Free Essay

Qnt 351 Week 1 Paper

In: Business and Management

Submitted By rakers
Words 651
Pages 3
Statistics in Business

QNT/351

Statistics in business

The purpose of this essay is to examine the purpose of statistics in business. Our text, Lind (2011) defines statistics as “The science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making more effective decisions” (p.5).
Types and levels of statistics There are two major types of statistics, descriptive and inferential. Descriptive statistics is defined by Lind (2011) as “methods of organizing, summarizing, and presenting data in an informative way” (p.6). An example of descriptive statistics would be a high school report showing that it had 300 graduates in 1990 and 450 graduates on 1991. The information that they provided described the amount of graduates that they had for each year. Inferential statistics is defined by Lind (2011) as “the methods used to estimate a property of a population on the basis of a sample” (p.7). If the same high school sent out a report showing the graduate numbers for 1999- the present to estimate the number of graduates that they would have for this school year, those statistics would be inferential because they are used to estimate future outcomes. There are four levels of statistical data: nominal, ordinal, interval and ratio. The nominal level deals with qualitative variables such as colors and blood types that can only be counted and classified. Ordinal data measurement is a variable rating system that ranks data according to predetermined categories that have only relative values such as poor, average, and good. Data can be ranked and ordered using this method. Interval data measurement adds to the ordered level by adding the characteristic of a consistently measured differential. A thermometer is an interval measurement tool. Differences in degrees of temperature are consistent between the level intervals. The last level of statistics is ratio-level data; this is used for quantitative data recording. It builds upon the interval measurement by adding that “point 0 is meaningful and the ratio between two numbers is meaningful” (p.13). An example of ratio level data would be weight. A scale is calibrated at “0” and is measured in increments of one pound or kilogram to determine a person’s weigh or the difference of weigh between two individuals or products.

The role of statistics in business Statistics are the lifeline of a business. A business relies on good statistical data to determine its financial standing, projecting future sales and projects, and to provide the management team with information to make sound business decisions. When we look at statistics in the business world we are primarily concerned with their bearing on profits, investments, hours worked, and wages. The decision making process is made easier by analyzing data to determine the best course of action instead of taking uneducated risks. An example of the importance of statistics in business would be forecasting. We recently hired additional personnel based on historical data on first quarter sales and average call handle time of our phone staff. We took the archived data that showed how many calls were taken in our call center, the number of personnel on the phones, and the average time of each call. We used this historical information from the last three years to determine how many people we will need on the phones at any given time during first quarter. This data allowed us to be proactive in staffing and fund allocation to meet the needs of our customers and phone staff.
Conclusion
Statistics play a vital role in the business world. We are a smarter and more intuitive society of decision makers because of statistics. A business is more stable when the guess work is taken out of the equation and replaced with data analysis that produces sound business decisions and planning.

References

Lind, D., Marchal, W., & Wathen, S. (2011). Basic statistics for business and economics (7th ed.). New York, NY: McGraw-Hill/Irwin.…...

Similar Documents

Premium Essay

Week 1 Res/351

...Week 1 Current Events in Business Research The Business Research Process is a process that will benefit a company to its fullest potential. When thinking of this process, one must be open to investigate all aspects surrounding the company in mind. The business research process consists of learning everything there is to learn about the company, its customers, competitors, and the industry in which it evolves. The main goal of this process is learning about products and services being sold, recognizing what type of customer feedback is received, the type of customers being brought in, when and where to distribute, and also price range and promotions. I am a cosmetologist and this is determined to be a very competitive industry. Our main goal is keeping up with the current trends. In today’s world hairstyles, makeup, and fashion change on a daily basis. One day it’s in and one day its out! We continuously attend hair shows and classes to keep up with the latest styles and products on the market. Clientele is essential when working within this industry. As a company, we also monitor other salons in the area to assure that our prices are competitive. Usually word of mouth is the best promotion in this business but we also run ads in the Sunday paper at times offering deals and sample products. We also keep a variety of products so that our customers have the opportunity to choose the product of choice. We also offer products within the salon for at home management...

