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DESCRIPTIVE STATISTICS - Coggle Diagram
DESCRIPTIVE STATISTICS
Definition
Summarise the data ti help managers to analyse its significance. Analysing data gives managers the information to make rational, evidence-based decisions.
Median
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Enables managers to see if the performance of a product or store or member of staff is above or below the middle value
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Mean
The average value and is found by adding up the total of all the values and dividing this by how many numbers there are.
Managers might want to consider which is an appropriate sales target for staff or when deciding what qualifies for a bonus.
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Standard deviation
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Gives indication of the variation that occurs, and this will affect planning. The bigger, more spread, lower, less spread.
If high, manager may need to have the capacity to produce goods.This would require much greater flexibility in terms of planning.
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Representing datas
Bar Charts
Summarise the data ti help managers to analyse its significance. Analysing data gives managers the information to make rational, evidence-based decisions.
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Pie charts
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To construct, managers work out the proportion of the total that each category represents.
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