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    Descriptive statistics

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    If you were given a large data set such as the sales over the last year of our top 1,000 customers What types of business decisions might be affected by these descriptive statistics? Will these sample statistics accurately estimate the purchasing habits of all our customers? Why or why not?

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    Solution Preview

    There are many different business decisions that could be made, from the business standpoint of making a profit, based on the sales made over the year of the top 1,000 customers. For instance, the descriptive statistics may tell you that certain products are highly favored (i.e. selected more often for purchase) than others. A business person may decide to stock even more of these items for the following year, in hopes of selling even more of these items at a profit. Conversely, the business person may decide to order in less items for the following year that are selling poorly, or the person may decide to ...

    Solution Summary

    This solution of 426 words explains the uses and importance of descriptive statistics in business situations involving customer analysis.