Business Research At Address A Management Dilemma Should Contain Enough Facts For Management

768 Words Jul 18th, 2015 4 Pages
Business research to address a management dilemma should contain enough facts for management to base sound decisions. These underlying data will come from statistics and will be either descriptive or inferential.
Summary of Descriptive and Inferential Statistics
When one thinks of data, usually rows and rows of data comes to mind either in the form of a spreadsheet or using a database tool. It is the analysis of this data, summarizing, tabulating, cross-referencing, and discerning patterns that makes the data valuable for researchers. For it is this, that tells the story. Descriptive statistics is the term given to the analysis which finds patterns in data. Descriptive statistics is usually achieved through the use of summary tools such as charts and graphs.
Inferential statistics, however is analyzing a random sampling of data, usually population data, and then making inferences or suggestions about the whole collection. It differs in that the entire data set is not analyzed. By conducting the right experiments, the researcher has can draw conclusions applicable to his research.
Strengths and Weaknesses of Each Sampling Approach
Descriptive and inferential statistics have strengths and weaknesses of each sampling approach. Descriptive statistics usually involve measures of central tendency such as mean, median, mode, and measures of dispersion such as variance and standard deviation. Descriptive statistics refers to the underlying data and does not draw…

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