2nd Bac - Graphical Representation of Data

 Graphical representation of data

 

The use of graphs and the interpretation of statistical measures are sources that the entrepreneur can use to analyze the behavior of the forces that explain how the market works. This is called supply and demand.

 

Traditional Graphs used to present results

The most common graphs used to expose the results obtained from a market research are pie chart, trend chart and frequency histogram. 

Pie chart

This graph is used to show the participation of the different elements that integrate the behavior of a variable. For example, if it has been known that 56% of the possible consumers are male and the 44% left are female.



Trend chart

The trend chart can help the entrepreneur to visualize the historical behavior of a variable. For example, this graph can be used if the sales of a product are known. The following graph shows the monthly sales of goods and services for a year.





Frequency histogram

This is a graph of vertical bars in which, the values of the variable are represented over the X axis and the absolute or relative frequencies of the values over the Y axis. The following graph show the consumers preferences for the different types of coffee.






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