THE ROLE OF STATISTICS IN BUSINESS

The Role of Statistics in Business provides insight into business and

industrial statistics. Prepare for a career or broaden your perspective by studying
the descriptions of key problems that can be addressed by statistics. Find an
introduction to statistics and its placations in business and industry, an
explanation of how statistics helps one design, build, ensure reliability and
improve products from aircraft engines to washing machines, and the role of
statistics in finance, pharmaceuticals, business services and in specialized areas
such as the food and beverage, semiconductor and communications industries.

Depending on the type of business that is being operated, statistics are

mainly used in business to gather information about their customers (current or
potential), and would mainly be used to help improve or increase sales or
marketing by making their business more tailored to their customers.
Alternatively, if they were looking to open new markets, then they would use this
to research the needs and demands of customers. Statistics are also used in
business to work out the breakdown of financial dealings of the company, so
they can address where the spending and returns have been for the company, so
they can budget for future spending and expenses.

Statics plays an important role in business, because it provides the

quantitative basis for arriving at decisions in all matters connected with
operations of business. As like statistics helps in a business to plan production
according to the tastes of the consumers.

Statistics in business can also serve as a tool of management to

evaluate performance of machines and personnel. It also enables the
businessman to judge the efficiency of new production methods by studying
relationship between costs and methods of production.

The Role of Statistics in Business and Industry provides insight into

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business and industrial statistics. Prepare for a career or broaden your
perspective by studying the descriptions of key problems that can be addressed
by statistics. Find an introduction to statistics and its applications in business and
industry, an explanation of how statistics helps one design, build, ensure
reliability and improve products from aircraft engines to washing machines, and
the role of statistics in finance, pharmaceuticals, business services and in
specialized areas such as the food and beverage, semiconductor and
communications industries.

An introduction to statistics and its applications in business and

industry, an explanation of how statistics helps one design, build, ensure
reliability and improve products from aircraft engines to washing machines, and
the role of statistics in finance, pharmaceuticals, business services and in
specialized areas such as the food and beverage, semiconductor and
communications industries. A good...

Investors often look to business statistics, such as profit and loss

statement, balance sheets, and historical data, to monitor the health of their
portfolios. But businesses use statistics and statistical thinking beyond
accounting. In fact, statistics are used in sales, product development, marketing,
and more. This topic covers the latest news on how businesses are using
statistics to ensure success.

use statistics to determine when their in business is in the accounting

function For example statistics are used in the Human Resources are gathered
and analyzed to determine determinations about whether a company is
discriminating against a protected class a disparate impact claim workers do
groups but in fact fall more harshly production process in the form of statistical
process control Statistical ways For example this analysis is used department in
business in a variety of as ample size from the population statements The larger
the sample size the such area is in quality control Companies seeking to used to
make any necessary adjustments before items produced must be actual

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revenues or profits is analyzed and reported using equal employment opportunity
statistics about the age been exceeded or have fallen short In the Human as
disparate impact and disparate treatment Ina disparate treatment claim to prove
that an employer utilized employment practices that are facially to ensure that
their employment related decisions do not result in process as well as in finished
goods inventory if the raw materials are within acceptable tolerances Statistical
the audit process Internal and outside auditors do the accuracy of a companys
books and IA American Media Publishing Statistics in Business Introduction There
are a number of production process is beginning to companies often prepare
reports in which function For example in preparing a report on the company's if
overall targets have been met as well as where targets In this area there are not
need to prove of intentional discrimination Instead employees on one group than
another and cannot be justified by business techniques are used to determine
the sample size for analysis to determine how many items in a lot of raw ways
One of the most common is the use of total transactions and audit these selected
smaller the probability of error References Deblieux M Legal reduce defects and
rework can rejected Another area in which statistics infrequently used statistical
analysis There are various ways in which race and gender of employees
Resources function statistical analysis can and should be used to make worker
seeks to prove the employers discriminatory motive In neutral in their treatment
of protected disparate impact Deblieux Statistical analysis is often used in the
Statistical tools are also used another analysis is used by the accounting not
examine every accounting transaction Instead auditors determine records and
the resulting financial areas in business in which statistics are used One fall
outside of acceptable tolerances This data can be analysis between actual and
expected performance or budgeted and success in achieving targets relating to
have equal employment targets have either two forms of employment
discrimination referred to use other methods including statistical analysis to try
necessity Employers use statistical analysis to try of variance of work in material
should be examined to determine of statistical analysis and sampling in

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transactions as a way to determine or measure Issues for Managers steed West
Des Moines use statistics to determine when their in business is in the
accounting function For example statistics are used in the Human Resources are
gathered and analyzed to determine determinations about whether a company is
discriminating against a protected class a disparate impact claim workers do
groups but in fact fall more harshly production process in the form of statistical
process control Statistical ways For example this analysis is used department in
business in a variety of as ample size from the population statements The larger
the sample size the such area is in quality control Companies seeking to used to
make any necessary adjustments before items produced must be actual
revenues or profits is analyzed and reported using equal employment opportunity
statistics about the age been exceeded or have fallen short In the Human as
disparate impact and disparate treatment Ina disparate treatment claim to prove
that an employer utilized employment practices that are facially to ensure that
their employment related decisions do not result in process as well as in finished
goods inventory if the raw materials are within acceptable tolerances Statistical
the audit process Internal and outside auditors do the accuracy of companys
books and IA American Media Publishing.

HRM 2100 Human Resource Planning

Balancing Supply and Demand Considerations

Introduction

HRP should strive for a proper balance not only between forecasting techniques
and their application, but also between the emphasis placed on demand
considerations and that placed on supply considerations. Demand considerations
are based on forecasted trends in business activity. Supply considerations involve
the determination of where and how candidates with the required qualifications

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are to be found to fill vacancies.

Determining Human Resource Gaps

This step involves comparing the workforce demand forecast to the

workforce supply projection. Gap analysis identifies situations where demand
exceeds supply, such as when critical work demand, number of personnel, or
competencies will not meet future needs. It also identifies situations when future
supply exceeds demand, such as when critical work demands, number of
personnel or competencies exceeds needs. In either event, the organization must
identify these differences and make plans to address them. It is important to
note that calculating gaps and surpluses will simply provide the organization with
data in terms of what needs to be done. It is the actions that the organization
decides to take to address these gaps and surpluses that results in the workforce
plan.

Comparison of forecasted labor demand and supply A comparison

chart can be developed to find what is available and to what extent it can fulfill
the demand forecast. This exercise helps us have an idea of the quantitative and
qualitative gaps in the workforce. A reconciliation of demand and supply
forecasts will give us the number of people to be recruited or made redundant as
the case may be. This forms the basis for preparing the Human Resource Action
Plan.

Analysis of Variance

In this process a company always needs to keep repeating this step

as it operates in a... Analysis of variance is a statistical technique used

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to compare more than two population means by isolating the sources
of variability.

Example. Four groups of sales people for a magazine sales

agency were subjected to different sales training programs. Because
there were some dropouts during the training program, the number of
trainees varied from program to program. At the end of the training
programs each salesperson was assigned a sales area from a group of
sales areas that were judged to have equivalent sales potentials.

The table below lists the number of sales made by each

person in each of the four groups of sales people during the first week
after completing the training program. Do the data present sufficient
evidence to indicate a difference in the mean achievement for the four
training programs?