Words: 332 - Pages: 2

Free Essay

Res 351 Week 1

...verbal communication in face- to- face meeting and not misinterpret the meaning of internet communication. The study showed that to improve face- to- face negotiations subjects are advised to agree on a format for negotiation or to take notes on them. To improve internet negotiations are advised to move away from strict data and create their own room to maneuver. Is the research process adequately explained in the study? * Yes the research explains the process of the study and explains each results based on the opinions of the subjects. * * * References Van Es, R., French, W., & Stellmaszek, F. (2004). Resolving Conflicts over Ethical Issues: Face-to-face Versus Internet Negotiations. Journal Of Business Ethics, 53(1/2), 165-172....

Words: 464 - Pages: 2

Premium Essay

Qnt/351

...response and 1 is a very negative choice. Very Negative Very Positive 1. How well do you enjoy working for BIMS? 2. You enjoy your assigned shift. 3. Your request for your desired shift was fulfilled. 4. How many times have you called in sick in the last month? 5. You are well trained for your work. 6. You are paid fairly for the work you do. 7. Your supervisor treats you fairly. 8. Your supervisor’s boss treats your division fairly. 9. The company is good at communicating. 10. You do not fear that you will lose your job. A. In which division do you work? B. How long have you worked for BIMS? C. What is your gender? D. Are you a manager or supervisor? 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5 Food: _ Housekeeping: _ Maintenance: _ Years: _____ Months: _____ Female: _____ Male: _____ Yes: _____ No: _____ Survey “A” Data......

Words: 1412 - Pages: 6

Free Essay

Qnt/351 Learning Team Assignment Week 2

...QNT/351 Overview BIMS is an organization that offers housekeeping and foodservices to massive companies and businesses. The biggest problem they are facing is the turnover rate; which has increased in the last four months to over 64%. The employees are discouraged at BIMS, performance is low, there has been an increase in the use of sick leave, and the complaints from clients have increased. In order to find the root of the problem the company will run a survey among the workers asking questions such as: how they feel about the company, and questions regarding the low morale at work. The hypothesis is that employees do not feel content with the shifts and the low salaries. Instruments for Data Collection The instrument used for the data collection is a survey. The survey is given to all employees of BIMS in their paychecks. The survey has several questions where the employees is asked to rank the level on a scale of 1 to 5 with 1 the worst and 5 the best. The survey also has questions regarding gender, length of employment, and level of employment. The survey is optional and will give the employer an idea of how employees feel. The employees may answer some questions and not others. The survey will provide answers to what areas the employer needs to improve on, to increase moral. Level of Measurement Ordinal measurement for data is the type of data that consists of numerical scores that can be put in order with a...

Words: 952 - Pages: 4

Premium Essay

Qnt 351

...BIMS Research Study Overview QNT/351 August 21, 2014, RANDALL ELKINS August 21, 2014. BIMS Research Study Overview (Part 1) Headquartered in New York City, The Ballard Integrated Managed Services (BIMS) is a support service company that specializes in providing housekeeping and food services to many corporations and institutions to include 22 Fortune-100 businesses. The focus of the research is the BIMS site at Douglas Medical Center (BIMS-DMC). The problem BIMS is facing is to determine the cause for the decrease in worker productivity and morale, which resulted in an increase in complaints from the hospital staff and administration. The purpose of the survey is for BIMS-DMC employees to express their view about their job and to compute descriptive and frequency techniques and further study data for possible correlations. The research questions ask if respondents enjoy working for BIMS, how many times they have called in sick, if they are well trained, if their pay is fair, and if they like their supervisor. Our assumption is that at 17% participation, this survey will not have enough participants to get enough data to determine the problems in BIMS-DMC; a larger sampling or new sampling method may need to apply. The instrument used in collecting the data was from a sample survey. In some sample surveys, a couple of included questions, could stem from demographics and age brackets. Also, some of other areas of consideration includes a rating......

