The statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities. This average amount determines the midpoint of a data set also known as Central Tendency. Although the calculation of the mean is similar, different data types may require an alternate approach.
Managers should know about the mean value as it helps them to know the central value of data set.It can be used in the following way: If manager wants to know about the level of satisfaction of customers,he can take up a survey.He will get raw data after taking survey.Once he uses that raw data and finds mean using SPSS he will get to know the average level of satisfaction of customers which will further help him in decision making. It can also help managers while making modifications in their products as the mean value will help him to know what modifications are the customers expecting
For a manager it is important to know the mean value .... Because we see that Manager need to take many critical decisions, so knowing a mean value of any data may know help him to know what could be best decisions he can take by comparing last few years data ...
- it can help him to know the average sales for the past quarters - it can help him to make financial decisions - it can help him to know the average man power he need to complete the task
Jyoti bhadaganvi 2GI19MBA36 Div A *reason to why the manager should know about mean value. 1.The mean means average. It is used frequently in everyday life to express an amount that is typical for a group of people or things. 2.managers should know about how to calculate mean values because it summarise a large amount of data into a single value and indicate that there is some variability around this single value within the original data. 3. It reduces the work of the managers when the sample size is large and does not include outliers, the meanscore usually provides a better measure of central tendency.
Managers should know about mean value as it gives the average cost and forms the good basis for estimating future costs. Mean practical tool for comparing and measuring business data.
Managers should know about the mean value as it is frequently used in all the aspects of business like number of items produced per day on a large assembly line, number of orders received per month for the firm, etc which help in future analysis and decision making. Example of using mean in a Firm:- Say we want to find average salary of all the Supervisiors. We can do it on the basis of our knowledge of annual salaries of 6 particular supervisors who each earn 25000, 30000, 28000, 32000.. so on respectively and divide them by 6. Here we get a sample mean as we are finding mean on the basis of annual income of only 6 particular supervisors .
The Importance of Statistics in Management Decision Making. Statistics deal with available data and come up with conclusion based on those real data. Statistical techniques provide more reliable solution than the other techniques and the gut feeling. It helps managers to deal with uncertainties with more confidence. It identifies a single value as representative of an entire distribution. It aims to provide an accurate description of the entire data. The mean, is one of the measure of central tendency. Mean can be used in research activities.
Mean is the sum of all the values in the data set divided by the number of values in the data set.
Why Managers should know about Mean:- 1. It is a practical tool for comparing and measuring business data. 2. It views and organizes a set of data. 3. Summarises a large amount of data into a single value.
Mean = Sum of the values ___________________ Number of the Values
The SPSS allows managers to analyze and display operating data using a wide variety of charting and graphing techniques. SPSS embodies powerful statistical tool for in-depth analysis and modeling of business and economic data. SPSS helps managers access data easily.
The statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities. This average amount determines the midpoint of a data set also known as Central Tendency. Although the calculation of the mean is similar, different data types may require an alternate approach. The importance of the mode, mean and median in business depends on the analysis required and the business function to which the results apply. For some data, the three values are close or the same, while for other types of data, the mode or median may differ substantially from the mean. When the three calculations give different results, the key is to choose the value that will give the desired guidance. This choice is different for different business functions. It helps managers in forecasting and even future decision making. It helps them to be prepared for the future difficult situation. Helps in taking financial decisions and even regarding Raw materials ect
The mean is also referred as average in statistics which is used to measure center of numeric data set .It is the most basic statistic that carries something from every respondent, and suggests the middle ground or the generally acceptable response. It helps managers for better decision making suppose manger has to take call on increase in number of sales for current years so it requires quantitative data for previous years to predict future sales so mean of data will be beneficial for better decision making.
Anushree Sinai Navelkar Usn- 2GZ19MBA37 Rollno 49 Div- A 1.The mean gives the average cost and forms a good basis for estimating future costs, as long as the external factors remain the same. 2. The statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities. This average amount determines the midpoint of a data set.
Managers need to know about mean value because i) It is important to compress a lot of information into few numbers to make it easy to process and understand. ii) If we want to compare multiple datasets with each other we can't compare each and every value of the dataset instead we can calculate the mean value of that particular dataset so that we can compare it easily. iii) The Mean, Mode and Median are such values which describe the dataset in the simplest and meaningful way. iv) Mean helps to determine the central value of a dataset So a manager needs to know about mean value.
Managers should know about the mean value as it is frequently used in all the aspects of business like number of items produced per day on a large assembly line, number of orders received per month for the firm, etc which help in future analysis and decision making. Example of using mean in a Firm:- Say we want to find average salary of all the Supervisiors. We can do it on the basis of our knowledge of annual salaries of 6 particular supervisors who each earn 25000, 30000, 28000, 32000.. so on respectively and divide them by 6. Here we get a sample mean as we are finding mean on the basis of annual income of only 6 particular supervisors .
Shreya sainuche 2GZ19MBA34 Manager should know about the mean value as the business of any size is a complex undertaking.in addition to day to day responsibilities,your company must engage in long term plannig,develop new product or service, streamline production or delivery and locate new customers while serving existing clients.statistics provide managers with more confidence in dealing with uncertainty in spite of the flood of available data, enabling managers to more quickly make smarter decisions and provide more stable leadership to staff relying on them.
Name:-Deepali jadhav USN :- 2GI19MBA22 ✓Statistical mean provide managers with more confidence in dealing with uncertainty in spite of the flood of available data. ✓ Enabling managers to more quickly make smarter decisions and provide more stable leadership to staff relying on them. ✓ it helps to take reasonably accurate, cost-effective disecion than attempting a census of very single customer a company may ever deal with. ✓ means helps to measure and control production processes to minimize variations, which lead to error or waste.
