1 - Research Statistics And Business Decisions

Question 1

Research

Answer 1

Process of systematic enquiry or investigation about a particular problem or issue that leads to new or improved knowledge.

Question 2

Basic research

Answer 2

Aims at developing knowledge on existing concepts and developing new perspectives.

Question 3

Applied research

Answer 3

Focuses on solving a particular business problem

Question 4

Statistics

Answer 4

Is a branch of mathematics that is concerned with facilitating wise decision-making in the face of uncertainty. It helps making sense out of variability. It is responsible for:

• collecting
• organising
• presenting
• analysing
• interpreting data

Question 5

Descriptive analytics

Answer 5

Summary table of data from raw resources

Question 6

Inferential statistics

Answer 6

Are used to infer or predict population parameters from sample measures

Question 7

Business research

Answer 7

Is the objective and systematic process of obtaining, recording, analysing and interpreting data to discover new information or relationships or expand existing knowledge to remove uncertainty for business decision-making.

Question 8

In-house vs external consultant

Answer 8

• objectivity
• cost
• time