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Safari File Edit View History Bookmarks window Help a why is desc Team Discussion #3-EC03401-Team 10 DoSLEwhy is descriptive statistics important in a business All News Videos Images Shopping More Settings About 25,200,000 results (0.43 seconds) 457 Descriptive statistics are used to describe the basic features of the data in a study. They provide simple summaries about the sample and the measures. Together with simple graphics analysis, they form the basis of virtually every quantitative analysis of data. 30 25 20 Social Research Methods - Knowledge Base - Descriptive Statistics https://www.socialresearchmethods.net/kb/statdesc.php @ About this result F. People also ask What is descriptive analysis? How do you explain standard deviation? Why do we need inferential statistics? What is descriptive and inferential statistics with example? Understanding Descriptive and Inferential Statistics- Laerd Statistics https://statistics laerd.com statistical-guides/descriptive-inferential-statistics.php Descriptive statistics is the term given to the analysis of data that heips describe, show or summ data in a meaningful way such that, for example, patterns might emerge from the data

Explanation / Answer

Descriptive statistics are one of the fundamental “must knows” with any set of data. It gives you a general idea of trends in your data.

In the business world, descriptive statistics provides a useful summary of many types of data.

For example, investors and brokers may use a historical account of return behavior by performing empirical and analytical analyses on their investments in order to make better investing decisions in the future.

Examples:

A regional manager who oversees 15 different car dealerships.will keep track of sales per month, number of vehicles sold, number of salesmen, sales per person, operational costs, delivery times, and other information. He use this statistical information to look at trends, understand relationships between numbers, and make sound business decisions. If you need to shift a sales member to a different store, or realize that he need more available stock during certain months, all of which helps maximize the company's resources and profit.

A regional store manager is concerned about how long customers have to wait to check out. Currently, customers queue in multiple lines with a single cashier. He measure the mean length of time for customers to complete their transaction for a month. Then the next month, he line up customers in a single line with multiple cashiers and measure the mean length of time for the transaction. He notice that even though customers take longer to walk to the next available cashier, the overall transactions are reported faster. When the company expands and builds the next store, he specifically request it to be designed with one queuing line, using your findings to substantiate the request.

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