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

timer Asked: Jan 5th, 2016
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Question Description

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?

Tutor Answer

School: UIUC

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

Statistics is directly related to business management in many ways. For instance, profit increase over time, employee productivity, market research, and product development.

The question i'm interested in answering is: "What time of the day/week are employees most productive"?

I would collect the same data each day: how much output the employee does at the end of the day (Profit made for the business/customers called by employee if telemarketer/etc...

I would want to find variance between work in the days of the week.

The conclusion to be drawn is which day/part of the day the employee is most active.

Please let me know if you need any clarification. I'm always happy to answer your questions.

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Tutor went the extra mile to help me with this essay. Citations were a bit shaky but I appreciated how well he handled APA styles and how ok he was to change them even though I didnt specify. Got a B+ which is believable and acceptable.

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