Descriptive statistics are statistical techniques that are used to give summary presentation for a particular set of data using graphical or tabular statistic summary ( Mankiw, 2016). The information presented by descriptive statistics are imperative in decision making and thus they are a significant part of business development. They include frequency tables and charts, cross-tabulation, descriptives, and explorations. They present elements such as the sample mean, median, mode, frequency, measures of kurtosis and skewness among others. The video by Ozanteaching (2011), illustrates on the application of excel to analyze data descriptively and present the results in a histogram. The video explains that with the use of data analysis add-on in Microsoft Excel, one can conduct basic data analysis such as descriptive statistics. Application of histogram feature in Excel groups the data set in a finite number of groups and determines the individual frequency for each group distributed between the maximum and the minimum data values.
Critical thinking, in its least difficult shape, is the use of a consistent structure and sensible reasoning to a contention. It's an ability that can be gotten and rehearsed at all dimensions of business. In a complex authoritative condition with contending interests and restricted assets, successful basic leadership can turn into a noteworthy test. By applying a basic and organized way to deal with critical thinking, new choices will turn out to be clear. While recognizing potential arrangements, thinking basically gives the devices to decide the right answer for every circumstance, leaving an unmistakable 'best' choice. Microsoft Excel compatibility with other with other MS products and analysis packages as well as its simplicity in application continue to improve its popularity in usage in conducting key business decision making analysis. Additionally, the ability to formulate solution fuctions in Excel using features such as results visualization, scenarios creation, and questionnaire design enhances its significance for use in business critical thinking strategy.
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References
Mankiw, N. (2016). Principles of Macroeconomics . Cengage Learning.
OzanTeaching. (2011). Descriptive Statistics using "Data Analysis" tool in Excel. Retrieved from https://www.youtube.com/watch?v=5MFjwM6K5Sg