Words: 1090 - Pages: 5

Premium Essay

Res 351 Week 1 Individual Paper - Current Events in Business Research

...Basically a patient’s healthcare information may be released to other healthcare professionals within the hospital for purpose of providing quality treatment. Also may be release to your insurance company for payments for healthcare provided services. Campbell, S., Gibby, G. L., & Collingwood, S. (1997). Patient privacy must be maintained in the ethical practice of medicine by law. Reasonable efforts to maintain privacy are required if the healthcare institute is to avoid liability, mainly against unauthorized data release. Campbell, S., Gibby, G. L., & Collingwood, S. (1997). Software will be inexpensive safeguards to protect patient information. Systems for medical record transport will not just be faster and more efficient than the paper method of medical records, but also more secure and easier to defend. (Cambell, 1997) Andreno, 1999) Conclusion In this technology age we are tasked daily with always being on guard to protect our private information. Today people are using computers for just about every daily task, whether looking at the weather, traffic, where a good place to eat is. When deciding on making a purchase no matter the size, the first place people look is the internet. We must stay informed and protect our personal information, because as big as the internet with endless web sites to go to. There too is an increasingly amount of networks of cyber criminals phishing to get our information. References Andreno, F. (1999). The evolution......

Words: 524 - Pages: 3

Premium Essay

Res/351 Week 1 Reflection

...Week one the objectives were to understand what the essential tenets of the scientific method, and why the scientific method is important to business research. Also we discussed why a business manager should understand the importance of business research and how they can use it in there business. The class learned about research ethics, the different ethical dilemmas and responsibilities of researchers. The purposes of business research; identifying the problems, defining, monitoring and refining strategies, tactics and understanding the various fields of management., as well the definition of good research and its characteristics. Doing research in business management is vital as it helps a business plan for the future. It is based on what happened in the past. If the research is carried out properly it can help a company make an informed plan on how to become practicable in its area. If something has been unsuccessful, for instance, having carried out effective research may help to avoid future failures. Research may also help a business choose whether or not the time is right to expand or not. Business research is important to managers because it can give them information on decisions or problems that they need answers to, like adding an additional location for a store or how to improve employee/customer satisfaction. Business Research helps the managers to understand that by collecting data the business can come up with better products, find out......

Words: 314 - Pages: 2

Free Essay

Qnt 351

...QNT 351 August 27, 2014 Henry Jacobs In this report we will revise, summarize, and present our updated data for BIMS case study review. Analyzing the descriptive statistics helps our team breakdown the basic features of quantitative data results from the survey. However, we do not want to risk the chance of distorting our original findings, but use these statistics to analyze the comparisons of answers from employees and departments. Utilizing the central tendency which are three measures: mean, mode, and median allows us to give senior management raw data to make better decisions with. Measures of Variability findings enables us to differentiate results from BIMS surveys which differs from their mean. Our overall recommendation and analysis will be given to senior management within this paper off the current raw data. Data Collected The type of data collected in the survey conducted was quantitative as the data collected in the surveys was expressed numerically. Some of the questions were qualitative however the responses given were provided based on a numerical response. The survey had employees’ answer the question provided based on a scale 1-5, one being very negative and five being very positive. The data collected was later coded and entered into a spreadsheet by Debbie’s office support staff however; some errors existed when keying in the wrong number for the response provided and inputting zeros when the option was not available to employees, zero indicated......

Words: 1044 - Pages: 5

Premium Essay

Qnt-351

...Week-4 Kudler Fine Foods Lawrence Callahan ECO-365 July 31, 2013 Dan Ershadi e I | Kudler Fine Foods is an upscale / specialty gourmet grocery food store catering to high end clientele who are seeking the finer things in life. They opened their doors in June of 1998 and currently have three locations in the San Diego area (La Jolla, Del Mar and Encinitas). Each is about the same size with approximately 8,000 square feet of retail space, each providing the same products. Kudler’s is more expensive than a traditional grocery store, but plan to service a more refined customer found in more upscale areas. They specialize in (All of which are special that Kudler’s uniquely provides): * Baked goods that are baked fresh daily using only organic ingredients. * Fresh produce, if they don’t have what you want they will order it with over 350 varieties. * Fresh meat and seafood (Organic only). The Pacific Ocean is nearby so why not take advantage of it. * Cheeses and dairy products, offering 250 varieties of cheeses (Weekend cheese tasting is planned for the future). * Wine, offering extensive collections of domestic and imported wines and have recently employs a wine steward in each of their three stores to assist customers with becoming better versed in wine tasting. Their mission is to “be the premiere gourmet grocery store for those savvy shoppers who are searching for the finest meats, produce, cheeses and wine” (Source: Kudler Virtual Organization)...

