Statistics plays an essential role in analyzing marketing trends. Microsoft Exce

Statistics plays an essential role in analyzing marketing trends. Microsoft Excel is a phenomenal tool for interpreting the data its users acquire. But one must understand the meaning and implications of the received information. Statistical data obtained through research can help leaders in a company make informed decisions based on the insights derived from the data (White, 2023). Poor-quality data without proper statistical analysis can lead to inaccurate conclusions and faulty strategies that can impact a company significantly. Companies must ensure that the quality of statistical data is reliable and accurate to help steer decision-makers to make accurate and timely decisions.

Microsoft Excel has a feature that allows its user to visualize the statistical data acquired. However, one must be able to effectively communicate the data being presented based on the stakeholders involved. One must be able to not only answer the questions that the stakeholders have but to help map out potential costs and benefits of different courses of action based on the statistical data presented (Olsen-Phillips, 2022). One must effectively convey the implications of the analysis clearly and meaningfully. This helps stakeholders understand and comprehend the statistical data that is being presented.

Resources.

White, J. (2023). Why High-Quality and Relevant Data is Essential in Today’s Business Landscape. https://www.forbes.com/sites/forbestechcouncil/2023/04/17/why-high-quality-and-relevant-data-is-essential-in-todays-business-landscape/?sh=650c52ac73fd

Olsen-Phillips, P. (2022). What Business Analysts Actually Do, as told by 3 Pros. https://fortune.com/education/articles/what-business-analysts-actually-do-as-told-by-3-pros/