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How are estimates and probabilities similar

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Assignment

Part 1

An often used quote states, "A picture is worth a thousand words." Along these lines, how do visual presentations, such as frequency distribution tables or graphs showing central tendency or dispersion of data points, convey information for a reader? How are these visual representations of data analysis effective in communicating the story the information is telling the reader? Explain.

Part 2

Businesses use estimates in their budgets and financial statements. How are estimates different from probabilities? How are estimates and probabilities similar? Share an example of each.

Reference no: EM131388436

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