Words: 1415 - Pages: 6

Free Essay

Qnt 351 Data Coolection

...Data Collection QNT/351 Data Collection Ballard Integrated Managed Services, Inc. (BIMS) is a housekeeping and food service support company to businesses. BIMS, Inc. is known to be high above the competitive industry with employees that are part-time as well as full-time. The issue that has arise is the turnover rate has increased over 64% and the reason why has not been determined. The HR manager, Debbie Horner has given Barbara, HRM staff the responsibility to survey the employees to collect data and determine what is the cause of the high turnover in the company. The instrument used for data collection Debbie was chosen to develop a survey for collecting data about the employees of BIMS, Inc. Based on her background; Debbie has used this instrument of collection to ask basic questions regarding conditions with employee’s current positions. The survey collects some demographics to help identify what type of workers are reporting the conditions given, and if the turnover and morale issues have been coming from newer employees or those that are veteran staff. The questions and statements presented are basic to working conditions and include; “You enjoy your assigned shift, You are well trained for your work, How well do you enjoy working for BISM?” (Ballard Integrated Managed Services, Inc., Part 1 Exhibit A) Types of data collected The types of data collected are both quantitative and qualitative data, collected through an employee survey.......

Words: 943 - Pages: 4

Premium Essay

Qnt/351

...Statistics By Rafael Mulero October 14, 2015 QNT 310 Robert Grauer Statistics Statistics can be defined as the science of data that involves organizing, classifying, collecting, interpreting, summarizing, and analyzing numerical information. The types of statistics consist of descriptive and inferential statistics. Descriptive statistics is the use of graphical and numerical methods that locate patterns in data, by doing this it summarizes the data collected, and presents the information in a simplified form. With inferential statistics it uses the sample data to make predictions, decisions, estimates or other generalizations about a larger collection of data. There are other two classifications of statistics and they are qualitative and quantitative. When measurements cannot be measured on a regular numerical scale this is referred to as qualitative data. Qualitative data can only be classified into one of the groups of categories. When data is recorded on a naturally occurring numerical scale is quantitative data. Statistics plays a major role in business decision making. Many companies use statistics to determine whether they’re going to keep a product or service on the market. Also, when making potential decisions when trying to introduce a new product to the market. Companies don’t only use statistics for product or services, they also use it for determining the demographics in the area. They critically assess the data collected and try to generate or produce the...

Words: 312 - Pages: 2

Free Essay

Qnt 351 Week 1-4 Dq

...QNT 351 WEEK 1-4 DQ A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=qnt-351-week-1-4-dq Visit Our website: http://hwsoloutions.com/ Product Description PRODUCT DESCRIPTION QNT 351 Week 1-4 DQ, QNT 351 Week 1-4 DQ, How would you define dependent and independent variables? What is their significance in research? Explain with examples. Independent variables are the variables that are manipulated to then analyze the effect on the dependent variable. Although, there is not necessarily manipulation of the independent variable but allows for breaking them into groups that fit into specific properties for the study. An example I found to explain this a little clearer is a study of white cell count between the two genders. There is not a manipulation, but the independent variables are male and female and the dependent variable (what is measured) is the white blood cell counts of the genders (StatSoft Electronic Statistics Textbook, 2012). An example from a previous class would be studying childhood obesity and the relationship to fast-food restaurants close to their school. The independent variable would be the fast-food restaurant in proximity to the school and the dependent variable would be the classifications of the children (normal weight, overweight, obese). The important of dependent and independent variables is the ability to study if and/or how much of an effect the independent variable has on the dependent variable. In the example I......

