# Business And Financial Statistics Assignment Help

Business and financial statistics involves applying statistical techniques and tools in  marketing, finance, production, manpower planning, and research and development departments to retrieve relevant information that aids in decision making. The business management uses various statistical tools to explore the organization’s operations and financial transactions to ensure that all processes are running accurately. Based on the data being analyzed, business statistics falls under two major categories:

• Descriptive statistics: This method involves using charts, tables, graphs, and other statistical tools and techniques to analyze or make generalizations about a given phenomenon.
• Inferential statistics:The generalizations and analysis made through descriptive analysis sometimes may not be true and consequently, inferential statistics is used to validate these generalizations. Inferential statistics estimates and validates facts and figures to ensure accurate decision making.

### 3 Ways To Describe Samples And Populations In Business And Financial Statistics

When working on samples and populations in business and financial statistics, there are three types of measures you can use to describe your set of data. These include:

• Measures of central tendency: The measures of central tendency are used to determine the center of a set of data. They include:

Mode: The most common value in a set of data

Median: The value in the middle o f a data set

Mean: The average of the data set

Samples are chosen randomly from the population that is being observed. If the samples are collected properly, then each sample will accurately show the characteristics of the population from which it was derived.

• Measures of dispersion: The standard/variance deviation, percentiles range, quartiles, range, and interquartile range are all measures of dispersion. They describe the extent to which values of a given set of data are scattered.
• Measure of association: As the name suggests, the measure of association describes how two populations or two samples of data are associated/related. Examples of measures of association include the correlation and covariance.

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### The Importance Of Statistics In Business And Finance

Businesses collect large sets of data all the time, especially in this era when the internet has made it possible to gather information pertaining all of its operations from how many products are sold per day to how much profit the company makes annually. The purpose of business statistics is to evaluate this information to determine the performance of the company and strategies that can be implemented to increase business productivity. Below is a summary of the importance of business statistics:

• Improved employee performance: Business statistics enable the management to determine and analyze employee performance. A manager gathers data about the productivity of an employee such as the number of hours he/she has worked or the number of tasks he/she has completed. The management then analyzes this data to find effective ways in which the employee can improve his/her performance and maximize his/her productivity. Some companies also keep track of employee happiness and engagement on the job. This data is then analyzed to keep employees motivated and make sure that they are not leaving for other job openings elsewhere.
• Evaluating alternatives: Apart from managing employees, business statistics also helps the management compare alternative options when solving problems and choose the best idea for the company. For instance, when choosing a payroll system, the company must analyze some of the products that have been used successfully by their competitors and select the most popular one. The management collects performance data from the software manufacturers and independent sources like customer reviews to decide which product is the best.
• Data comparison: Business statistics also helps the management compare previous and current data to determine whether the company is on the right track. For example, the managers can use the statistics to find out if the sales levels achieved within a given period of time are close to what the company had projected for that period. From this information, the management can decide whether to make extra investment on the least performing product or terminate the product completely. Making such a decision wouldn’t be possible without an accurate comparison of previous and current statistical data.
• Research and development: A business can also use statistics to carry out market research. It can develop surveys or get random samples of consumers to find out what they think about the company’s products. A survey may also be used to determine whether there is enough demand for products among the target consumers.

There are many more advantages of business statistics that we have not discussed here. If you would like us to expound more on this topic, connect with our providers of help with business and financial statistics.

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