Understand a range of techniques to analyse data effectively for Essay

Understand a range of techniques to analyse data effectively for business purposes - Essay Example Mode can be applied by employees in knowing their salary scale. Mean can be applied by businesses to know the average cost of the employees’ salaries and it can be used to estimate the future costs. Mean can be used by employees to calculate the expected salary. Employees get an average salary of  £1248 Standard deviation is the measure of how numbers are spread out. In this case it shows how the salaries of employees are spread out. It shows how the salaries are different from the mean (Lind, Marchal & Wathen, 2010). A business may use quartile and percentile to make decisions. For instance, to set the prices of goods and services, they may also be applied in the setting of employees’ salaries. Correlation can also be applied in business decision making. Correlation is used to measure the linear relationship that is between two variables (Lind, Marchal & Wathen, 2010). If a relationship between the two variables is strong then altering one of the variables will affect the other variable. Thus a business is able to determine if it should change the variable and to what