Need statistics help: Discuss how statistics is related to Business management ?

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1.       Discuss how statistics is related to Business management ?

2.       What question would you be interested in answering?

3.       What data would you collect and how would you collect the data to help answer this question?

4.       What statistics do you want to find, such as mean, median, variance?

5.       What conclusions can be drawn based on the results?

Jan 5th, 2016

Thank you for the opportunity to help you with your question!

1)Statistical relationship with Business Management

Statistics has a great importance in management decision making.Whether designing a new product,streamlining a production process etc today's business manager faces a stronger complexities than ever before. Statistics provide managers with more confidence in dealing with uncertainty in spite of the flood of available data, enabling managers to more quickly make smarter decisions and provide more stable leadership to staff relying on them.

 Business statistics involves aspects of math, management and market research that aid in the decision making process within a business.

2)Questions interested

Perfomance of the business?

What factors govern the profit of the company based on the input provided?

How to make more effective decision making process?

3)Data collection is a term used to describe a process of preparing and collecting data - for example as part of a process improvement or similar project. The purpose of data collection is to obtain information to keep on record, to make decisions about important issues, to pass information on to others.

Suppose we know that for the business to be more effective in human resource the average rating of the employee in a company must be above 4.So we would gather all the information related to calculating the average rating of the employee and calculate the rating of each employee in the management.

We will ask each and every employee the particular question or the performance which will be used to calculate the rating of the employee.

4)Based on the above result we will find the mean rating of the employee.If the mean rating is greater than 4 then the company has good human resource to run the business effectively.

5)Based on the result calculated for the data analysis we can evaluate the company perfomance.

I hope this would help you,but if you have any doubt regarding this,you can surely ask. :)
Jan 5th, 2016

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