In the business statistical data are much prevailed in the decision making. The use of the statistic in the business environment makes the business person have a quality, performance, and the prediction of the business in the future. In the retail environment, the retailer gathers information and the data from the day to day clients that help in the improvement and planning of the business. Therefore, the statistic has a great role in the business regardless the size. This study is to determine the areas and the use of the statistics to the retail environment, as well as the business at large.
This the statistical approach that describes the essential feature and the element of the statistical data in the study. It tends and used to show the similarities and the review of the sample and the measures. The use of the quantitative analysis from the date collected, simple analysis can be done using the graphs. The descriptive data analysis describes what the data presents.
The descriptive statistics is used in the description of the data in a quantitative manner for a manageability form. Especially in the retail environment, the business deals with a lot of the customers hence research study has many and a lot to measure. Therefore, the descriptive statistics help in the simplification of the large data amounts to a simple review which is simplified.
This is a statistical element that is used to make a decision or the judgments that are seen from the groups. It helps in making the inference out of the data to make more general observation on the application. Therefore in the inferential statistics, the business person tries to get to the conclusion from the data collected. It extends beyond and more than the immediate data in the explanation on the retail environment and the effects that surround it.
Hypothesis development and testing
Hypothesis is the statement that provides a concrete of the relationship of the variables in the statistics. This is a statement that emphatically provides the description of the testable relationship of the concepts. In the academics' project research has an intention of the building block of the project. This gives the direction of the research. Therefore, it helps in the development of the research instrument which consist of the questionnaire and the purpose of the entire project.
In the retail environment, the hypothesis construction helps the business person to reflect on the problem that is directly affecting the business. Therefore, the construction and the development of a hypothetical statement keep the business intact and in the direction of finding out the solution of the identified problem. The hypothesis stating should be in a manner that is precise and simple. It should be concerned with the relationship of the presumed hypothesis in the two variables that are being seen in the study. This should be in the quantifiable statements that eventually have to be analyzed empirically.
In the testing of hypothesis, the use of the statistical probability has to be formulated in a manner that shows the truth or not. This has to be undertaken using the four steps. The first one is the formulation of the null hypothesis and the alternative. Then, the identification of the statistical analysis which is used in the determination and assessment of the truth and the applicability of the null hypothesis is made.
Then the computation of p-value shows the probability of a statistical analysis is significant considering the one would be observed and obtained if the null is true. This result shows the null is true when the p-value small. The smaller the p-value is this shows the stronger against the evidence is from the null hypothesis. Lastly, the comparison of the p-value and the accepted value is made. This is to show whether the observed effect can be statistically viable or significant.
Selection of the appropriate statistical analysis
Selection of the statistical analysis is much and crucial especially for the business as it provides the appropriate measures to be taken. The test can be as a result of using the conditions that uses paired test and unpaired test or making the use of the parametric analysis in statistical data that do not follow the distribution usually leading to incompatibility. The selection of the appropriate test the following are put in the consideration. The statistical date dealt with whether is a normal distribution or not and finally, the aims of the research study.
Evaluation of the statistical result
The evaluation of the statistical results helps to get the significance of the research in the relation to the problem at hand. This depends with a number of the components such as the source of the research and findings, the individual and the objects studied and the method they were selected. This extends to the exact measurement made and the questions asked in the process. Then getting the difference of the groups studied in the comparison of their results and finally the magnitude of the claim and the results. The evaluation of the results helps in the identification of the appropriate measure to be taken especially in the business.
The statistical study is mainly used by the business persons especially the retailers where they have direct contact with the customers in the daily basis. They get the feedback on the products and assess the viability of these by coming up with the viable outcome. In the retail environment, statistic is the base of the real performance. This helps in the expansion of the business according to the magnitude and the level of the customer's turnout.
Bening, V. E. ( 2000). Asymptotic theory of testing statistical hypotheses : efficient statistics, optimality, power loss, and deficiency. Utrecht ; Boston: VSP.
Lehmann, E. L. ( 1999). Testing statistical hypotheses. New York: Wiley.
Rubin, A. (2013). Statistics for evidence-based practice and evaluation. Belmont, Calif: Brooks/Cole.