Determine the difference between data, information, and knowledge. Define the point at which data become information and information becomes knowledge.
Explain why meaningful and correct data analysis—statistics—is important in using the volumes of available business data. Support your discussion with relevant examples, research, and rationale.
>Assume you are a marketing analyst working for a manufacturer of ready-to-eat cereal. You are given detailed sales data for the past year and asked to create a report showing the differences between the four sales regions (north, south, east, and west) in terms of sales volume, profitability, and changes in sales volume and profitability; marketing expenditures and changes in marketing expenditures; and per capita sales and marketing expenditures.
Evaluate which of the four types of data (nominal, ordinal, interval, and ratio) is the sales data you are working on.
Compare specific statistical techniques and charts you could use to depict differences, specifically addressing each of the categories constituting your report. Determine which techniques and charts you would use. Then explain why you believe that the techniques and charts you have chosen would be appropriate. Support your discussion with relevant examples, research, and rationale.
>You are analyzing the cross-store sales of a grocery store chain. As part of your analysis, you compute two measures of central tendency—mean and median. The mean sales are $358.4 million, and the median sales are $163.1 million (per store). To quantify the average sales per store, evaluate which of the two measures would you use and why. Support your discussion with relevant examples, research, and rationale.
>The final paragraph (three or four sentences) of your initial post should summarize the one or two key points that you are making in your initial response.
