Best Diagrammatic Representation - Measures of Central Tendency - Finance Assignment Help

Assignment Task :

• On the basis of the above data identify the numerical variables and categorical variables from the above data. If it is numerical, determine whether the phenomenon of interest is discrete or continuous? 
• Using the above data sheet, suggest the best diagrammatic representation of the variables revenue and product department. Explain the reason for choosing the diagram and what objective would it satisfy? 
• You have been asked to use a pie chart for the above data. Which variable would use choose to represent with a pie chart and why?  
• The data of the revenue and annual income were given in the above table. On the basis of the above data calculate the appropriate measure of the central tendency (mean, median and mode). Which of the three measures of central tendency is best to use? Explain.  
• Modern statistical tools and techniques are important for improving the quality of managerial decisions’. Explain this statement and discuss the role of statistics in the planning and control of business.  
• Why is it necessary to summarize data? Explain the approaches available to summarize data distributions. 
   

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