Rutuja patil USN :2GZ19MBA09 The statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities. This average amount determines the midpoint of a data set also known as Central Tendency. Although the calculation of the mean is similar, different data types may require an alternate approach. The importance of the mode, mean and median in business depends on the analysis required and the business function to which the results apply. For some data, the three values are close or the same, while for other types of data, the mode or median may differ substantially from the mean. When the three calculations give different results, the key is to choose the value that will give the desired guidance. This choice is different for different business functions. It helps managers in forecasting and even future decision making. It helps them to be prepared for the future difficult situation. Helps in taking financial decisions and even regarding Raw materials ect
The mean value which helps in the manager with information, Ideas and techniques. Manager focus on growth rate of corporate assets and profitability as indicators of overall health of the corporation. SPSS help manager to access data efficiently.
Managers should know about the mean value due to the following reasons: 1. The arithmetic mean is one of the oldest methods used to combine observations in order to give a unique approximate value. 2. Mean helps the managers to find out the average salary given to the employees in the organisation. 3. It helps the managers to calculate the average production per day, average sales, average orders,etc. 4. These averages are calculated by the managers while taking important financial decisions for the organisation.
The mean gives the average cost and forms a good basis for estimating future costs, as long as the external factors remain the same The mean is also referred as average in statistics which is used to measure center of numeric data set .It is the most basic statistic that carries something from every respondent, and suggests the middle ground or the generally acceptable response. It helps managers for better decision making suppose manger has to take call on increase in number of sales for current years so it requires quantitative data for previous years to predict future sales so mean of data will be beneficial for better decision making.
Pooja Koliwad USN: 2GZ19MBA12 The mean means average. It is used frequently in everyday life to express an amount that is typical for a group of people or things. It helps managers in forecasting and even future decision making. It helps them to be prepared for the future difficult situation. Helps in taking financial decisions and even regarding Raw materials ect
Managers should know the mean value because Mean value summarise a large amount of data into a single value and indicate that there is some variability around this single value within the original data. The mean can be used to get an overall idea or picture of the data set.
Mean is statistical data which is used to compare, analyse and measure the data. It also used to know the central tendency of data set. Here manager can get to know the about product, working condition, customer service and satisfaction. It helps to take future decisions or in decision making. If any difficulties arise in the future they can analyse and take the decision and also in financial decisions
To find out mean value which it helps managers to access data easily, quickly repair data for analysis, analyze data throughly and present results clearly.
The statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities. This average amount determines the midpoint of a data set also known as Central Tendency. Although the calculation of the mean is similar, different data types may require an alternate approach.
Mumtaz Naik 2GI19MBA54 24(A) The statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities.Statistical analysis provides a framework for organizing data, analyzing data, and examining business problems in a logical and systematic ways.
Statistical Mean helps managers with:- (1)The tools necessary to make sense of large quantities of data and to make ever more effective business decisions based on outcomes drawn from data. (2)The statistical Mean tries to provide the accurate description of data which makes the work easy for Manager. (3)Helps in taking financial decision very easily. (4)There is n no. Of information and data to be calculated and mean makes the work easy for Manager to calculate it with sum of the values divided by number of values and then the results can be very easily found it saves time.
-Statistical mean is a practical tool for comparing and measuring business data. -It provides a way of assigning an average value to a set of numerical quantities. - This average amount determines the midpoint of a data set also known as Central Tendency. - Although the calculation of the mean is similar, different data types may require an alternate approach. -The importance of the mode, mean and median in business depends on the analysis required and the business function to which the results apply. - For some data, the three values are close or the same, while for other types of data, the mode or median may differ substantially from the mean. -When the three calculations give different results, the key is to choose the value that will give the desired guidance. -This choice is different for different business functions. -It helps managers in forecasting and even future decision making. It helps them to be prepared for the future difficult situation. - Helps in taking financial decisions and even regarding Raw materials ect.
Managers should know about the mean value because. Values are the core of every business. They're what your business stands .your reason for being. Your business's values will help to steer your business, management and employees in the right direction.A clear set of values, agreed and understood by management and employees, are often behind most successful organisations. If your business is yet to establish a set of values, the 3-step process below can help you to identify and develop them.
USN 2GI19MBA40 The statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities. This average amount determines the midpoint of a data set also known as Central Tendency. Although the calculation of the mean is similar, different data types may require an alternate approach. Statistical Mean helps managers with:- (1)The tools necessary to make sense of large quantities of data and to make ever more effective business decisions based on outcomes drawn from data. (2)The statistical Mean tries to provide the accurate description of data which makes the work easy for Manager. (3)Helps in taking financial decision very easily. (4)There is n no. Of information and data to be calculated and mean makes the work easy for Manager to calculate it with sum of the values divided by number of values and then the results can be very easily found it saves time.
The mean value or score of a certain set of data is equal to the sum of all the values in the data set divided by the total number of values. A mean is the same as an average. For example, if a certain data set consists of the numbers 2, 5, 5, 8 and 10, the sum of the numbers is 30. Through SPSS package we can easily calculate mean value.
Anup Yankati 2GI19MBA12 Say we want to find average salary of all the Supervisiors. We can do it on the basis of our knowledge of annual salaries of 6 particular supervisors who each earn 25000, 30000, 28000, 32000.. so on respectively and divide them by 6. Here we get a sample mean as we are finding mean on the basis of annual income of only 6 particular supervisors . It helps managers for better decision making suppose manger has to take call on increase in number of sales for current years so it requires quantitative data for previous years to predict future sales so mean of data will be beneficial for better decision making.
Managers should know about the mean value as it is frequently used in all the aspects of business like number of items produced per day on a large assembly line, number of orders received per month for the firm, etc which help in future analysis and decision making. Example of using mean in a Firm:- Say we want to find average salary of all the Supervisiors. We can do it on the basis of our knowledge of annual salaries of 6 particular supervisors who each earn 25000, 30000, 28000, 32000.. so on respectively and divide them by 6. Here we get a sample mean as we are finding mean on the basis of annual income of only 6 particular supervisors .
