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1. Why use statistics in business research, and what is its role?
2. How can the concept of variance and standard deviation be applied to solving a real world business-related problem? Include a specific example from business. Explain.
3. When would you use descriptive statistics over inferential statistics? Give a specific scenario and explain your rationale.
4. Why is using Baye's theorem (conditional probabilities) important to help answer business-related questions? What does this theorem allow you to do?

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1. Why use statistics in business research, and what is its role?

A person needs to use statistics in business research for a number of reasons. One can do so in order to find out if an organization is staying on track with their financial goals. The marketing team can measure the performance of their products and customer satisfaction. The same is true for accounting as well as any other department that needs extensive research done in order to find out what needs fixed or if anything can get tweaked for additional improvement. The role of business research is to make sure that people are able to do their job effectively in a business setting. By doing so, they are self-aware through statistics. This helps one to know what is done well and what needs improvement. The ultimate goal is to make sure that it is as accurate as possible, so that people do not skew the data, which could hinder the results when interpreting it for one to help the business run smoothly.

2. How ...

Solution Summary

This solution discussed statistics and the research it entails.