Is formal training in statistics required to make use of BI tools? Why are we doing this?
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Is formal training in statistics required to make use of BI tools? Why are we doing this?
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- The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?What is the science of statistics? Why is it important in quality management?practical example of the USES of Statistics, in business applications.
- What are some of the common Business Statistics used in Excell for Hospitality Management?What are the key considerations when modeling time-dependent data, such as temporal databases or event sourcing systems?This type of analysis is most appropriate when the past is a good predictor of the future.
- Do you think that the use of Statistics is important for a Business Analysis?Which of the following are the four important components in the definition of business statistics as a discipline? Hint: There are four correct answers. a. calculators b. certainty c. data d. uncertainty e. qualitative skills f. informed decision g. computer software h. quantitative skillsDetermine the type of business analytics for the following scenarios. A. Imagine you are a meteorologist. You have to foretell the weather for the next two weeks by analysing the data from the satellites. Here, you have to apply advanced statistical, information software, or operations research methods to identify predictive variables and build predictive models. Discuss in detail which type of business analytics will be suitable for this scenario.