Prajakta patil USN :2GZ19MBA08 The statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities. This average amount determines the midpoint of a data set also known as Central Tendency. Although the calculation of the mean is similar, different data types may require an alternate approach. The importance of the mode, mean and median in business depends on the analysis required and the business function to which the results apply. For some data, the three values are close or the same, while for other types of data, the mode or median may differ substantially from the mean. When the three calculations give different results, the key is to choose the value that will give the desired guidance. This choice is different for different business functions. It helps managers in forecasting and even future decision making. It helps them to be prepared for the future difficult situation. Helps in taking financial decisions and even regarding Raw materials ect
Divyajyoti naik Roll no:11 Usn:2GI19MBA26 Division:B There are several kinds of means in various branches of mathematics. For a data set, the arithmetic mean, also called the mathematical expectation or average, is the central value of a discrete set of numbers: specifically, the sum of the values divided by the number of values. Having a clear set of values helps your employees understand what you stand for. Your company values also give them guidance for their work and a sense of security. As a result, your employees are more likely to make the right decisions — the decisions that help them achieve the company's vision and goals. Managers need to understand the jobs their workers perform in order to effectively manage the employees who do the work. If managers understand the jobs, they know how workers should do their jobs and are able to answer questions and help employees solve problems. ... Discuss the organizing management function. Managers should know about the mean value because values are the core of every business.
MANJUNATH BHAT 2GI19MBA50 Manager should know about the statistical mean values because this helps him describe the problems and Identify and evaluate the alternatives course of action. And as this is frequently used in the business aspects to measuring and comparing the business data.Statistical research in business enables managers to analyze past performance, predict future business practices and lead organizations effectively. Statistics can describe markets, inform advertising, set prices and respond to changes in consumer demand. Those who use statistical research in business should be familiar with how statistics are calculated, including how the mean, median and mode work together to create meaning from a set of numbers. The mean is an average of a set of numbers, the median is the middle number within a set of numbers and the mode is the most common number in a set.
The mean refers to the average that is used to derive the central tendency of the data in question. It is determined by adding all the data points in a population and then dividing the total by the number of points. The resulting number is known as the mean or the average. How it is useful to managers: Managers can take survery of all the employees in the organisation of wheather they are happy or not in the current job.He will collect the raw data or survey from all the employees and then he can use that data to find the mean using SPSS software which wil derive the accurate mean of the data. With that mean the manager will come to know about the employees and if any change is been needed in the current workplace management and can improve accordingly.Because keeping the employees happy is very important as they play a very crucial role in developing and increasing the productivity of any company.
Managers should know about the mean value because it helps the mangers to take critical decisions and for that the mean value of any data is essential and could help the managers to take the best decision. By the knowing the mean value, the financial decisons can be made easily. It reduces the work and time of the managers when the sample size is large. Managers should the mean value as it frequently used in all aspects of business activities.
Mean is the most important value when data is scattered, without a typical pattern. The mode may identify several values that occur frequently,the mean catches all the values. Such patterns can occur in procurement, where costs vary according to external factors. The mean gives the average cost and forms a good basis for estimating future costs to the Managers.
1. Mean value provide manager more confidence in dealing with uncertainty in spite of the flood of available data, enabling manager to more quickly make smarter decisions and provide more stable leadership to staff relying on them. 2. To describe the problem, identify and evaluate alternative courses of action, estimate error, monitor processes and take appropriate corrective actions to achieve optimum results. 3. A production manager can improve productivity and quality. 4. Helps in comparison between different values 5. To compare different aspects such as average income for last 12 months , average production outputs.
It helps managers in forecasting and even future decision making. It helps them to be prepared for the future difficult situation. Helps in taking financial decisions and even regarding Raw materials. The statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities. This average amount determines the midpoint of a data set also known as Central Tendency. Although the calculation of the mean is similar, different data types may require an alternate approach.
The manager should know about mean value calculation as it is helps in collection of data from various fields or sectors of the organisation and help to maintain a proper record of the collected data and in a systematic manner. As the organisation deals with day to day transactions so it is required to be recorded to avoid frauds or false statements relating to any paeparticular field and it reduces the workload of manager as it is operated online using a specific software called SPSS. An SPSS is short for Statistical Package for the Social Sciences, and it's used by various kinds of researchers for complex statistical data analysis. Most top research agencies use SPSS to analyze survey data and mine text data so that they can get the most out of their research projects. This software helps in development and expansion of the organisation and it creates less employment opportunities.
Managers should know about the mean value due to the following reasons; 1.The arithmetic mean is one of the oldest methods used to combine observed in order to give a unique apportionmate value. 2.It helps the mangers to calculate the average production per day , average sales,aver ave orders etc. 3.Mean helps the managers to find out the average salary given to employees in the organisation. 4 These averages are calculated by the managers while taking important financial decisions for the organisation
Managers should know about the mean value as it is frequently used in all the aspects of business like number of items produced per day on a large assembly line, number of orders received per month for the firm, etc which help in future analysis and decision making.
Kirti Mehta USN - 2GI19MBA43 ROLL NO 19 DIVISION 'B'
Managers should know about mean because it provides ease in taking financial decisions and moreover is used in all aspects of businesses processes. It helps them to identify and evaluate the alternative courses of action. This mean also helps to measure as well as the control production process to reduce certain variations, which may probably lead to error or wastage. It also aids the managers during the critical decisions.
The mean is the simplest and most widely used measure of a mean, or average. It simply involves taking the sum of a group of numbers, then dividing that sum by the count of the numbers used in the series. Managers should know about the mean value as the value of arithmetic mean is always fixed as it is defined by rigid formula. Arithmetic mean is less affected by fluctuation in sampling. mean is completely based on observation, So, it represents the data not the position of terms.
