Description

Business Statistics for Decision Making
September 2023 Examination

Q1. Data can be majorly classified into two categories, which can be further classified
into sub groups. Briefly explain the types of data that are used in Business Decision
Making.
Ans :
Introduction:
Statistics performs an essential position in cutting-edge business choice-making methods. It
gives precious insights and information that allow companies to make informed picks and
techniques. In business information, statistics can be categorized into qualitative records and
quantitative facts. Those classes may be, in addition, broken down into subgroups with
precise traits and applications. This essay will discover the types of records used in business
selection-making, discussing their standards, applications, and significance.
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Q2. Frequency Distribution is one of the ways of data representation. With reference to
this explain frequency distribution with a suitable example. (10 marks)
Ans :
Introduction:
Frequency distribution is a statistical tool used to arrange and summarize facts meaningfully.
It involves counting the wide variety of occurrences of every data point or range of values
within a dataset. By showing the frequency of different weights or levels, frequency
distributions offer a clear picture of the distribution and patterns inside the information. This
record is essential for selection-making processes in various fields, which include enterprise,
finance, healthcare, and social sciences. In this article, we can delve into frequency
distribution and its application in decision-making and provide a suitable instance to illustrate

Q3.A) Measures of Central Tendency try to represent the Central most value of a Data
Set. Suppose that you are conducting a market research in which you have captured
both qualitative and quantitative data. You are suspecting that the quantitative data
may have some outliers. In this context identify the correct measure of central tendency
to be used for qualitative data, quantitative data and state how will you identify outliers
in the quantitative data (5 marks)
Ans :
Introduction:
In business, decision-making plays a crucial role in determining the achievement or failure of
an employer. One of the vital additives of choice-making is market research, which involves
gathering and analyzing records to gain insights into patron behavior, options, and market
developments. These records can be qualitative and quantitative, providing particular kinds of

Q3.B) Suppose in the same market survey, you have captured both grouped and
ungrouped data. With reference to, the concepts of central tendency explain how will
you treat Grouped and Ungrouped Data. (5 marks)
Ans ;
Introduction:
In business records, records play an essential function in decision-making processes. It
presents treasured insights into various elements of a business, allowing managers and
decision-makers to make knowledgeable selections. Common forms can be encountered
when studying information: grouped and ungrouped statistics. Each record kind calls for