Understand a range of techniques to analyse data effectively for Essay

Understand a range of techniques to analyse data effectively for barter purposes - Essay ExampleMode 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 evaluate salary. Employees get an average salary of 1248Standard 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 antithetical 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 coefficient 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 rel ationship between the two variables is strong then altering one of the variables will affect the other variable. Thus a business is able to ensure if it should change the variable and to what