Data would be used in a variety of different ways to influence those who might invest in my company. Generally, as long as any data that has to do with money has a positive trend, it will entice investors to start to or continue to invest. Such data would include things like, expected net income increases over time, profit margin or expenses. For this company, data involving money could include the prices of the components from wholesale retailers and what my store would sell them at compared to other competitors prices. For example, a new graphics card could cost 700$ from the manufacturer, and another company, such as Newegg, sells it for $1200. My company could sell it for less than that to entice consumers to purchase it. Other ways data could be used would be through surveys taken of people who might be interested in buying this product, but cannot due to pricing or other factors, and how my company would solve these issues.

1b. The use of quantitative data would be the most appealing to investors, and a source of such data could come from competitor's websites and what information they share in regards to their company's profits and investor information. The use of this data, which shows how much and of what they sell, could be used to gauge the market for this type of business. Should other businesses be able to purchase and resell computer parts and accessories and profit well enough on it, my business could as well. This would depend on what makes my business different and how it would succeed. Investors care mostly about the profitability of a business and how much money it could make them should they invest. Quantitative data is the most used type of data when it comes to profit, and would be the type investors care most about. The source of this information, being from the other successful businesses and competitors would be the best to use, as it should be most reliable since they are looking to secure more investors themselves.

1c. The best reason and way to use tabular, graphical and numerical data is to use one to explain another in more detail, or just in a different way that other people might prefer. Such that, you first use a graphical representation to quickly and visually show your point. This could be a graph that shows your expenses would be lower than that of other competitors. For a retail company, it could be that you would have the use of robots to sort out shipping and over time would cause less expense than human workers. A tabular representation would show in more detail as to how much each data point is. You could show that, given the cost of this robotic system and the cost of human capital, over the course of X years, robotics would lower expenses. The numerical data will show investors things such as the average cost of robotic systems or human worker wages. Data presentation is a huge part of business decisions in that, the ease of understanding of those you are pitching the idea to will determine if they chose to go with it or not. Also, the different ways of this presentation could have different effects for each person involved in the decision making.

1d. The most important point brought about in the article is that every type of data needs to be carefully considered in how it will be presented. There are many types of presentations that misrepresent the data that is given or that present the information in an unclear way, such as the bar representing continuous data or that the rainbow color scheme can be hard to interpret. The article points out how little thought or effort can be put into visualizing data by scientists when posting reports/analyses. To use this article to help with potential investors would be to take much consideration into how you might represent the data you have chosen to provide. If you use any visualizations, it would be a good idea to not use the rainbow scale, as people would not know which color means what in your data. Since humans are visual creatures, you will want to make use of the best visualization of your data to get your point across so that you can get the funding you need.

1e. One way that statistical inference could be used for this new business venture might be a survey that asks people, "who wants this product/service but cannot afford it" or in my business' case, "who wants to build a computer but cannot afford it". The results from this survey, in the best case, would have a majority of people wanting your product. Being that the survey is from a random sample size, it would not be entirely wrong to assume that the majority of everyone would have the same response. This inference would help investors see that there is a demand for this product. Another use would be that you could find the amount of an average consumer's purchase at competitors' websites and show how much profit can be made per customer.

1f. Some ways that analytics have been used in professional sports is that of Expected Points and Expected Points Added in football, per Forbes' article on the matter. These metrics "measure the value of a play and can better-show how effective a player or team is overall and in certain situations". This allows the coaches to choose better plays against each specific team in specific situations for a better outcome. Small business owners could very much benefit from analytics in regards to their business' industry. Being that they have a smaller budget to work with, each decision made has a larger impact on their business. Analytics would help them to make smarter decisions to benefit their company.

https://www.forbes.com/sites/liamfox/2021/08/12/how-the-nfl-uses-analytics-according-to-the-lead-analyst-of-a-super-bowl-champion/?sh=16eba5ba424eLinks to an external site.