NMIMS BBA – B.Com Business Statistics for Decision Making Solved Answer Assignment
9
Oct
2024
Business Statistics for Decision Making
1) Business Statistics for Decision Making or, in a greater sense, Data Analysis for Decision Making is fundamental to Business Decisions in a competitive world. Explain the statement concerning suitable examples. (10 Marks)
Introduction:
In the capitalist world today, every business corporation wishes to acquire the largest market share and the whole market. It is in line with the profit-making approach of the companies as opposed to the welfare-oriented approach of the govt. Due to the advent of globalization, businesses have expanded their business statistics in the outer world, which has somehow increased their market share and even provided them with an increased number and variety of customers.
Concept & Application
Businesses collect, analyze, interpret, and present all relevant data to the concerned parties in the field of Statistics. These numbers are essential in any business regardless of the mode of functioning of the business (traditional or digital). They tell us and reflect on the status of the business, its market share, the demand for its product or services by the consumer, how well it is performing, what is its priority sector (profit-making sector), and what is leading to loss-making. Thus, it is essential for every business to timely collect and analyze this data according to various disciplines and then make decisions.
Conclusion:
Thus, it is essential for every business to timely collect and analyze this data according to various disciplines and then make decisions.
The concerned parties in the field of Statistics receive all relevant data from businesses for collection, analysis, interpretation, and presentation.
2) Measures of Central Tendency tell us the nature of the data collected for analysis. State the uses of the various measures of central tendency in business decision-making. (10 Marks)
Introduction:
The business ultimately aims to earn a profit and makes decisions accordingly. In the field of business, statistics is the process of collecting, analyzing, interpreting, and presenting data related to the business, its market, consumers, and stakeholders to concerned parties.
Concept & Application
Various mathematical formulas or disciplines help us estimate and calculate the average or the median of data. Central tendency comprises two words, Central and Tendency, and Central refers to the central value or average value of statistics data or a piece of quantitative information. Tendency refers to a method or measure. So central tendency refers to finding the central or average value of a sample size data or quantitative information.
Conclusion:
These numbers are essential in any business regardless of the mode of functioning of the business (traditional or digital). They tell us and reflect on the status of the business, its market share, the demand for its product or services by the consumer, how well it is performing, what is its priority sector (profit-making sector) and what is leading to loss-making.
3 a) Coefficient of Variation measures the variability of data points in a data set. Concerning this, explain this statement. (5 Marks) –
Introduction:
Businesses collect, analyze, interpret, and present all relevant data to the concerned parties in the field of Statistics.
Concept & Application
The coefficient of variation is a measure of the variability of data points in a data set:
In business statistics, the concept of dispersion is used to determine the variability of data by measuring the quantity involved.The coefficient of variation is a type of measure of dispersion. The Business Statistician uses this method to find the average or mean value of the data.
Conclusion:
Thus the statement, in a nutshell, means that this coefficient of variation is a method through which the business statistician understands the changes happening in the data, whether drastic or regular, or correspondence, in a given database.
b) Concerning the Coefficient of Variation (CV), calculate the CV of two data sets where the Standard Deviation and Mean of the data set are 2.5 and 76, respectively, and the Standard Deviation and Mean of the second data set are 8.9 and 45. Infer your results.
Introduction:
It is to be noted that ultimately the business wants to earn a profit, and they need to make decisions in such direction only. Statistics is a field or department of business wherein all the data related to the business, its market, consumer, and all the stakeholders are collected, analyzed, interpreted and presented to the concerned parties.
Concept & Application
In business statistics, the concept of dispersion is used to determine the variability of data by measuring the quantity involved.The coefficient of variation is a type of measure of dispersion.
Conclusion:
There are, however, disadvantages to using relative standard deviation instead of absolute one. A limitation is that it cannot construct confidence intervals for the mean. When the mean is close to zero, the CV approaches infinity, making it very sensitive to small changes in the mean.
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