Descriptive statistics: Meaning and application in business
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Descriptive statistics: Meaning and application in business
Descriptive statistics is a branch of statistics that deals with summarizing and describing data. It involves methods and techniques for organizing, summarizing, and presenting data in a meaningful and understandable way. In business, descriptive statistics play a vital role in analyzing and understanding data, which is an essential aspect of decision-making. In this blog post, we will explore the meaning of descriptive statistics and its application in business.
What is Descriptive Statistics?
Descriptive statistics is the process of analyzing and summarizing data in a way that allows us to make sense of the information. It deals with the collection, organization, and interpretation of data. The primary goal of descriptive statistics is to provide a summary of the data that can be easily understood and used for decision-making.
Descriptive statistics uses measures of central tendency, such as the mean, median, and mode, to describe the typical values in a dataset. It also uses measures of dispersion, such as range, standard deviation, and variance, to describe the spread of the data. Other commonly used descriptive statistics include frequency distribution, percentages, and quartiles.
Application of Descriptive Statistics in Business
Descriptive statistics are widely used in business to analyze and interpret data. They provide insights into the performance of a business, which is essential for decision-making. Below are some of the ways that descriptive statistics are used in business.
Sales Analysis
Descriptive statistics are used to analyze sales data in business. By using measures of central tendency and dispersion, businesses can identify trends and patterns in sales data. For example, a business can use descriptive statistics to calculate the average sales revenue for a particular period and the variance in sales revenue. This information can be used to identify areas where the business is performing well and areas where it needs to improve.
Customer Analysis
Descriptive statistics are used to analyze customer data in business. By using measures of central tendency and dispersion, businesses can identify the characteristics of their customers. For example, a business can use descriptive statistics to calculate the average age of its customers and the standard deviation in age. This information can be used to create customer segments and to tailor marketing efforts to specific customer groups.
Employee Analysis
Descriptive statistics are used to analyze employee data in business. By using measures of central tendency and dispersion, businesses can identify the characteristics of their employees. For example, a business can use descriptive statistics to calculate the average age of its employees and the variance in age. This information can be used to create employee segments and to tailor training programs to specific employee groups.
Financial Analysis
Descriptive statistics are used to analyze financial data in business. By using measures of central tendency and dispersion, businesses can identify the financial performance of the business. For example, a business can use descriptive statistics to calculate the average revenue per customer and the standard deviation in revenue per customer. This information can be used to identify areas where the business is generating the most revenue and to make financial projections.
Market Analysis
Descriptive statistics are used to analyze market data in business. By using measures of central tendency and dispersion, businesses can identify the characteristics of the market. For example, a business can use descriptive statistics to calculate the average age of the market and the variance in age. This information can be used to create market segments and to tailor marketing efforts to specific market groups.
Advantages of Descriptive Statistics in Business
Descriptive statistics have several advantages in business. Some of the advantages are:
Easy to Understand
Descriptive statistics provide a summary of data that is easy to understand. This makes it easy for decision-makers to interpret the data and make informed decisions.
Provides a Snapshot of Data
Descriptive statistics provide a snapshot of data at a particular point in time. This information is essential for tracking the performance of a business and making strategic
Descriptive statistics: Meaning and application in business
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
|
|
Also, you can place the order at www.collegepaper.us/orders/ordernow / www.phdwriters.us/orders/ordernow
|
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME]and Have It Done by Our PhD Qualified Writers!! |
|
|
PLACE THE ORDER WITH US TODAY AND GET A PERFECT SCORE!!!