Converting data into information to understand past and current performance is the core of descriptive analytics and is vital to making good business decisions.
Choose an industry example of interest to you, and describe the details of a specific graphical representation of the distribution of data—a histogram. What is the business or economic scenario?
Where would you find the data you needed to create your histogram? Which company reports or documents would you use for your research?
Numerical measures provide an effective and efficient way of obtaining meaningful information from data.
Correlation is a measure of the linear relationship between two variables, such as economic growth [measured by GDP; Gross Domestic Product] and a company’s sales/revenue.
Choose an industry/company and provide a graph of its sales versus GDP. Examine/observe the correlation, the linkage, between the industry/company’s sales revenue and economic growth, measured by GDP.
What are your observations?