Statistics play an important role in predicting what will happen in the future b

Question

Statistics play an important role in predicting what will happen in the future based on collecting, reviewing, and analyzing data from the past. There are various ways to analyze the information collected, including mean, median, mode, standard deviation, range, and others.

Statistics in Business

Do some research, from a reliable source, such as the U.S. Department of Labor (not a scholastic or school site or Wikipedia) to find an interesting set of data and present the mean, median, mode, and standard deviation for this data set. In your initial post, fully explain the information and/or make predictions for the future based on your findings. For example, if you are using previous sales for your data set, you might want to predict future sales or suggest wholesale ordering of product for the business to sell.

Explanation / Answer

I take data of Annual sale of US food service firms by kind of bussiness 1992:2010.

the firms are as given below:

Full service restaurants

Limited service eating place

Limited service restaurants

for these firms we have the data of annual sale then by using EXCEL i obtain the value of mean median and S.D. for the annual sale data for all these 3 firms and this is given below:

Mean Median S.D.

full service restaurant 143305 140070 39533.63

limited service eating place 140116 132564 38017.43

limited service restaurant 119283 114151 30287.79

And i also obtain the forcast value for year 2011 to 2015 for all these firm by using Single Exponential Smoothing and it is given below :

Full service Resto limited service eating place limited service Resto

2011) 213880 214248 177786

2012) 227210 225958 187732

2013) 235818 235588 195704

2014) 253256 248646 205104

2015) 272892 271111 222749

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