Statistics of business

The course covers a variety of topics

In order to provide me with the skills and knowledge I need to be successful in the workplace and in the business world. Understanding statistical tools and their purposes is made easier by having a working knowledge of how statistics are used in the business sector. This means that the benefit of the course may be applied in the workplace, used to enhance business decision-making, and understood as a whole. In light of this, the purpose of this study is to explore the adoption of the course based on several contexts, including the workplace, corporate decision-making, and the entire business world, and how these contexts affect the promotion of skill sets. The paper will discuss each point individually providing a merit and demerit understanding of the factors that can be used in statistics and business.

Workplace Adoption

One of the numerous course merits is the ability to use statistics in the application in the business workplace. It can include the assessment of performance management. In this case, as a manager, he or she is allowed to collect data about the employee productivity which consists of the number of tasks completed as well as a number of units produced. The manager can analyze the information to find ways through which the employee can improve on their techniques to improve on productivity. For example, if the productivity in a company per week is baselined at 20%, then the manager can devise ways through which the product can be improved. It can be done through inferential statistical analysis (Freed et al., 2014).

Through the use of statistical software and tools such as the use of descriptive statistics, a manager, as well as an employee, can use the skills in the collection of data. Collecting of data can be used to summarize the information which provides an advantageous setting to the workplace by providing a logical manner through which reports are presented. Further, the collection of data provides an ethical analysis of information ensuring that standards are met, and no crossing of lines is done. For instance, descriptive statistics can be used to collect data on the sales levels within a company which allows for the achievement of the last few products launched. A manager will be able to start a better performing an investing in the improvement of the productivity (Freed et al., 2014).

Additionally, the course can be applied within the workplace through the adoption in research and development. The use of descriptive statistics can be used to conduct market research as well as understand the development of the products such as the use of different surveys. It can include the use of random samples from the consumers as well as gauging the acceptance of the product within the market. Survey results may be used to justify the trends through which the development of a product includes the revenue and the expenses of a company.

Influence on Business Decision Making

In the designing of products whether new or old can aid in the streamlining of the production process. For instance, it allows for the evaluation of current and prospective customers which permits the business managers to face more significant complexities in decision making. Hence, statistics offer the administrators with the generated self-assurance in commerce with qualms despite the availability of data. It enables the administrators to make quick decisions which are smarter providing for more unchanging leadership to workforce depend on on them (Freed et al., 2014).

The use of arithmetical breakdown for the representation of a collection of customers can provide for a sensibly precise as well as a cost-effective synopsis of the market with faster as well as cheaper statistics. It supersedes the need to conduct a census of every customer for the company it deals with occasionally. Hence, the statistics can also provide for the leadership of an unbiased outlook of the market which permits for the avoidance of building strategy on unsubstantiated conjectures. Additionally, the course can aid in the evaluation of ensuring quality is maintained within the business. A manager can look into the continuous improvement or quality assurance programs such as Lean Manufacturing (Freed et al., 2014).

In this case, it aids in the necessity of statistics within a business. Statistics provide for the means to measure as well as control the production process to minimize variations leading to error to waste. It ensures that there is consistency throughout the process. As such, it saves for the reduction of the materials used in making or remanufacturing of products and the loss of documents to overage and scrap. Also, statistics will aid in the measure as well as the management of numbers. The data produced in the analysis of the information can be used in the standard of customer satisfaction. Using the five-point scale rate of appreciation may aid in understanding the extent through which a product launch affects the adoption in the market by the customers. It will also permit the making of connections in relationships revealing relations between variables under study.

Statistics in Business Environment

One of the most significant advantages of statistics is in the management of the operation. The importance of statistics is in the administration which is significant since it aids in the analysis of performance or the productivity of staff members such as the production of units. Hence, the manager can use the information from the statistical presentation in syncing the techniques of statistics to improve productivity of the workforce as well as multiple production. It may also aid the business owner in understanding the demand from the market to balance with improved output for supply. In this case, the business owner may use statistics in the analysis of the products produced at every step of the production process. It ensures that the business owner can work efficiently and ensure that the products are of high quality too (Freed et al., 2014).

Statistics can aid in the improvement of efficiency in economics. Economics depends on statistics primarily and as such, can assist in the analysis of the factors that affect the economy such as the income of employees as well as the gross domestic product. Statistical methods are used in collecting as well as analyzing the information as well as a testing hypothesis. For instance, it can provide a link between the demand and supply in inferential statistics which can aid in understanding the trends in imports and exports. It can also help in the evaluation of factors such as inflation rate, per capita income as well as the factors that indirectly affect the gross domestic product which is a requirement in the use of statistics (Freed et al., 2014).

References

Freed, N., Jones, S., & Bergquist, T. (2014). Understanding Business Statistics. John Wiley & Sons.