World Lit - ph1ip

Statistics in Business Decision Making What can statistics do for business Managerial decisions are based on accurate , timely , and relevant data Statistics can summarize these data into concise and meaningful information that makes it easier for managers to Notice differences Relate variables Identify trends Furthermore , statistics can test managerial observations to see whether they significantly exist Examples Performance Checking Given several workgroups with similar responsibilities i .e . sales teams Statistical tools such as independent groups tests can determine which groups are performing significantly better (significance should be standardized to

a certain level of confidence Opportunity threats identification Statistics can reveal relationships of variables from historical data i .e . season and sales Statistical tools such as regression analysis can effectively predict reliable times in a year when sales can be expected to be high or low Research Questions What credit transactions are most popular in the target market Data Required : Historical itemized consumer spending Statistical Tool : Factor Analysis How much value should the incentive offer Data Required : Consumer surveys Statistical Tool : Descriptive measures and charts Is this value feasible Data Required : Consumer surveys Statistical Tool : Regression analysis Default Design Statistics in Business Decision Making What can statistics do for business Managerial decisions are based on accurate , timely , and relevant data Statistics can summarize these data into concise and meaningful information that makes it easier for managers to Notice differences Relate variables Identify trends Furthermore , statistics can test managerial observations to see whether they significantly exist Examples Performance Checking Given several workgroups with similar responsibilities i .e . sales teams Statistical tools such as independent groups tests can determine which groups are performing significantly better (significance should be standardized to a certain level of confidence Opportunity threats identification Statistics can reveal relationships of variables from historical data i .e . season and sales Statistical tools such as regression analysis can effectively predict reliable times in a year when sales can be expected to be high or low Research Questions What credit transactions are most popular in the target market Data Required : Historical itemized consumer spending Statistical Tool : Factor Analysis How much value should the incentive offer Data Required : Consumer surveys Statistical Tool : Descriptive measures and charts Is this value feasible Data Required : Consumer surveys Statistical Tool : Regression analysis Statistics in Business Decision Making What can statistics do for business Managerial decisions are based on accurate , timely , and relevant data Statistics can summarize these data into concise and meaningful information that makes it easier for managers to Notice differences Relate variables Identify trends Furthermore , statistics can test managerial observations to see whether they significantly exist Examples Performance Checking Given several workgroups with similar responsibilities (i .e . sales teams Statistical tools such as independent groups tests can determine which groups are performing significantly better (significance should be standardized to a certain level of confidence Opportunity threats identification Statistics can reveal relationships of variables from historical data (i .e . season and sales Statistical tools such as regression analysis can effectively predict reliable times in a year when...