Mean implies average and it is the sum of a set of data divided by the number of data. Mean can prove to be an effective tool when comparing different sets of data. The mean is the most important value when data is scattered, without a typical pattern. The mode may identify several values that occur frequently, and the median may be skewed if there are a lot of low values, but the mean catches all the values. Such patterns can occur in procurement, where costs vary according to external factors. The mean gives the average cost and forms a good basis for estimating future costs, as long as the external factors remain the same. Thus it is very important for manager to understand the concept of mean to make future changes, decisions,etc. The knowledge of statistical mean using spss helps a manager to describe the problem, identify and evaluate alternative courses of action, estimate error, monitor processes and take appropriate corrective actions to achieve optimum results.
Mitali Nevagi 2GI19MBA53 Mean is average used to derive central tendency of data in question. Mean is perhaps the most important statistic in data because it forms the basis of conducting and understanding all complex statstics.The statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities. This average amount determines the midpoint of a data set also known as Central Tendency. Although the calculation of the mean is similar, different data types may require an alternate approach. It will help manage to solve problems, make important decisions and forcast the future
Mean value can help manager to summarise a large amount of data into a single value, and indicate that there is some variability around this single value within the original data. Meanwhile it can reduce the work of manager when there is large number of data to be calculated.
Manager is the decision maker and hence it is important for him to know the mean value. Mean value can be helpful in comparing the past data with the present which eventually will help him in taking critical decisions in the organisation.It helps the Manager to opt for any alternate solution if necessary to reduce risk.
It is helpful in various aspects such as:- 1) Manager can know the company performance 2) Manager can analyse and interpret data for employees performance 3) Helps to know the average sales for stipulated time period
The importance of the mode, mean and median in business depends on the analysis required and the business function to which the results apply. For some data, the three values are close or the same, while for other types of data, the mode or median may differ substantially from the mean. When the three calculations give different results, the key is to choose the value that will give the desired guidance. This choice is different for different business functions. It helps managers in forecasting and even future decision making. It helps them to be prepared for the future difficult situation. Helps in taking financial decisions and even regarding Raw materials ect
Statistical mean in business enables managers to analyze past performance, predict future business practices and lead organizations effectively. Statistics can describe markets, inform advertising, set prices and respond to changes in consumer demand.
Descriptive analytics look at what has happened and helps explain why. By using historical data, managers can analyze past successes and failures. This is also called “cause and effect analysis.” Some common applications of descriptive analytics include sales, marketing, finance and operations.
Predictive analytics uses a variety of statistical techniques (such as modeling and data mining) to predict future probabilities and trends based on historical data.
1.The mean gives the average cost and forms a good basis for estimating future costs, as long as the external factors remain the same. 2. The statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities. This average amount determines the midpoint of a data set.
Pooja Neelgar USN:2GZ19MBA13 Div 34B 1 Mean helps the managers to find out the average salary given to the employees in the organisation. 2 The importance of the mode, mean and median in business depends on the analysis required and the business function to which the results apply. For some data, the three values are close or the same, while for other types of data, the mode or median may differ substantially from the mean. When the three calculations give different results, the key is to choose the value that will give the desired guidance. This choice is different for different business functions. The statistical Mean tries to provide the accurate description of data which makes the work easy for Manager. Helps in taking financial decision very easily.
Pooja Neelgar USN:2GZ19MBA13 Div 34B 1 Mean helps the managers to find out the average salary given to the employees in the organisation. 2 The importance of the mode, mean and median in business depends on the analysis required and the business function to which the results apply. For some data, the three values are close or the same, while for other types of data, the mode or median may differ substantially from the mean. When the three calculations give different results, the key is to choose the value that will give the desired guidance. This choice is different for different business functions. The statistical Mean tries to provide the accurate description of data which makes the work easy for Manager. Helps in taking financial decision very easily.
The statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities. This average amount determines the midpoint of a data set also known as Central Tendency. Although the calculation of the mean is similar, different data types may require an alternate approach.
ReplyDeleteManagers should know about the mean value as it helps them to know the central value of data set.It can be used in the following way:
If manager wants to know about the level of satisfaction of customers,he can take up a survey.He will get raw data after taking survey.Once he uses that raw data and finds mean using SPSS he will get to know the average level of satisfaction of customers which will further help him in decision making.
It can also help managers while making modifications in their products as the mean value will help him to know what modifications are the customers expecting
For a manager it is important to know the mean value .... Because we see that Manager need to take many critical decisions, so knowing a mean value of any data may know help him to know what could be best decisions he can take by comparing last few years data ...
ReplyDelete- it can help him to know the average sales for the past quarters
- it can help him to make financial decisions
- it can help him to know the average man power he need to complete the task
Akash Patil
2GI19MBA06
Jyoti bhadaganvi
ReplyDelete2GI19MBA36
Div A
*reason to why the manager should know about mean value.
1.The mean means average. It is used frequently in everyday life to express an amount that is typical for a group of people or things.
2.managers should know about how to calculate mean values because it summarise a large amount of data into a single value and indicate that there is some variability around this single value within the original data.
3. It reduces the work of the managers when the sample size is large and does not include outliers, the meanscore usually provides a better measure of central tendency.
Preeti shinde
ReplyDelete37
2GZ19MBA18
A div
Managers should know about mean value as it gives the average cost and forms the good basis for estimating future costs.
Mean practical tool for comparing and measuring business data.
Managers should know about the mean value as it is frequently used in all the aspects of business like number of items produced per day on a large assembly line, number of orders received per month for the firm, etc which help in future analysis and decision making.
ReplyDeleteExample of using mean in a Firm:-
Say we want to find average salary of all the Supervisiors. We can do it on the basis of our knowledge of annual salaries of 6 particular supervisors who each earn 25000, 30000, 28000, 32000.. so on respectively and divide them by 6.
