Every day we utilize data in business that is collected from separate fields of research. The data is instrumental in decision making for different business aspects. The manner in which the data and information are measured is differentiated by different categories. The data is separated into qualitative and quantitative categories. Also, the data is measured in separate levels; ordinal, nominal, ratio and interval. All the classes of measurements differentiate the type of information that will assist us to gain an understanding of the different measurements and levels.
Define statistics with citation and reference
Statistics is the process of analyzing, and studying of the collected data gained from the separate points of research ( Ross, 2017) . That entails ideas that are collected from different studies, surveys, measurements and much more. In a nutshell, statistics is the study and analysis of the collected data outcome
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Contrast quantitative data and qualitative data. Use two peer-reviewed references.
Quantitative data, as the name suggests, emanates from quantity, and as such, it can be measured and counted. It is collected from weight, length, height, time, speed, and more. An instance of quantitative data in business would be the number of contracts sold in February 2017. The total of contract sold is viewed as quantitative data ( Ross, 2017) .
On the other hand, qualitative data as the name suggests originates from quality. It can be observed and looked, but it cannot be measured by the quantitative data. It can be a feeling, a smell. Texture, the manner in which something is shaped or looks. A specific example of qualitative data in business would be a review outcome that was carried out by an administrator for a worker or data concerning quality of job performed at a work site. Qualitative data is a bit cumbersome to collect and necessitates accurate description.
Evaluate tables and charts used to represent quantitative and qualitative data.
In order to evaluate charts and tables utilized to represent qualitative data, the researcher can graph qualitative data in separate ways, and that includes using bar and pie charts. For the case of a pie chart, a category is represented by every portion of the pie. The potion is always directly proportional to the percentage of response in that particular category. Pie charts are highly useful in displaying the relative frequencies of minute category numbers. Pie charts become confusing in a case of comparing separate experiments and surveys. They are utilized for the representation of frequencies in different categories. Bar charts can be noticed as being utilized at the end of polls ( Creswell & Creswell, 2017).
In order to evaluate charts and tables used to represent quantitative data, three different kinds of graphs can be used; histograms scatter plots and plots. A histogram can be viewed as adjacent triangles that stand at discrete intervals. A Plot is a diagram that is hand drawn or electronically produced. A scatter plot utilizes Cartesian ordinates that show two variables for a data set. According to Creswell and Creswell (2017), e valuation of charts and tables used to represent qualitative and quantitative data requires one to understand the numbers and labels that are presented in the table or chart.
Describe the levels of data measurement.
The data measurement levels from least to greatest are normal, ordinal, interval and ration scales ( Ross, 2017) . Normal scales give information in the form of a name or label that forms a group. Examples of normal scale utilize names like those in New York Stock Exchange. Ordinal scale display information based on an institution of rank, for instance, weakest to strongest. A good example is surveys since persons have an option of choosing exemplary, very good, good, average, or fail to do a product or service description. Interval scales grades, organize and shows the separate explanations of information. An example of interval scales are displays temperature difference such as Fahrenheit or Celsius. Ration scale allows persons to construe the ratio of numbers as the items number listed in the inventory of a business ( Ross, 2017) .
Describe the role of statistics in business decision-making.
Statistics play a critical duty in business and in the process of making decisions. A business entity has to make informed choices in order for it to continue being successful. The administrators need to have an idea of their target market and what they want. Statistics is key in providing such kind of information. Statistically based information is instrumental in designing educated and informed decisions. Conducting research contains data to be processed and analyzed, and that is significant for a successful company ( Ross, 2017) .
Provide at least two business research questions, or problem situations, in which statistics were used or could be used.
One scenario in which statistics are used is during political campaigns. Statistics are utilized when accounting for people that attend these political campaigns. By so doing, resource allocation remains more comfortable, and that avoids a case of underestimation or wastage that comes with campaigns. That ensures that the campaigns run smoothly. Also, statistics are essential in the analysis of big sets of data. Such data can be demonstrated from the number of persons that make use of social on a daily basis. The statistics are made for the people and not solely just for businesses. Individuals are searching for ways that will assist them to make decisions on where to buy products from. Statistics perform a critical role in our lives.
References
Creswell, J. W., & Creswell, J. D. (2017). Research design: Qualitative, quantitative, and mixed methods approaches . Sage publications.
Ross, S. M. (2017). Introductory statistics . Academic Press.
