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For collecting and organizing data and using it with interpretation and future behavior predictions, statistics plays a pivotal role. Therefore, no industry can be successful without incorporating statistics with the business. Many industries such as pharmaceuticals, retail, consumer products, insurance, and governments use statistics for this purpose.
The purpose of the current paper is to evaluate and describe the utilization of statistics from any current article or business report. Consequently, a business report “Singapore’s External Trade—May 2015” has been chosen to meet the objective. The copy of the chosen business report is also attached with the essay.
The selected business report was published on 17th June 2015. The report is evaluating statistically year-on-year and month-on-month basis about Singapore NODX (Non-Oil Domestic Export) and NORX (Non-Oil Re-Export). Moreover, it is related to both electronic and non-electronic NORX and NODX.
What statistical tools are used in this article?
Though error, accuracy, precision, and bias with mean, mood, and standard deviation work together to find the best outcome of any research (Fao.org, n.d), yet without proper use of different types of graphs such as bar graph, line graph, gantt chart, pie etc the clear presentation is not possible. Obviously, words cannot describe whatever can be described through graphs.
The Effective Implementation of Bar and Line Graphs
Two types of graphs line graphs and bar graphs are used in the selected report for statistical representation. For instance, for defining overall trend a line graph is used. The graph shows NODX decrease by 2%, on a three month moving average. Similarly, the next bar graph exhibits on a month-on-month seasonally adjective basis a decrease of .5 billion $dollar in May 2015 in both electronic and non-electronic NODX. Likewise, the next bar graph portrays lucidly NORI (Non-Oil-Retained Imports) of intermediate goods that has been decreased by 0.1 billion S$ (IE Singapore, 2015).
The next three graphs are line graphs. The first line graph shows total trade contraction of 14.6% on year-on-year basis. The second graph depicts 2.5% decline of total trade on month-on-month SA basis and highlights total exports and imports. The third graph also exhibits exports and imports but by showing reaching point of S$74 billion on y-o-y basis. Moreover, the next line graph on the left side shows 2.5% decline in Electronic NODX; whereas, the right side line graph displays an increase of 8% in non-electronic NODX (IE Singapore, 2015).
Oil domestic export and non-oil re-export are also very important for Singaporean trade. Hence, the next line graph emphasizes 2.7% NORX decline in May 2015 on m-o-m basis regarding oil domestic export and non-oil re-exports. However, the next graph is a bar graph and shows a declining trend of 9% on m-o-m SA basis about NORX. The next line graph highlights Indonesian NODX market as the highest followed by EU and China, which is shown in the next line graph. Nonetheless, the selected business report also uses a statistical chart, at the end, to describe top markets of the world of NODX, electronic NODX, and non-electronic NODX (IE Singapore, 2015).
Conclusively, it is not difficult to observe that without the implementation of different statistical tools and statistics such business reports cannot be created. The current selected article is full of many bar and line graphs. Clearly, these graphs facilitate the reader to understand the depth of the trading situations on domestic, regional, and international ground. Thence, statistics has become an inseparable part of different business reports, researched articles, and other academic practices. Specifically, various governmental organizations are taking great advantages from these statistical means to evaluate and measure future possibilities and needs.
Fao.org. (n.d). 6 basic statistical tools. Retrieved from http://www.fao.org/docrep/w7295e/w7295e08.htm
IE Singapore. (2015). Singapore’s External Trade—May 2015. Retrieved from http://www.iesingapore.gov.sg/.../Monthly20Trade20Report2020May202015.pdf