Business Statistics Methods - how to Organize and Manipulate the Data
- Median Mode and Mean
- Construction of two series
- Doing Hypothesis
- Seasonal Factors
In the business world, statistics is the main tool to identify, understand and summarize the current situation. In fact, it is the way for a company to change its strategy and to be able to know what it should improve to increase its sales or to answer better to the customers' expectations. In order to be able to do the statistics, we have to collect enough reliable quantitative data. The initial data is, at the beginning, unintelligible, disorganized and unusable. The statistics will summarize this data that will allow us to analyze, compare, interpret and visually present them. It is the main support to draw conclusions. Before the arrival of new technologies, it was very complicated to use this data, but due to the arrival of computers in the 20th century, it is much more easier to sort the information, it takes less time and the results are reliable. In this case study, I am going to explain how to organize and manipulate data in order to get the information we need to know.