Business Statistic for Decision-Making
Develop a paper that defines and presents an analysis of the following concepts in a business application. This means that you must provide examples of how each of these concepts can be used by upper-level management to make strategic decisions, and provide details on how statistical concepts used in the decision-making process can be summarized and presented to a board of directors.
● Types of statistics used for business.
● How Computer Software Applications can be used to process and analyze data
● How data can be displayed and explored in an effort to make better strategic business decisions
● How Probability is used in sales, marketing, manufacturing, and so forth.
● How to test hypotheses and compare results for the purpose of forecasting and making better strategic business decisions.
● Develop a hypothetical numerical example, conduct a test of hypotheses, and interpret the results.
Instructions
-Essay format (APA)
-8-10 pages, double spacing
-Font: Times New Roman, Size 12
-At least 6 peer reviewed sources (include DOI in reference page)
-In text citations for each peer-reviewed source
-No plagiarism8-10 pages, double spacing
Requirements: 8-10 pages, double spacing | .doc file
Answer preview
Inductive statistics goes beyond a description of an issue through the collection, summary, and interpretation of pertinent data (Neubauer, 2010). Rather, it denotes the methods used by organizations to infer or make broad generalizations pertaining to a totality of observations base on the knowledge of a portion of such totality. This totality of observation is generally referred to as the universe or population, and the part of this totality subjected to an empirical investigation gets referred to as a sample. Inferential statistics are essential to organizations, considering they assist with the evaluation of risks taken when making generalized assumptions about a particular population that is subject to an organization’s empirical investigation (Neubauer, 2010). For instance, an organization involved in the manufacture of batteries can take five batteries from a production lot and use them as samples for inspection to determine whether they are in good condition for use by consumers.
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Business Statistic for Decision-Making
