Business Data Presentation

Business Data Presentation

Business statistics is the systematic process of collecting, interpreting, and presenting numerical data about business situations. In business, statistics is organized into two categories: descriptive statistics and statistical inference. A table is a collection of related data arranged for ease of reference or comparison, usually in parallel columns with meaningful titles.

Tables are a very useful tool in summarizing statistical data and are found everywhere in business. Once the data have been obtained from the table, they can be compared with other data by arithmetic or percentage analysis.

Numerical data form the raw material on which analyses, forecasts, and managerial plans are based. In business, tables and charts are used extensively to summarize and display data in a clear and concise manner.

A line chart shows data changing over a period of time. A single glance at a line chart gives the viewer a general idea of the direction, or trend, of the data: up, down, or up and down. Line charts are actually a series of data points on a grid that are continuously connected by straight lines. They may contain a single line, representing the change of one variable such as interest rates, or they may contain multiple lines, representing the change of interrelated variables such as interest rates and stock prices or sales and profits.

Bar charts are divided into three categories: standard, comparative, and component. Standard bar charts are used to illustrate the change in magnitude of one variable. Comparative bar charts are used to illustrate two or more related variables.

The pie chart is a circle divided into sections representing the component parts of a whole.

The arithmetic mean corresponds to the generally accepted meaning of the word average. The median of a set of numbers is the midpoint value when the numbers are ranked in ascending or descending order. The mode is the third measure of central tendency that we consider. It is the value or values in a set that occur most often. It is possible for a set of data to have more than one mode or no mode at all. The range is a measure of dispersion; it is the difference between the lowest and the highest values in a data set.

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