IMS502 Information Analysis for Decision-Making UITM Assignment Sample Malaysia
IMS502 Information Analysis for Decision-Making is a course designed to help professionals develop the skills needed to effectively analyze data and make sound decisions. Through engaging content centered on real-world scenarios, students are equipped with the tools necessary to think critically about issues and keep an open mind in complex situations.
A strong emphasis is placed on developing practical experience in data analysis and decision-making through various activities and assessments. With this course, you can gain confidence in navigating everyday business problems with a greater understanding of how to interpret and utilize analytics efficiently.
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Here, let us illuminate some of the assignment activities:
Assignment Activity 1: Outline and explain descriptive and inferential statistics.
Descriptive statistics summarize data in quantifiable forms. This includes measures of central tendency such as median, mode, and mean; measures of spread like variance and standard deviation; and frequency distributions. The output from descriptive statistics helps researchers to identify trends and patterns in large datasets.
On the other hand, inferential statistics use probability theory to make predictions about a population based on sample data. Under this branch of statistical analysis, assumptions are made about a larger population from which a sample is taken. Using models and algorithms to uncover patterns and relationships between variables, inferential statistics enables researchers to draw conclusions from the sample set that can be generalized to the entire population.
Both descriptive and inferential stats offer powerful insight into data sets, with one providing summaries while the other delving deeper into connections and correlations within measured variables.
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Assignment Activity 2: Execute various statistical tests for analysis of business information.
Statistical tests allow us to analyze business information and gain valuable insights from it. From forecasting scenarios to identifying patterns in customer behavior, performing statistical tests helps us understand the underlying trends in the data. At times, output from these tests can be used to validate hypotheses and evaluate theories about our business model or practices.
Furthermore, understanding the results of statistical tests lets us make more evidence-based decisions which can ultimately increase a company’s profitability.
Assignment Activity 3: Initiate appropriate statistical tests for the information analysis project.
Conducting the appropriate statistical tests for my information analysis project is a crucial step toward obtaining accurate results. To ensure I get reliable results, it’s essential to choose tests that match the characteristics of my data. I need to make sure that my choice of tests also remains valid when applied to larger data in the future, as well as when different assumptions are used for certain variables.
All these considerations make it very important to ensure I select the right tests at this stage of the project. Therefore, taking time to study various statistical tests and choose the best one according to the type and characteristics of my data is an absolute necessity.