Posted: April 5th, 2021
What is the difference between data, information, and knowledge? In your opinion, when does data become information and information become knowledge? Support your answer with relevant examples. Why is meaningful and correct data analysis-statistics-important in using the volumes of available business data?
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 per store, which of the two measures would you use and why? Justify the answers with examples and reasoning.
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