Here we get a sample mean as we are finding mean on the basis of annual income of only 6 particular supervisors .
Soumya butale
ReplyDeleteUSN 2GZ19MBA40
The Importance of Statistics in Management Decision Making. Statistics deal with available data and come up with conclusion based on those real data. Statistical techniques provide more reliable solution than the other techniques and the gut feeling. It helps managers to deal with uncertainties with more confidence.
It identifies a single value as representative of an entire distribution. It aims to provide an accurate description of the entire data. The mean, is one of the measure of central tendency. Mean can be used in research activities.
Mean is the sum of all the values in the data set divided by the number of values in the data set.
ReplyDeleteWhy Managers should know about Mean:-
1. It is a practical tool for comparing and measuring business data.
2. It views and organizes a set of data.
3. Summarises a large amount of data into a single value.
Mean = Sum of the values
___________________
Number of the Values
Pearl Colaço
ReplyDeleteRoll no.31
Div: A
USN: 2GI19MBA20
The SPSS allows managers to analyze and display operating data using a wide variety of charting and graphing techniques.
SPSS embodies powerful statistical tool for in-depth analysis and modeling of business and economic data. SPSS helps managers access data easily.
The statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities. This average amount determines the midpoint of a data set also known as Central Tendency. Although the calculation of the mean is similar, different data types may require an alternate approach.
ReplyDeleteThe importance of the mode, mean and median in business depends on the analysis required and the business function to which the results apply. For some data, the three values are close or the same, while for other types of data, the mode or median may differ substantially from the mean. When the three calculations give different results, the key is to choose the value that will give the desired guidance. This choice is different for different business functions.
It helps managers in forecasting and even future decision making. It helps them to be prepared for the future difficult situation. Helps in taking financial decisions and even regarding Raw materials ect
Shubham Hande
ReplyDeleteUSN 2GI19MBA32
The mean is also referred as average in statistics which is used to measure center of numeric data set .It is the most basic statistic that carries something from every respondent, and suggests the middle ground or the generally acceptable response.
It helps managers for better decision making suppose manger has to take call on increase in number of sales for current years so it requires quantitative data for previous years to predict future sales so mean of data will be beneficial for better decision making.
Anushree Sinai Navelkar
ReplyDeleteUsn- 2GZ19MBA37
Rollno 49 Div- A
1.The mean gives the average cost and forms a good basis for estimating future costs, as long as the external factors remain the same.
2. The statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities. This average amount determines the midpoint of a data set.
Hayawadan Ayachit
ReplyDeleteUSN-2GI19MBA33
Managers need to know about mean value because i) It is important to compress a lot of information into few numbers to make it easy to process and understand.
ii) If we want to compare multiple datasets with each other we can't compare each and every value of the dataset instead we can calculate the mean value of that particular dataset so that we can compare it easily.
iii) The Mean, Mode and Median are such values which describe the dataset in the simplest and meaningful way.
iv) Mean helps to determine the central value of a dataset
So a manager needs to know about mean value.
This comment has been removed by the author.
ReplyDeleteOmkar Hawaldar
ReplyDelete2GZ19MBA05
Managers should know about the mean value as it is frequently used in all the aspects of business like number of items produced per day on a large assembly line, number of orders received per month for the firm, etc which help in future analysis and decision making.
Example of using mean in a Firm:-
Say we want to find average salary of all the Supervisiors. We can do it on the basis of our knowledge of annual salaries of 6 particular supervisors who each earn 25000, 30000, 28000, 32000.. so on respectively and divide them by 6.
Here we get a sample mean as we are finding mean on the basis of annual income of only 6 particular supervisors .
Shreya sainuche
ReplyDelete2GZ19MBA34
Manager should know about the mean value as the business of any size is a complex undertaking.in addition to day to day responsibilities,your company must engage in long term plannig,develop new product or service, streamline production or delivery and locate new customers while serving existing clients.statistics provide managers with more confidence in dealing with uncertainty in spite of the flood of available data, enabling managers to more quickly make smarter decisions and provide more stable leadership to staff relying on them.
Name:-Deepali jadhav
ReplyDeleteUSN :- 2GI19MBA22
✓Statistical mean provide managers with more confidence in dealing with uncertainty in spite of the flood of available data.
✓ Enabling managers to more quickly make smarter decisions and provide more stable leadership to staff relying on them.
✓ it helps to take reasonably accurate, cost-effective disecion than attempting a census of very single customer a company may ever deal with.
✓ means helps to measure and control production processes to minimize variations, which lead to error or waste.
Rutuja patil USN :2GZ19MBA09
ReplyDeleteThe statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities. This average amount determines the midpoint of a data set also known as Central Tendency. Although the calculation of the mean is similar, different data types may require an alternate approach.
The importance of the mode, mean and median in business depends on the analysis required and the business function to which the results apply. For some data, the three values are close or the same, while for other types of data, the mode or median may differ substantially from the mean. When the three calculations give different results, the key is to choose the value that will give the desired guidance. This choice is different for different business functions.
It helps managers in forecasting and even future decision making. It helps them to be prepared for the future difficult situation. Helps in taking financial decisions and even regarding Raw materials ect
Dixita.s.savant
ReplyDeleteUSN:2GI19MBA27
The mean value which helps in the manager with information, Ideas and techniques. Manager focus on growth rate of corporate assets and profitability as indicators of overall health of the corporation. SPSS help manager to access data efficiently.
Managers should know about the mean value due to the following reasons:
ReplyDelete1. The arithmetic mean is one of the oldest methods used to combine observations in order to give a unique approximate value.
