BIS 155 Course Great Wisdom / tutorialrank.com BIS 155 Course Great Wisdom / tutorialrank.com | Page 45

You should include a final paragraph that explains three things you
learned about using Excel for data analysis. Be sure to submit your
work for this iLab to the Dropbox basket labeled Week 6: iLab
7=========================================

BIS 155 iLab 8 (Week 7) Descriptive statistics, formatting,
graphs, and regression analysis
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Scenario/Summary
Hopefully you will find this week's iLab activity fun and useful. We'll
be exploring the world of statistics from a business perspective this
week, allowing you to practice your skills with descriptive statistics,
formatting, graphs, and regression analysis.
As discussed in the lesson, the value of statistics lies in the ability to
analyze data more effectively for the purpose of improving decision
making. You might have heard the expression that "statistics never
lie, and only liars use statistics". There is an obvious truth in this
statement, in that, depending on the questions being asked and the
data collected, the statistics can skew reality.
For example, it is true that as ice cream sales increase, accidents at
swimming pools increase. Does this mean that the more ice cream
that is sold, the more accidents it causes (correlation/causation)? Of
course not, but the data, if not interpreted correctly, could lead to
false conclusions. It just so happens that both are correlated to a rise
in temperature in the summertime. The hotter it is outside, the more