The case study report, titled Unlocking Business Potential with Statistics for Management V1, offers a comprehensive insight into the pivotal role that statistics plays in today's dynamic business landscape. In an era where data is the lifeblood of decision-making, the ability to harness statistical knowledge has become indispensable for enhancing competitiveness and achieving organizational success. At its core, this assignment dives into the fundamental characteristics that define statistics as a cornerstone of modern management. It underscores that statistics is not merely about numbers; it's about transforming raw data into actionable insights that drive strategic choices. By understanding these characteristics, individuals and organizations gain a profound appreciation of how statistics can uncover patterns, trends, and valuable relationships within data. Moreover, the report delves into two essential approaches to data analysis: deductive and inductive. These approaches are presented as powerful tools for making sense of complex datasets and drawing meaningful conclusions. Whether it involves testing hypotheses through deductive reasoning or exploring data patterns through inductive approaches, this assignment equips readers with versatile techniques for addressing diverse analytical challenges. Furthermore, the report navigates the expansive landscape of data analysis methods, providing readers with a rich array of tools to tackle real-world business problems. It highlights the importance of being well-versed in various data analysis techniques, from descriptive statistics that summarize data trends to inferential statistics that guide decision-making based on sample data. This multifaceted knowledge empowers organizations not only to glean insights from historical data but also to make informed predictions and data-driven decisions. In essence, Unlocking Business Potential with Statistics for Management V1 is more than just an assignment; it serves as a strategic roadmap for harnessing the full potential of statistics in business decision-making. It emphasizes optimizing operations, gaining competitive advantages, and making data-driven decisions that yield tangible impacts on business outcomes. Whether you're a student looking to grasp the fundamental principles of statistics or a seasoned professional seeking to enhance your analytical skills, this assignment offers a comprehensive view of the practical applications of statistics. By exploring key characteristics, data analysis techniques, and their real-world relevance, it equips individuals with the knowledge and tools needed to excel in today's data-centric business environment. In summary, Unlocking Business Potential with Statistics for Management V1 is an invaluable resource for anyone wishing to unlock the transformative power of statistics in the realm of management. Through its exploration of essential statistical principles and their practical applications, this report empowers readers to confidently navigate the complexities of data analysis and leverage statistics as a strategic asset for driving organizational success.
Contents
Task 1: Covers Learning Outcome 1
LO1: Evaluate business and economic data/information obtained from published sources. (M1)
1.1. Key Characteristics of statistics
1.3. Business applications of Statistics
1.4. Sources and types of data and information
1.5. Deductive and Inductive Approaches
1.6. Different methods of Data Analysis
1.7. Examples of analysis of given sample sets of data that could be used by the organization
1.8. Types of Sampling Techniques
2.1.1 STUDY COURSE AND METRHODS
2. Descriptive and Inferential Statistics
Task 3: Covers Learning Outcome 3
LO3: Apply statistical methods in business planning
Supply chain Management success stories of McDonald
Statistical methods used by McDonald to improve quality
Statistical methods used for Capacity Management
Statistical methods used for Inventory Management
The competition has become very hard these days and the businesses strive very hard to stay on top of the market. The companies continuously collect the data to keep an eye on the actions of the competitors and the situation of the market.
Task 1: Covers Learning Outcome 1 |
Statistics is a strategy of examination and comprehension of numerical information. It is one of the most broadly utilized quantitative techniques in business which is fundamentally wanted to achieve the best data from information to help basic leadership. Statistics are connected in the vast majority of the fields that incorporate private parts, restorative fields, business, quality control, the executives and considerably more. The dataset being utilized in the business is practiced by populace and sentiment surveys which originate from the interest database. An analyst should be totally thought about the information required for the investigation.
Business statistics is a science which manages the system of taking incredible choices under vulnerability. Business statistics is utilized in different sorts of fields, for example, account, banking, econometrics, quality control, and advertising. Environment of business is exceptionally unpredictable as it manages the expense and correspondence legitimately or in a roundabout way with people. This is the reason that taking a choice in business is exceedingly troublesome. Besides, the businesspeople need taking a choice or did not have any self-assurance as their choice depends on perception and involvement in the business.
