How would you define statistics? How is statistics used in business decision making?

 

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·         What is the importance of statistics in business decision making? Describe a business situation where statistics was used in making a decision.

 

How would you define a variable? What is the difference between a dependent and independent variable? Do you think we use both variables in every research? Explain why or why not. Provide examples.

 

·         How would you define dependent and independent variables? What is their significance in research? Explain with examples.

 

·         What are the four data measurement scales? Explain with examples. Which level of measurement is lowest and why?

 

·         How do we define measurement? What are various levels of measurement? How do you select measurement levels when developing a survey or data collection tool? Explain with examples.

 

·         What are data? What is the relationship between data and variables? What is your understanding of meaningful data?

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