# 2 quantitative analysis for business – original work – due tonight

1.   Describe a business situation, other than what has already been selected by fellow students or selected from the team assignment, where mean and standard deviation can be used in decision making. Describe how calculation of mean and standard deviation can help in making a decision. When would you use descriptive over inferential statistics? Provide a specific scenario and explain your rationale.

 

2.  What are the various methods one can use to identify the shape of data distribution collected for research study? Why it is important to know the shape of distribution? Why it is important to find the shape of data distribution before computing descriptive statistics? Do all variables follow normal distribution? Explain why or why not. Explain with examples.

 

3.  Can mean, median, or mode be calculated from all statistical data? Explain why or why not. When is the mean the best measure of central tendency? When is the median the best measure of central tendency?