ABSTRACT
To characterize and describe people we use terms like tall, slim, small, blond, blue-eyed, intelligent, and the like. In this way we develop an image of the person in question. Similarly in business it is important to characterize and describe statistical data so that we can understand situations using perhaps average, range, median, standard deviation,mode, etc. Statistical data are a collection of information fromwhich conclusions or logical decisions can be drawn. From the data benchmark values can be determined, which then provide a reference point such as the world average price of a hamburger as given in the icebreaker.