2. Mean helps the managers to find out the average salary given to the employees in the organisation.
3. It helps the managers to calculate the average production per day, average sales, average orders,etc.
4. These averages are calculated by the managers while taking important financial decisions for the organisation.
The mean gives the average cost and forms a good basis for estimating future costs, as long as the external factors remain the same
ReplyDeleteThe mean is also referred as average in statistics which is used to measure center of numeric data set .It is the most basic statistic that carries something from every respondent, and suggests the middle ground or the generally acceptable response.
It helps managers for better decision making suppose manger has to take call on increase in number of sales for current years so it requires quantitative data for previous years to predict future sales so mean of data will be beneficial for better decision making.
Pooja Koliwad
ReplyDeleteUSN: 2GZ19MBA12
The mean means average. It is used frequently in everyday life to express an amount that is typical for a group of people or things.
It helps managers in forecasting and even future decision making. It helps them to be prepared for the future difficult situation. Helps in taking financial decisions and even regarding Raw materials ect
Vishal Kurade
ReplyDelete2GZ19MBA53
Div A, Roll no 57
Managers should know the mean value because
Mean value summarise a large amount of data into a single value and indicate that there is some variability around this single value within the original data.
The mean can be used to get an overall idea or picture of the data set.
Mean is statistical data which is used to compare, analyse and measure the data. It also used to know the central tendency of data set. Here manager can get to know the about product, working condition, customer service and satisfaction. It helps to take future decisions or in decision making. If any difficulties arise in the future they can analyse and take the decision and also in financial decisions
ReplyDeleteDivya Palankar
DeleteUSN-2GI19MBA025
Nagaratna K
ReplyDelete2GI19MBA55
To find out mean value which it helps managers to access data easily, quickly repair data for analysis, analyze data throughly and present results clearly.
The statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities. This average amount determines the midpoint of a data set also known as Central Tendency. Although the calculation of the mean is similar, different data types may require an alternate approach.
Mumtaz Naik
ReplyDelete2GI19MBA54
24(A)
The statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities.Statistical analysis provides a framework for organizing data, analyzing data, and examining business problems in a logical and systematic ways.
Statistical Mean helps managers with:-
(1)The tools necessary to make sense of large quantities of data and to make ever more effective business decisions based on outcomes drawn from data.
(2)The statistical Mean tries to provide the accurate description of data which makes the work easy for Manager.
(3)Helps in taking financial decision very easily.
(4)There is n no. Of information and data to be calculated and mean makes the work easy for Manager to calculate it with sum of the values divided by number of values and then the results can be very easily found it saves time.
Ninad Patil 2GZ19MBA03
ReplyDeleteMean is the Average of set of numbers.
The manager can compare the production of the company weekly or monthly by taking the mean of daily production.
Keerti Karmuse
ReplyDelete2GI19MBA39
-Statistical mean is a practical tool for comparing and measuring business data.
-It provides a way of assigning an average value to a set of numerical quantities.
- This average amount determines the midpoint of a data set also known as Central Tendency.
- Although the calculation of the mean is similar, different data types may require an alternate approach.
-The importance of the mode, mean and median in business depends on the analysis required and the business function to which the results apply.
- For some data, the three values are close or the same, while for other types of data, the mode or median may differ substantially from the mean.
-When the three calculations give different results, the key is to choose the value that will give the desired guidance.
-This choice is different for different business functions.
-It helps managers in forecasting and even future decision making. It helps them to be prepared for the future difficult situation.
- Helps in taking financial decisions and even regarding Raw materials ect.
Managers should know about the mean value because. Values are the core of every business. They're what your business stands .your reason for being. Your business's values will help to steer your business, management and employees in the right direction.A clear set of values, agreed and understood by management and employees, are often behind most successful organisations. If your business is yet to establish a set of values, the 3-step process below can help you to identify and develop them.
ReplyDeleteUSN 2GI19MBA40
ReplyDeleteThe statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities. This average amount determines the midpoint of a data set also known as Central Tendency. Although the calculation of the mean is similar, different data types may require an alternate approach.
Statistical Mean helps managers with:-
(1)The tools necessary to make sense of large quantities of data and to make ever more effective business decisions based on outcomes drawn from data.
(2)The statistical Mean tries to provide the accurate description of data which makes the work easy for Manager.
(3)Helps in taking financial decision very easily.
(4)There is n no. Of information and data to be calculated and mean makes the work easy for Manager to calculate it with sum of the values divided by number of values and then the results can be very easily found it saves time.
Rushikesh Verlekar
ReplyDelete2GZ19MBA25
The mean value or score of a certain set of data is equal to the sum of all the values in the data set divided by the total number of values. A mean is the same as an average. For example, if a certain data set consists of the numbers 2, 5, 5, 8 and 10, the sum of the numbers is 30.
Through SPSS package we can easily calculate mean value.
Anup Yankati
ReplyDelete2GI19MBA12
Say we want to find average salary of all the Supervisiors. We can do it on the basis of our knowledge of annual salaries of 6 particular supervisors who each earn 25000, 30000, 28000, 32000.. so on respectively and divide them by 6.
Here we get a sample mean as we are finding mean on the basis of annual income of only 6 particular supervisors .
It helps managers for better decision making suppose manger has to take call on increase in number of sales for current years so it requires quantitative data for previous years to predict future sales so mean of data will be beneficial for better decision making.
Sumesh Ghatkamble
ReplyDeleteManagers should know about the mean value as it is frequently used in all the aspects of business like number of items produced per day on a large assembly line, number of orders received per month for the firm, etc which help in future analysis and decision making.
Example of using mean in a Firm:-
Say we want to find average salary of all the Supervisiors. We can do it on the basis of our knowledge of annual salaries of 6 particular supervisors who each earn 25000, 30000, 28000, 32000.. so on respectively and divide them by 6.
Here we get a sample mean as we are finding mean on the basis of annual income of only 6 particular supervisors .
