Reporting on Results of Analysis
Uploaded by CaseyP on Feb 28, 2019
Reporting on Results of Analysis
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Reporting on Results of Analysis
Statistics are divided into inferential and descriptive statistical techniques. The two branches attain different objectives, and each serves a specific purpose. However, the two analytical techniques are used concurrently for proper data understanding and interpretation. Descriptive statistical method deals with how data is presented and collected while the inferential statistical technique involves making appropriate conclusions based on statistical analysis of descriptive statistics. Therefore, one statistical technique cannot exist without the other. The concept of inferential and descriptive statistical techniques is highly applied in businesses for problem-solving and decision making. For instance, companies apply statistical techniques when they face situations that require the selection of the best solution among alternatives. Additionally, statistical methods are used to identify and compare relationships among variables that influence decision making. This paper intends to report the results of descriptive and inferential statistical techniques. The paper examines migration data of Mississippi and California states to find where the headquarters of a moving company will be located. The descriptive technique has analyzed the two states using mean, percent, variance, percentile ranks, and standard deviation while the inferential technique has done it using simple linear regression. Also, the paper has identified the cautions, limitations, and generalizations experienced during the analysis. Additionally, the paper has come up with a conclusion based on the results of analyzing the two states. The results reveal that the moving company should locate its headquarters in California.
An Analysis of the Business Question
The executive leaders of a U.S founded company are trying to determine a state that has significant business potential in which to locate its headquarters. The major income for a moving company is transportation fees charged from customers. Thus, a change in migration rate impacts the bottom line. However, high migration rate can affect the revenue either favorably or adversely. The current state of residence for the moving company, Mississippi, has been adversely affecting incomes due to limited movement of residents. If the company was operating in a state with a large population where people constantly move in and out of surrounding towns, it would thrive. As a result, the company would generate more income and mitigate the vulnerability to the going concern. The company’s executives are concerned about the performance of the company and have addressed the issue of establishing the headquarters of the company to another state. Thus, inferential and descriptive...