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Explain a system of statistical methods (e.g. correlation & regression, average & dispersion, confidence intervals & significant test, Time Series, Index Number) that you would consider useful in analyzing a business performance.
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QUESTION Explain a system of statistical methods (e.g. correlation & regression, average & dispersion, confidence intervals & significant test, Time Series, Index Number) that you would consider useful in analyzing a business performance. Using your own examples, demonstrate the usefulness of the method(s) you have chosen. [80 marks] State any limitation(s) of the system you have chosen. [20 marks] SOLUTION 1. INTRODUCTION Because economic and business conditions vary over time, managers must find ways to keep abreast of the effects that such changes will have on their organizations. A brief description of the various statistical methods and their use is given below. Correlation analysis - is used association between 2 or more variables. It is used to measure the strength of the relationship between two numerical variables. It can be used to determine whether there is any evidence of a statistically significantly association between these variables. Regression - is used primary for the purpose of prediction....
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