Descriptive Statistics using Data Analysis tool.
Speculate on the overall manner in which you would use tools, such as Excel, to apply a business critical thinking strategy. Include one (1) example of such application to support your response.
Reflection to Date
In business and critical applications, tools like Excel serve several purposes. The most basic use of Excel is to hold and evaluate the summary of the data we put in it. This product of Microsoft is one of the most important, useful and powerful application of all time. The application offers huge capacity to perform quantitative analysis, along with conducting statistical analysis of databases with thousands of records and documents to complicated estimation tools by means of user-friendly front ends. Contrasting to conventional statistical programs, Excel is capable of providing an intuitive interface that allows seeing what is happening with the data as I am manipulating those (Westbrooke & Rohan, 2014).
In complex organizational environment, efficient decision making turns into a crucial challenge. Excel helps in such situations where there are a lot of complex calculations, financial analysis and extraction of data too. I have experienced and seen internal accountants doing calculations of revenue from dealings in Excel. I have seen people from the field of information system use it as an end-user computing tool. Excel is extremely useful in identifying trends from the data, which can be applied to strategic thinking and planning. Since it also aids in bringing data from different documents and files together, it makes the application procedure easier and faster. One example of Excel’s effective application can be seen in airlines. Airlines collect safety related events data and input them in Excel table. After formatting and setting up the data in the table, use of various sorting and visualization technique is carried out to identify similarities in the events (Anderson, Sweeney & Williams, 2014).
Anderson, D. R., Sweeney, D. J., & Williams, T. A. (2014). Modern Business Statistics with Microsoft Excel. Cengage Learning.
Westbrooke, I., & Rohan, M. (2014). Statistical training in the Workplace. In Topics from Australian Conferences on Teaching Statistics (pp. 311-327). Springer New York.