Interpreting quantitative business data (Edexcel GCSE Business): Flashcards
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What does quantitative data provide?
What does quantitative data provide?
Concrete, measurable info for decision-making
Benefits of data-driven approach
Benefits of data-driven approach
Reduces risks & improves successful outcomes
Performance monitoring meaning
Performance monitoring meaning
Tracking business performance across various metrics
Competitive analysis meaning
Competitive analysis meaning
Examining performance relative to market competitors
Market trend analysis meaning
Market trend analysis meaning
Understanding changing customer preferences & market conditions
What do strategic decisions rely on?
What do strategic decisions rely on?
Quantitative data
What graphs show
What graphs show
Visual patterns & relationships in data over time
What pie charts show best
What pie charts show best
Proportions & percentages of segments
Best visual for trends over time
Best visual for trends over time
Line graphs
Best visual for comparing categories
Best visual for comparing categories
Bar charts
Revenue formula
Revenue formula
Revenue = Price × Quantity
What historical data identifies
What historical data identifies
Seasonal patterns, trends, campaign effectiveness
Critical element to check in graphs
Critical element to check in graphs
Scale & axes (avoid misleading interpretation)