Ø The statistics is a full numerical explanation of facts.
Ø It effects the markets and its reports consist of multiple factors.
Ø It helps in estimation of reasonable standards for the accurate operations.
Ø The data collection in this is done for a predefined purpose.
Ø The data collection in this is a systemic process.
The present great choices are driven by evidence. The statistics has a vital role in the different fields of the life and has a remarkable effects over the businesses and the operations of the companies. The business minds often has to opt some ways to legitimate their decisions and these decisions are perfectly legitimated by the use of statistics. They need measurable model-based choice emotionally supportive networks.
Statistical tools empower them to brilliantly gather, break down and decipher information important to their basic leadership. Statistics ideas factual reasoning empowers them to:
Ø Solve issues in an assorted variety of settings.
Ø Add substance to choices.
Ø Reduce mystery
Luckily the probabilistic and statistical techniques for investigation and basic leadership under vulnerability are more various and ground-breaking today than any other time in recent memory. The PC makes conceivable numerous reasonable applications. Following are the business applications of statistics:
Ø A reviewer can utilize arbitrary testing methods to review the records receivable for customers.
Ø A plant chief can utilize statistical quality control systems to guarantee the nature of his generation with at least testing or assessment.
Ø A budgetary examiner may utilize relapse and connection to help comprehend the relationship of a monetary proportion to a lot of different factors in business.
Ø An economic specialist may utilize trial of criticalness to acknowledge or dismiss the theories about a gathering of purchasers to which the firm wishes to sell a specific item.
Ø A project supervisor may utilize statistical methods to gauge deals for the coming year.
| Deductive Approach | Inductive Approach
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This methodology starts from the hypothesis selection and then its testing is done. |
In this type the hypothesis is generated from the information and is tested based on new information. |
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It generally starts from a theory and goes along. |
In this the rules are only set to limit the area of examination and its extent. |
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In this the accentuation is done mostly on the basis of causality. |
The inductive methods are normally connected with the subjective type of research. |
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These methods are normally associated with the quantitative research methods. In every case, there are not standard rules and the direction of the investigation is suggested by the deductive directions.
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The grounded hypothesis is very commonly use in the inductive methodologies. The main aim for this is to get more hypothesis from the information.
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The motive of the data exploration is the most important factor which is considered during the selection of the deductive or inductive methods. Also the aims to test the theory or investigate the answers of the research questions are considered while selecting the right method for this purpose besides the right techniques.
1.6. Different methods of Data Analysis:
Execution of successful business is not only the collection of information but it also includes the ways to program and sort this information in a more explanatory manner. The information may be collected from a vast range of sources which is then comprehended to get some worthy reports from it. These reports are then very important for making the future decisions.
All the more critically, there isn't one right approach to break down information. Contingent upon your needs and the kind of information you gather, the correct information examination strategies will move. This likewise makes it important to see each sort of information, and which technique can convey the best outcomes. All things considered, there are some regular procedures that come incorporated into most information investigation programming since they're powerful. These five information examination techniques can enable you to make progressively significant and noteworthy experiences.
| Quantitative Data Analysis |
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Before selecting the correct information investigation process, the most important thing is to understand the information whether it is quantitative or subjective. According to its name, clearly quantitative is more about the management of amounts and numbers. All these numbers may include the numbers and the information for the promotion in these numbers. On the other hand, Quantitative information is estimated through relapse examination, Hypothesis testing and Monte Carlo reproduction. |
| Qualitative Data Analysis |
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The subjective information is very hard to incorporate in a manner which is more progressive. This type of information is normally collected from the interviews, reviews and consist of the facts not the figures. So, the investigation methods are not much organized in qulatitative systems as compared to the quantitative systems. Subjective information is estimated through substance investigation and story examination. |
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Mean | The mean is also called “the normal”. It is basically the total of the numbers divided by the number of the quantity in consideration. In other words, the average of a group of numbers is called the mean. |
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Standard Deviation | It is normally denoted by a Greek letter sigma (∑). It is the variation of some information with respect to the mean value. The standard deviation is used to find out the spread of information from the mean and the scattering pattern of the information from the mean value. |
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Regression | This type of models is more illustrative and are normally plotted over the scatterplot. This also describes the solidity of the factors using the Relapse. The students normally learn this in secondary school courses including its applications in business or science. |
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Sample Size Determination | In case of bigger indexes the information is not collected from the whole populations but only a sample class is selected to generalize the results to the whole index. So, the researchers first decide the correct size of the sample to make the results more accurate and then the results are generalized or spread over the population considering the results to be obtained from the population. |
· Probability Sampling
· Non- Probability Sampling
In this technique the randomization process is used in which every element of a population is given a chance to become part of the selected sample. It is also known as random sampling. In this the elements are randomly chosen from a population to make a sample.
