Data and Statistics Business & Marketing Essay Paper (Essay Sample)
In statistical analysis, which is better when attempting to present information for decision makers in a company, categorical or quantitative data? Thanks for your support.source..
Data and Statistics
Data and Statistics
Business statistics, like many areas of study, utilize data for decision making. As opined by Black (2019), business analysts interpret data, thus providing useful information for a wide variety of applications such as those that forecast future values or predict trends for companies. Different types of data are collected for analysis and interpretation from various sources such as business surveys, internet searches, empirical research, government documents, retail scanners, among others. Such data may be analyzed and presented to decision-makers either in the categorical or quantitative form. It is noteworthy that categorical and quantitative data have unique attributes that ought to be considered before choosing between the two types of data. Therefore, this paper discusses the different characteristics of categorical and quantitative data, thus picking the better option to present information for decision-makers in a company.
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