The paper was so involving but am happy it is done. Will reach you with more assignments

    Title: Privatization in or of America
  • I expected perfection in terms of grammar and I am happy. Lecturer is always on our head but was pleased with my paper. Once again, thanks a lot

    Title: Bundaberg Inquiry
  • The paper looks perfect now, thank to the writer

    Health Care Systems
  • You helped me complete several other tasks as you handled paper. wonna thank you

    Critique Paper on Political Change

Related Articles

Get more from us…

Would you like this sample paper to be sent to your email or would you like to receive weekly articles on how to write your assignments? You can simply send us your request on how to write your paper and we will email you a free guide within 24-36 hours. Kindly subscribe below!

Email Address: