Bar graphs are used to compare figures in a study, such as sales figures during different time periods. They are useful for presenting frequencies and for ease of comparison.
Uses:
Histograms are a type of bar chart, used to show frequency and the range within a data set.
Descriptive statistics are quantitative tools used to summarise and present statistical data in a user-friendly way.
Infographics are visual representations of information, used to captivate people's attention by combining information and graphics.
→ Relevant to paper 3.
The mean (or the arithmetic mean) is a measure of the average value in a data set by calculating the sum of all the numbers in a data set and then dividing it by the number of items in that data set.
→ Average sales in a specific season to determine which one’s most popular.
The median is the average based on the middle value of the data set, which splits values in the higher half from those in the lower half.
→ Determining manager’s salary.
The mode (or the modal average) is the number that occurs more frequently than any other value in a data set.
→ Performance benchmark to measure productivity.
→ Identify business’s popular products or frequent age range of customers.
Limitation:
Pie charts are used for expressing percentages, such as data on market share ****or the proportion of participants who chose a particular option in a survey.
Quartiles divides a data set into four proportionate parts, enabling managers and decision makers to see the distribution of the items in the data set.
→ Allow decision makers to see the distribution of the items in a data set, i.e. changes in sales during different times of the year.
→ Provide the data sets with context.
Standard deviation is a statistical technique that allows a business to see the extent to which the results from a set of data show divergence from the mean average. The greater the standard deviation, the more spread out the numbers are and the greater the variation from the mean.
Uses:
Business are interested in the spread of data to give indication of the variation, as it have direct impact on their strategic planning and decision making.
→ Evaluating employee performances.
Larger deviations requires business to be more flexible given the market uncertainties.