Prajakta patil
ReplyDeleteUSN :2GZ19MBA08
The statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities. This average amount determines the midpoint of a data set also known as Central Tendency. Although the calculation of the mean is similar, different data types may require an alternate approach.
The importance of the mode, mean and median in business depends on the analysis required and the business function to which the results apply. For some data, the three values are close or the same, while for other types of data, the mode or median may differ substantially from the mean. When the three calculations give different results, the key is to choose the value that will give the desired guidance. This choice is different for different business functions.
It helps managers in forecasting and even future decision making. It helps them to be prepared for the future difficult situation. Helps in taking financial decisions and even regarding Raw materials ect
Naveen mahendrakar
ReplyDeleteRoll:25 USN:2GI19MBA57
1.For some data, the three values are close or the same, while for other types of data, the mode or median may differ substantially from the mean.
2.Values are the core of every business. They're what your business stands .your reason for being.
Divyajyoti naik
ReplyDeleteRoll no:11
Usn:2GI19MBA26
Division:B
There are several kinds of means in various branches of mathematics. For a data set, the arithmetic mean, also called the mathematical expectation or average, is the central value of a discrete set of numbers: specifically, the sum of the values divided by the number of values.
Having a clear set of values helps your employees understand what you stand for. Your company values also give them guidance for their work and a sense of security. As a result, your employees are more likely to make the right decisions — the decisions that help them achieve the company's vision and goals.
Managers need to understand the jobs their workers perform in order to effectively manage the employees who do the work. If managers understand the jobs, they know how workers should do their jobs and are able to answer questions and help employees solve problems. ... Discuss the organizing management function.
Managers should know about the mean value because values are the core of every business.
MANJUNATH BHAT
ReplyDelete2GI19MBA50
Manager should know about the statistical mean values because this helps him describe the problems and
Identify and evaluate the alternatives course of action. And as this is frequently used in the business aspects to measuring and comparing the business data.Statistical research in business enables managers to analyze past performance, predict future business practices and lead organizations effectively. Statistics can describe markets, inform advertising, set prices and respond to changes in consumer demand.
Those who use statistical research in business should be familiar with how statistics are calculated, including how the mean, median and mode work together to create meaning from a set of numbers. The mean is an average of a set of numbers, the median is the middle number within a set of numbers and the mode is the most common number in a set.
Sharvari Agnihotri
ReplyDeleteUSN-2GI19MBA03
Division-B
The mean refers to the average that is used to derive the central tendency of the data in question. It is determined by adding all the data points in a population and then dividing the total by the number of points. The resulting number is known as the mean or the average.
How it is useful to managers:
Managers can take survery of all the employees in the organisation of wheather they are happy or not in the current job.He will collect the raw data or survey from all the employees and then he can use that data to find the mean using SPSS software which wil derive the accurate mean of the data. With that mean the manager will come to know about the employees and if any change is been needed in the current workplace management and can improve accordingly.Because keeping the employees happy is very important as they play a very crucial role in developing and increasing the productivity of any company.
Managers should know about the mean value because it helps the mangers to take critical decisions and for that the mean value of any data is essential and could help the managers to take the best decision.
ReplyDeleteBy the knowing the mean value, the financial decisons can be made easily.
It reduces the work and time of the managers when the sample size is large.
Managers should the mean value as it frequently used in all aspects of business activities.
Vishal Kagati
ReplyDelete2GZ19MBA52
Mean is the most important value when data is scattered, without a typical pattern. The mode may identify several values that occur frequently,the mean catches all the values. Such patterns can occur in procurement, where costs vary according to external factors. The mean gives the average cost and forms a good basis for estimating future costs to the Managers.
Sanket.Sunthankar
ReplyDeleteUSN : 2GZ19MBA31
Roll No : 42 B
Mean Value helps manager to :
1. Mean value provide manager more confidence in dealing with uncertainty in spite of the flood of available data, enabling manager to more quickly make smarter decisions and provide more stable leadership to staff relying on them.
2. To describe the problem, identify and evaluate alternative courses of action, estimate error, monitor processes and take appropriate corrective actions to achieve optimum results.
3. A production manager can improve productivity and quality.
4. Helps in comparison between different values
5. To compare different aspects such as average income for last 12 months , average production outputs.
Anusha Vibhute
ReplyDeleteUSN : 2GI19MBA13
It helps managers in forecasting and even future decision making. It helps them to be prepared for the future difficult situation. Helps in taking financial decisions and even regarding Raw materials.
The statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities. This average amount determines the midpoint of a data set also known as Central Tendency. Although the calculation of the mean is similar, different data types may require an alternate approach.
Shweta Yadav
ReplyDeleteUSN: 2GZ19MBA36
Div: B
The manager should know about mean value calculation as it is helps in collection of data from various fields or sectors of the organisation and help to maintain a proper record of the collected data and in a systematic manner. As the organisation deals with day to day transactions so it is required to be recorded to avoid frauds or false statements relating to any paeparticular field and it reduces the workload of manager as it is operated online using a specific software called SPSS.
An SPSS is short for Statistical Package for the Social Sciences, and it's used by various kinds of researchers for complex statistical data analysis. Most top research agencies use SPSS to analyze survey data and mine text data so that they can get the most out of their research projects. This software helps in development and expansion of the organisation and it creates less employment opportunities.
Srushti kalburgi
ReplyDelete2GZ19MBA43
ROLL NO. 51
DIVISION B
Because the mean value, as a single number, gives a precise and unbiased estimate of the expected value uncontaminated by the variance.
Managers should know about the mean value due to the following reasons;
ReplyDelete1.The arithmetic mean is one of the oldest methods used to combine observed in order to give a unique apportionmate value.
2.It helps the mangers to calculate the average production per day , average sales,aver ave orders etc.
3.Mean helps the managers to find out the average salary given to employees in the organisation.
