Business Statistics Quantitative Data Analysis

Question: Discuss about theBusiness Statisticsfor Quantitative Data Analysis. Answer: Introduction Business statistics theory explains the concept of quantitative data analysis and the procedure of solving problems in businesses (Berenson et al., 2012). Statistics in businesses is divided into two grouping, descriptive and inferential statistics. Descriptive statistics involves the gathering, organisation, summarization and the presentation of data while inferential statistics is the estimation from the samples to the whole population, testing of hypothesis, identifying the relationship between various variables and predicting the outcome (Black, 2013) There are many ways to see the growth of trading industries and many elements can be made responsible for the growth. However, there are two major elements for the growth; they are imports and exports. Export is the process of seeding products to the buyer while import is the process of receiving the product. Export represents profit as well as independence of a country. Import does not represent the losses as it represents the overall customers base. Import is essential for the possibilities of new products. The growth of an organization depends on the increase of imports or exports activity carried out by the organization. Collection and statistical analysis of the business data can help an organization in field operations, service improvement, management of finances as well prediction of growth. The Data The trade balance of January 2017 has been taken as the data for the present study. For the study of the trade balance quantitative data measured on an interval scale has been used. The essay has three graphs. All the three graphs analysis of goods and services trade, exports of goods and services and trade shares are time series analysis (Sachs, 2012). While the graphs analysis of goods and services trade and exports of goods and services have a time line of the second week of January 2017, the graph trade shares evaluates the shares traded from 1988 to 2016. All the graphs measure the time in the x-axis. Different dependent variables are depicted using different colours. To summarise the data in the article features of descriptive statistics has been used. In business statistics descriptive statistics is defined as the use of central tendency as well as variability. In the essay at hand I do not find the use of central tendency measurements. Ratio measures have been used in the study to quantify the fall in exports of different commodity. Similarly percentage has been used to measure the growth in imports of different goods. The variation in imports and exports can be measured through the measure of distribution of the data. In a dataset, the distribution of the data can be measured either through the use of Range or Inter-Quartile Range (IQR). Range is used to measure the difference between maximum and minimum of the dataset. IQR measures the difference between the third and first quartile in the dataset. The analysis of the trade balance of 2017 based on exports and imports does not report the distribution of data (Bickel Doksum, 2015). Conclusion Statistics is the study of data. Data is generated by a governments as well as private organizations. The governments collect data of different departments (health, trade, transport etc) so that they can analyse the data and provide better services. Statistics aid in the process of data analysis. Based on the analysis of the data informed decision can be taken. The analysis of the data done in the trade balance of 2017 is a longitudinal data. To represent the data the numerical method as well as the graphical method has been used. Numerical data has been used to study the trade balance of 2017. It has also been used to study the fall in exports of goods like gold and iron ore. Numerical data has also been used to study the increase in imports of capital goods. The goods and services trade has been studied in $bn. From the graph it can be seen that there is been a rise and fall of goods and services trade in the second week of January. Numerical data has been used to compare how exports fell by 3% in the month and imports rose by 4%. The present essay finds effective use of percentages to project the rise and fall of different commodities in the export and import sector. The article presented here in both percentages as well ratio sees successful use of numerical statistical data. The trend in trade balance and growth of different sectors can be put to use by the government. Business decisions on how to fill trade deficits, increase exports can be made. Thus, it can be envisaged as to how, statistics can be used in different sectors. References Berenson, M., Levine, D., Szabat, K., O'Brien, M., Jayne, N., Watson, J. (2012). Basic business statistics: : Concepts And Applications (3rd ed.). Pearson Higher Education. Bickel, P. J., Doksum, K. A. (2015). Mathematical statistics: basic ideas and selected topics (Vol. 2). CRC Press. Black, K. (2013). Business Statistics: For Contemporary Decision Making (8th edn). Wiley Global Education 2013 Keller, G. (2015). Statistics For Management And Economics (10th edn). Cengage Learning Sachs, L. (2012). Applied statistics: a handbook of techniques. Springer Science Business Media.