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Why Should You Care About Variance And Covariance In Business

Statistics and visual representations of data is a necessity for the true comprehension of what the data means as a whole. Data are too numerous and complex to be analyzed by the individual datum, and various visualizations of data aid in understanding the complexity and use cases for any one set of data, or multiple sets of data as compared to each other.

The metrics used to make those charts are equally important and are based on the statistical analysis. Depending on your business, its size and the products and services provided, basic statistical information will have more or less significance. Make use of averages, modes, and regressions, as well as a brief discussion of magnitudes.

Source: business2community.com
Author: Thomas Kucharski

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