Measurement of Business Quality Characteristics

2603 Words10 Pages
MEASUREMENT OF BUSINESS QUALITY CHARACTERISTICS1 MEASUREMENT OF BUSINESS QUALITY CHARACTERISTICS Abstract Statistic preferred descriptive statistics. It involves the description of the major features of the data collected from a business. It tends to carry out a collective summary of the set of data extracted from the business characteristics. This summary is either visual or quantitative and simple in nature and looks at the sample observation and conclusions. The summaries conducted can either construct the baseline or foundation of the original data description as an active section of a complex and extensive analysis of statistics or form the essential framework of a given investigation. It is important to conduct a business statistical analysis so as to determine whether financial projections are geared towards profit making. The analysis is important for purposes carrying out the business plan update, which may be undertaken in different levels. These are lower level that entails factual and detail, which may need to be changed in the initially drafted business plan. The conceptual update comes at the higher level of update. This analysis may be due to the introduction of new products into the business as a result of the prevailing demand, tastes and preferences. Every business has its frequency of conducting a statistical analysis because there is not any universally identified frequency. but based on the basic thumb rule, it is important to carry out periodical
Open Document