Importance of statistics in business decision making


1.Where would you see descriptive statistics used in your work place?

 

2.How would you define dependent and independent variables? What is their significance in research? Explain with example

 

3.Develop five demographic questions to measure gender, age, years of experience, level of education, and ethnicity. Identify the level of measurement used for each

 

4.How would you define a variable? What is the difference between a dependent and independent variable? Do you think both variables are used in every research? Explain why or why not. Provide examples. 

 

5.What is the importance of statistics in business decision making? Describe a business situation where statistics was used in making a decision.

 

6.What are the four data measurement scales? Provide two examples and explain the importance of each in business research.

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