Essay Sample on Business Mathematics

Question 1: How to use Pivot Tables to Summarize, Sort, Count, and Chart your Data in Microsoft Excel 2013 and 2016.

Pivot tables are among one of the most widely used tools when summarizing, analyzing, and exploring a huge data set. Essentially, pivot tables are used to generate pivot charts which allow analysts to add visualization to the summary of data collected. Such aspects facilitate an easy comparison of various data sets and enable a scientific deduction of trends and patterns in a data collection. Additionally, external data sources such as XML files, Azure Marketplace, SQL server tables, Office Data Connection files, SQL server analysis service cubes, and text files can be used to generate pivot tables. When creating pivot tables, data should be in a list format, and the column labels should be on the first row of the excel sheet. Additionally, there should be no blank gaps in the data set to be analyzed.

Question 2: How to Read Bar, Pie, and Line Graphs

Graphs serve as the visual ways of representing and analyzing two or more datasets. Essentially, graphs depict the relationship between two aspects and tend to show how one parameter changes in respect to another. To facilitate reading of graphs, an individual should first;

Determine what the graph represents. This can be achieved by reading the information labeled on both the X and Y axis. Moreover, the graph title should also be able to dictate what a graph is about.

Determine the scale used for each data element

Choose the graph element which you would wish to obtain information about

Finally, read the corresponding point along the X and Y axis. The point where they meet represents the data point.

Question 3: Mode = Central Tendency, Explain

Central tendency is a "summary measure that is employed to describe a data set by establishing a single value that represents the center of the distribution." Central tendency is measured in three main methods, that is, Mean, Median, and Mode. Mode is the best measure of central tendency when the type of data variable is nominal, as such, mode is equal to the central tendency. In case of ordinal types of variables, median becomes the best measure of central tendency.

Question 4: Advantage of MS EXCEL and its Different Functions in Business

MS Excel is used in business to display data such as financial information, hiring statistics among others. The benefits associated with this method include, helps businesses to create charts thus facilitating pictorial depiction of data. Secondly, Excel enables business persons to identify trends, and finally, the Excel spreadsheets can be used to bring data from different source together thus facilitating comparison, analysis, and summarizing.

Question 5: When might we use the Range rather than the Standard Deviation to describe the Dispersion of Data?

Range may be used instead of standard deviation when an individual wants to know the extent of data coverage. This is so since standard deviation tends to illustrate the level of difference that exists between two sets of data.