4 These averages are calculated by the managers while taking important financial decisions for the organisation
Brundarika
ReplyDeleteUSN NO : 2GI19MBA09
Managers should know about the mean value as it is frequently used in all the aspects of business like number of items produced per day on a large assembly line, number of orders received per month for the firm, etc which help in future analysis and decision making.
Kirti Mehta
ReplyDeleteUSN - 2GI19MBA43
ROLL NO 19
DIVISION 'B'
Managers should know about mean because it provides ease in taking financial decisions and moreover is used in all aspects of businesses processes. It helps them to identify and evaluate the alternative courses of action. This mean also helps to measure as well as the control production process to reduce certain variations, which may probably lead to error or wastage.
It also aids the managers during the critical decisions.
This comment has been removed by the author.
ReplyDeleteSoumya Gouranna
ReplyDeleteUSN - 2GZ19MBA41
Div -B
The mean is the simplest and most widely used measure of a mean, or average. It simply involves taking the sum of a group of numbers, then dividing that sum by the count of the numbers used in the series.
Managers should know about the mean value as the value of arithmetic mean is always fixed as it is defined by rigid formula. Arithmetic mean is less affected by fluctuation in sampling. mean is completely based on observation, So, it represents the data not the position of terms.
Vinanti Majukar
ReplyDelete2GZ19MBA48
Mean implies average and it is the sum of a set of data divided by the number of data. Mean can prove to be an effective tool when comparing different sets of data. The mean is the most important value when data is scattered, without a typical pattern. The mode may identify several values that occur frequently, and the median may be skewed if there are a lot of low values, but the mean catches all the values. Such patterns can occur in procurement, where costs vary according to external factors. The mean gives the average cost and forms a good basis for estimating future costs, as long as the external factors remain the same. Thus it is very important for manager to understand the concept of mean to make future changes, decisions,etc. The knowledge of statistical mean using spss helps a manager to describe the problem, identify and evaluate alternative courses of action, estimate error, monitor processes and take appropriate corrective actions to achieve optimum results.
Mitali Nevagi
ReplyDelete2GI19MBA53
Mean is average used to derive central tendency of data in question. Mean is perhaps the most important statistic in data because it forms the basis of conducting and understanding all complex statstics.The statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities. This average amount determines the midpoint of a data set also known as Central Tendency. Although the calculation of the mean is similar, different data types may require an alternate approach. It will help manage to solve problems, make important decisions and forcast the future
This comment has been removed by the author.
ReplyDeleteSneha Rajput
ReplyDelete2GZ19MBA38
Mean value can help manager to summarise a large amount of data into a single value, and indicate that there is some variability around this single value within the original data.
Meanwhile it can reduce the work of manager when there is large number of data to be calculated.
Priyanka Mahindrakar
ReplyDeleteUSN: 2GZ19MBA20
Manager is the decision maker and hence it is important for him to know the mean value. Mean value can be helpful in comparing the past data with the present which eventually will help him in taking critical decisions in the organisation.It helps the Manager to opt for any alternate solution if necessary to reduce risk.
It is helpful in various aspects such as:-
1) Manager can know the company performance
2) Manager can analyse and interpret data for
employees performance
3) Helps to know the average sales for
stipulated time period
This comment has been removed by the author.
ReplyDeleteZaki khan
ReplyDeleteUsn - 2GI19MBA41
The importance of the mode, mean and median in business depends on the analysis required and the business function to which the results apply. For some data, the three values are close or the same, while for other types of data, the mode or median may differ substantially from the mean. When the three calculations give different results, the key is to choose the value that will give the desired guidance. This choice is different for different business functions.
It helps managers in forecasting and even future decision making. It helps them to be prepared for the future difficult situation. Helps in taking financial decisions and even regarding Raw materials ect
Neha Hundre
ReplyDeleteUSN :2GI19MBA59
Div :B
Statistical mean in business enables managers to analyze past performance, predict future business practices and lead organizations effectively. Statistics can describe markets, inform advertising, set prices and respond to changes in consumer demand.
Descriptive analytics look at what has happened and helps explain why. By using historical data, managers can analyze past successes and failures. This is also called “cause and effect analysis.” Some common applications of descriptive analytics include sales, marketing, finance and operations.
Predictive analytics uses a variety of statistical techniques (such as modeling and data mining) to predict future probabilities and trends based on historical data.
Simran sayed
ReplyDeleteUSN: 2GZ19MBA32
ROLL NO 43 DIV: B
1.The mean gives the average cost and forms a good basis for estimating future costs, as long as the external factors remain the same.
2. The statistical mean is a practical tool for comparing and measuring business data. It provides a way of assigning an average value to a set of numerical quantities. This average amount determines the midpoint of a data set.
Pooja Neelgar
ReplyDeleteUSN:2GZ19MBA13
Div 34B
1 Mean helps the managers to find out the average salary given to the employees in the organisation.
2 The importance of the mode, mean and median in business depends on the analysis required and the business function to which the results apply. For some data, the three values are close or the same, while for other types of data, the mode or median may differ substantially from the mean. When the three calculations give different results, the key is to choose the value that will give the desired guidance. This choice is different for different business functions.
The statistical Mean tries to provide the accurate description of data which makes the work easy for Manager.
Helps in taking financial decision very easily.
Pooja Neelgar
ReplyDeleteUSN:2GZ19MBA13
Div 34B
1 Mean helps the managers to find out the average salary given to the employees in the organisation.
2 The importance of the mode, mean and median in business depends on the analysis required and the business function to which the results apply. For some data, the three values are close or the same, while for other types of data, the mode or median may differ substantially from the mean. When the three calculations give different results, the key is to choose the value that will give the desired guidance. This choice is different for different business functions.
The statistical Mean tries to provide the accurate description of data which makes the work easy for Manager.
Helps in taking financial decision very easily.