MTSOL7113: Statistics play an important role in various industries and businesses: Managerial Statistics Assignment, MU, Malaysia

Background:

Statistics play an important role in various industries and businesses. Quantitative methods are widely used for the analysis of data in industry and business activities. Statistics through quantitative methods helps businesses to plan their productions being fashioned to the taste of their consumers. Quality of the products can also be examined and proven to be more efficient upon using these quantitative methods in making sure that appropriate descriptive analysis on sample data is conducted to present accurate results.

Thus, good decision making for any business activities is mainly depends on the appropriateness of the quantitative methods being employed for data analysis in ensuring getting accurate statistical.

information. With the precise statistical information, management of any industries and businesses would be able to make good decision in terms of the location of its businesses, marketing of their business products, financial resources, etc.

Task:

Explain the following by illustrating your answers with their advantages, disadvantages, and examples of their usage in business applications.

a) Histogram, Frequency Polygon and Cumulative Frequency Polygon,
b) Arithmetic Mean, Mean Deviation, Standard Deviation and Skewness,
c) Median, Quartiles and Box Plot.

Answer

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