Describe a business situation other than what has already be

Describe a business situation, other than what has already been selected by fellow students or selected from the team assignment, where mean and standard deviation can be used in decision making. Describe how calculation of mean and standard deviation can help in making a decision.

Solution

Mean is a measure of central tendency. It helps to know the average of sales and helps to predict further.

Where as standard deviation is a measure of dispersion.

It hepls to know the variability in the sales data.

In this way calculation of mean and standard deviation can help in making a decision.