A business uses a range of data to help measure performance and make plans.
Quantitative data is about numbers and includes charts, graphs and statistics.
Financial data is useful to a business when it compares how it’s doing now to previous periods. If it’s a PLC or limited company it will need to produce an annual financial report each year. Suppliers and investors will be interested in this data – why do you think this is?
Marketing data such as responses to customer surveys can help a business to make decisions.
Of course, data can be open to interpretation and subject to human error, so a business may want to combine it with qualitative data to help minimise any bad decisions.
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