This technique is opposite to the randomization. This technique mostly relies on the ability of the researcher about how good he/she is to select the elements for a certain sample. In this technique the outcome may be completely or partially biased as the elements for a sample are chosen fully by the researchers. This technique of sampling is also known as the non-random sampling.
The data collection plan is a complete process and is represented by a detailed document. All the steps are exactly written in the sequence in this report. This plan is very important because the data is collected using this complete plan and the data collection process needs to be very efficient. This ensures the collection of exact data and its transmission to the people in the exact same shape. The data collection plan should include the following components:
Purpose:
A data collection plan must first clarify the purpose for which the effort is being done. Commonly the data is collected to check the stability, capability, efficiency and clarity of a process.
What?:
A data collection also includes the type and form of data which is to be collected. This includes the complete guidelines about the data which should be collected. The exact operational definitions and calculation mechanisms are also described in this part.
Type of Data:
The type of data is another important thing. The plan must define whether the type of data collected is discrete or continuous. The complete details about data types and their subtypes are also described in this section.
Who:
Most six sigma project data is collected by using the machine. Any computer or other machine is used for this purpose having special purpose software. This records the data precisely on each step. This software is programmed by the experts and it is ensured that the data collection process is done in such manner that the obtained data is clearly acceptable by the Six Sigma Teams.
Where:
The data collection plan must also include the exact phase or sub phase of a process which will be selected to collect the data.
Frequency:
The data collection plan must also include the time period for the collection of the data. The time period includes the starting and ending point of the data and the interval on which the data is collected exactly.
How to Display:
It is the final stage of the data collection plan. This states the way of displaying data to the Six Sigma Team. The data is either displayed in form of tables or graphical charts. The most effective way of displaying the collected data is the graphical method which uses the graphical charts like line chart, bar chart or pie chart etc.
In this assignment, two variables (Sales and Gross Income) are selected as an example for the year 2014-2018. Here is the table of data showing the details:
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| 2014 | 2015 | 2016 | 2017 | 2018 |
| Sales (Billion $) | 27.44 | 25.41 | 24.62 | 22.82 | 21.03 |
| Gross Income (Billion $) | 10.46 | 9.79 | 10.2 | 10.62 | 10.79 |
The objective of this study is to answer the questions mentioned below:
What kinds of promotional campaigns are used by McDonald in order to attract customers?
McDonald’s business strategy in the global market to increase its profit?
In this research, the exploration utilized subjective research technique and furthermore utilizes a few hypotheses to break down what sorts of reasons prompted the distinction. The hypothetical part incorporates data accumulated from writing and Internet managing business procedure. The lot of fundamental information and data were gathered from the Internet. This proposal will depict the present advancement of McDonald's, and furthermore use hypotheses and substances to clarify the explanations behind their exhibitions. On one hand, we will break down the methodologies utilized by McDonald; then again, we will examinations reasons from the point of view of rivalry methodology. What's more, the exploration contained individual meetings. There was a great deal of members' perceptions that the administrators and clients in the Pakistani market know the objective of our exploration. Table 1 demonstrates the data of members' meetings (clients and chiefs). For our surveys, we visited to a few McDonald outlets and took criticisms from clients through poll which is connected with task.
Nonetheless, the examination included primary and secondary information. The primary information was gathered with subjective strategies by talking the clients and chiefs. The secondary information was from books, Internet, and course materials with some pertinent data.
| Variable 1 | Variable 2 |
| Promotional Campaign’s to attract Customers | Business Strategy used to increase profits |
