Statistics and Business Intelligence (KC7021)
Northumbria University (UNN)
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Statistics and Business Intelligence: Applications and Importance in Modern Business
- Essay • 6 pages • 2025
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This paper explores the critical role of statistics and business intelligence (BI) in modern business decision-making, with particular relevance to students and professionals at Northumbria University.
It begins by explaining the foundations of statistics, distinguishing between descriptive statistics (e.g., mean, median, standard deviation) and inferential statistics (e.g., hypothesis testing, regression analysis). These tools allow businesses to understand data, identify trends, and make fo...
Essay
Statistics and Business Intelligence: Applications and Importance in Modern Business
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This paper explores the critical role of statistics and business intelligence (BI) in modern business decision-making, with particular relevance to students and professionals at Northumbria University. It begins by explaining the foundations of statistics, distinguishing between descriptive statistics (e.g., mean, median, standard deviation) and inferential statistics (e.g., hypothesis testing, regression analysis). These tools allow businesses to understand data, identify trends, and make fo...
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