Words: 298 - Pages: 2

Free Essay

Res 351 Week 1

...RES 351 WEEK 1 A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=res-351-week-1 Visit Our website: http://hwsoloutions.com/ Product Description PRODUCT DESCRIPTION RES 351 Week 1, Business research process involves the study of all aspects of the company and then that information will be used to make business decisions. This requires several steps to help the company achieve its goals, and evaluating its strengths and weaknesses to solve or to avoid problems. The research process also helps to have a clearer and updated idea of their industry (Suttle, 2014). After worked for more than seven years in the airlines industry, I decided to review an article titled “Customer Satisfaction in Airline Industry.” During my years of experience, I saw how many of the passengers left the airport frustrated with the services offered. I think this is a good topic for me to evaluate, because it help me to understand situations that are important within the airline industry. Current Event in Business Research In the summary of the article “Customer Satisfaction in Airline Industry” explain how the research followed on how the five dimensions of customer satisfaction was applied in the airline industry. Such articles can be used to design strategies specifically aimed to increase the level of customer satisfaction in the airline industry. At first I was a little confused about the method used in this article, but I have come to the conclusion that the method......

Words: 509 - Pages: 3

Premium Essay

Qnt 351 Course Career Path Begins / Tutorialrank.Com

...QNT 351 Final Exam Guide (New) For more course tutorials visit www.tutorialrank.com Q1 The Director of Golf for a local course wants to study the number of rounds played by members on weekdays. He gathered the sample information shown below for 520 rounds. At the .05 significance level, is there a difference in the number of rounds played by day of the week? 2. An auditor for American Health Insurance reports that 20% of policyholders submit a claim during the year. 15 policyholders are selected randomly. What is the probability that at least 3 of them submitted a claim the previous year? 3. When a class interval is expressed as 100 up to 200, _________________________. 4. A coffee manufacturer is interested in whether the mean daily consumption of regular-coffee drinkers is less than that of decaffeinated-coffee drinkers. A random sample of 50 regular-coffee drinkers showed a mean of 4.35 cups per day, with a standard deviation of 1.2 cups per day. A sample of 40 decaffeinated coffee drinkers showed a mean of 5.84 cups per day, with a standard deviation of 1.36 cups per day. What is your computed z-statistic? 5. You perform a hypothesis test at the .05 level of significance. Your computed p-value turns out to .042. What is your decision about the hypothesis? 6. In a distribution, the second quartile corresponds with the __________. 7. The MacBurger restaurant chain claims that the waiting time of customers for service is normally distributed, with a mean of 3......

Words: 7155 - Pages: 29

Free Essay

Res 351 Week 1 Paper

...Current Events in Business Research Tiffany Camphouse RES 351 April 2, 2012 I do not currently work in the business field, but I have been doing a great deal of business research on tattoo shops. The reason that I have been doing so much research is because my husband and I are planning on opening our own tattoo shop when I complete my schooling, so that I am able to run the business. In the research that we have done we have been comparing the way that the shops are set up and how things are being run. Once we get things set up for our shop we want to be able to guarantee that we have the most comfortable and relaxed shop in town as well as the lowest prices in town. We have been spending a lot of time going into shops and asking questions about the way that they run things. We have only found one shop that was not willing to talk to us and explain how the shops are run. As long as we explained to them that we are going to be opening a shop in a few years and are just wondering if we could get some tips on how to make our business successful, they have no problem with it. The main thing that also helps is that we are not planning on opening the shop where we currently live. Once I am finished with school we are moving back to my husbands’ home town. While we have been asking our questions about the business side it gives us a chance to check out the set up inside the studio. Some of the more popular shops have more comfortable waiting areas, and even the......

Words: 431 - Pages: 2

Economics and Perfectly Competitive Firm | New Men's Quick-Dry Swim Beach Pants Boardshorts Surf Shorts Board Trunks 30-38 | Комбинезоны