June 2023 NM unique assignments-Coefficient of Variation is a measure of variability of data points in a data set. With reference to this explain this statement.

June 2023 NM unique assignments-Coefficient of Variation is a measure of variability of data points in a data set. With reference to this explain this statement.

Business Statistics for Decision Making

1) Business Statistics for Decision Making or in a greater sense Data Analysis for Decision Making is fundamental to Business Decisions in a competitive world. Explain the statement with reference to suitable examples. (10 Marks)

2) Measures of Central Tendency tell us the nature of the data collected for analysis. State the uses of the various measures of central tendency in business decision making. (10 Marks)

3 a) Coefficient of Variation is a measure of variability of data points in a data set. With reference to this explain this statement. (5 Marks)

b) With reference to Coefficient of Variation (CV), calculate the CV of two data sets where the Standard Deviation and Mean of the data set are 2.5 and 76 respectively; and the Standard Deviation and Mean of the second data set is 8.9 and 45. Infer your results. (5 Marks)

June 2023 NM unique assignments-Coefficient of Variation is a measure of variability of data points in a data set. With reference to this explain this statement.

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