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The systematic process of collecting, interpreting, and presenting numerical data about business situations is known as business ______. (21-1)
To fill: The statement, “The systematic process of collecting, interpreting, and presenting numerical data about business situations is known as business____” with the appropriate word.
Answer to Problem 1CR
Solution:
The complete statement is “The systematic process of collecting, interpreting, and presenting numerical data about business situations is known as business statistics”.
Explanation of Solution
Business statistics is the study of numerical data, figures, measurements, and facts.
It is used to convert raw numerical data into useful information.
The process of business statistics for a particular business situation follows the below steps,
1. The first step is to collect the raw data for a specific situation.
2. After collecting the relevant data, it is important to interpret that data so that a particular job can be done.
3. The final step is to present that outcome so that a non-statistical person can also easily understand that report.
Hence, the complete statement is “The systematic process of collecting, interpreting, and presenting numerical data about business situations is known as business statistics”.
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