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The use of research data and statistical information in business is one of the key aspects of informed decision-making and analysis. Using statistics can be a viable way to ensure that ones actions are backed by real-world data and particular trends, which helps guide specific professional outcomes (Calvello, 2020). However, it is also important to note that statistics are often confusing, and using them correctly can present a challenge to many individuals. The question, then, centers on the proper ways of utilizing statistical information in research, as well as determining its validity for any given cause. This process should be informed by analytical decision-making and critical thinking.
Statistical data regarding a particular trend in society must be applicable to a business in terms of its scope and location. A smaller trend in another country shown by statistics, for example, may be irrelevant to use for a major company that works internationally. It is crucial to find information and facts that are more similar to the scope of work of ones organization. Additionally, the tools that authors of statistics use must be seen with utmost scrutiny. While some types of data can be useful for professional decision-making, an individual must ensure that the present data is obtained in a legitimate and correct way. An incorrect statistical conclusion may prevent businesses from making profitable or right decisions. It should also be said that business analysts should always strive not to make hasty decisions. In some cases, the data presented, such as a downward trend or a rising course, can be misleading, which in turn also results in bad decisions. As a way of combatting that, businesses must work to understand the underlying causes behind statistics, and not only use the numbers they see on a graph.
Reference
Calvello, M. (2020). Statistical analysis: A better way to make business decisions. Learn Hub. Web.
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