Briefly explain how information leads to knowledge

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Reference no: EM133601473

Assignment: Statistics Logistics COVID-19

You have a chance to be a part of the team at the KPI business consulting company "KPI Co.", which has the vision that "improvement for all businesses should be perfect with us".

The "KPI Co." received many requests to join the training, and the company chose only 8 trainees, and you are one of them.

Before you initiate the training, you should be aware that the company intends to use statistical methods to improve decision-making in many cases for potential clients in the "Green Group." As a direct consequence, you should fulfil a range of tasks in this project that cover different statistical measures and statistical applications in management.

Which makes you qualified to help them plan correctly with customers, so you can start professional training and demonstrate that you are capable of working with the KPI Co. team.

You have three stages in this project, and you should smoothly move between these stages.

You and your colleagues are divided into two groups. You are the team leader for group number one, and you will produce a document that can help the team understand and evaluate business and economic data and information obtained from published sources and the different types of statistics with measuring of association.

That is to help them encourage all project stages and to ensure all of them can help KPI Co. plan correctly for the potential client "Green Group."

Task:

Possible evidence (word document)

I. To start the first stage in this project you should look for 3 different statistics published sources to evaluate the concepts of data and information and how each is used, then briefly explain how information leads to knowledge.

II. Explain the benefits and limitations of a variety of sources of data:

1. Internal
2. External
3. Primary
4. Secondary

III. After you Explain and state the strengths and weaknesses of the different methods of analysis:

1. Descriptive
2. Exploratory
3. Confirmatory,

Support your evidence based on real-life examples for each method then give your opinion, about the difference between applying each method. You need to highlight the usefulness of each with a justification.

IV. Provide an evaluation of the differences in application between descriptive statistics and inferential statistics and measuring association, then state the strengths and weaknesses with a conclusion.

Reference no: EM133601473

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