Statistics Business Research for Decision Making

Executive Summary

The purpose of this report was to exploring and statistically analyzing the given quantitative data set of observations obtained from the World Bank between the years 1995 to 2008. The basic aim behind this analysis was to identify and design an appropriate business research strategy so as to manage any potential problems that the bank could experience at any later time. The analysis of the entire data set indicated that normal and symmetrical distribution of the data with a few outliers only. The analysis of descriptive statistics of the variables indicated that the standard deviation for the variable of annual GDP growth was the lowest while it was highest for the variable of mobile cellular subscriptions. Also, the trends of all the variables of the data were either increasing or cyclical in nature, with only a few instances when the progress became constant and was neither increasing nor decreasing. Furthermore, the correlation analysis of the variables indicates that the weakest positive correlation of 0.31 was present between the variables of life expectancy at birth and the emission of CO2. However, the strongest positive correlation existed between the variables of a number of mobile subscriptions per a hundred people and the life expectancy at the time of birth.

Introduction

Data Analysis and Interpretation

The analysis of data and its interpretation refers to the process of drawing meaning from the collected set of data, so as to draw conclusions about it. Additionally, this helps to evaluate the significance of the obtained information and the findings along with predicting the possibilities of its effective implications. The methods involved in this process are determined by the nature of the information being observed. However, the purpose of this evaluation and the problems under consideration provide a structure for the appropriate organization of the data and directs the focus of the entire analysis as well.

Trends of the Data

The trend of a data refers to an increasing, decreasing or a cyclical pattern in which the data progresses. The trends for a given data can be observed by generating appropriate plots for its observation. One effective method of this demonstration is through scatter plots along with a trendline. A trendline is utilized to graphically represent the trends present in data so as to analyze and predict its potential concerns (Hon, 2008).

The trends as observed in the given variables of the data are mentioned below, in the form a line graph which includes markers for the observed values as well, like the way values are represented in scatter plots. The combination of both these methods help in the gaining of clear and precise evaluations and conclusions about the various variables of the study (Rosenberg, 2010).

Life Expectancy at Birth Total (Years)

This plot represents the life expectancy at the time of birth, and its variations across eight years. Through the observation of this plot, it can be concluded that the expectancy of life at birth has maintained a consistently increasing trend from the ...