Using Simple Statistical Tests on a Data Set

Mean: The average value in a data set. It is calculated by adding up all the values and dividing by the number of values.
Median: The middle value in a data set when all data points are arranged in ascending or descending order.
Mode: The most frequently occurring value or values in a data set.
Range: The difference between the highest and lowest values in a data set, providing insight into the spread of data.

Sales Data Analysis: Using mean, median, or mode to understand the most typical sales figures or the spread of sales over a certain period.
Customer Insights: Applying statistical tests to customer feedback or scoring data to identify common experiences or issues.
Product Analysis: Looking at product performance and using range to identify best and worst performers.

Significance of Mean: Accuracy may be affected by outliers. Extreme values can distort the mean, making it higher or lower than most data points.
Robustness of Median: A reliable measure of the ‘typical’ data point because it is not affected by outliers as the mean is.
Value of Mode in Business: Could be the most common sales figure, or the most commonly provided customer rating. Useful for identifying frequent trends.
Understanding Range: It provides a quick glance at the spread of data, but doesn’t provide detailed information about individual data points.

Informing Future Direction: Businesses can use statistical tests to identify successful products or strategies and deemphasise those that are performing poorly.
Improving Customer Experience: Statistical analysis can identify common problems or positive experiences in customer feedback. This insight can help improve customer service and satisfaction levels.
Monitoring Performance: Regular use of basic statistical tests can help businesses track performance over time, identify trends and adapt accordingly.