Business Statistics for Decision-Making

Questions:

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.

Answer preview

Business Statistics are increasingly becoming a vital operational component of the corporate world, especially in this modern era of big data. The importance of business statics emanates from the fact that embracing business statistics enables an organization to make well-informed decisions, giving it a chance to increase its competitive edge (Weihs & Ickstadt, 2018). Business statistics refers to the process of categorizing, analyzing, interpreting, and compiling data, with the ultimate goal of doing this being to inform decision-making (Weihs & Ickstadt, 2018). Gone are the days when organizational leaders would predominantly rely on instincts and experience to inform their decisions; now, they can rely on business statistics to improve their decision-making.

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