Statistics

Q a. Statistics is the backbone of decision-making. Comment

Due to advanced communication network, rapid changes in consumer behaviour, varied expectations of variety of consumers and new market openings, modern managers have a difficult task of making quick and appropriate decisions. Therefore, there is a need for them to depend more upon quantitative techniques like mathematical models, statistics, operations research and econometrics. Decision making is a key part of our day-to-day life. Even when we wish to purchase a television, we like to know the price, quality, durability, and maintainability of various brands and models before buying one. As you can see, in this scenario we are collecting data and making an optimum decision. In other words, we are using Statistics. Again, suppose a company wishes to introduce a new product, it has to collect data on market potential, consumer likings, availability of raw materials, feasibility of producing the product. Hence, data collection is the back-bone of any decision making process. Many organisations find themselves data-rich but poor in drawing information from it. Therefore, it is important to develop the ability to extract meaningful information from raw data to make better decisions. Statistics play an important role in this aspect. Statistics is broadly divided into two main categories. Below Figure illustrates the two categories. The two categories of Statistics are descriptive statistics and inferential statistics. Descriptive Statistics: Descriptive statistics is used to present the general description of data which is summarised quantitatively. This is mostly useful in clinical research, when communicating the results of experiments. Inferential Statistics: Inferential statistics is used to make valid inferences from the data which are helpful in effective decision making for managers or professionals. Statistical methods such as estimation, prediction and hypothesis testing belong to inferential statistics. The researchers make deductions or conclusions from the collected data samples regarding the characteristics of large population from which the samples are taken. So, we can say Statistics is the backbone of decision-making.

HR
Q.1 What are the functions that HR attempts to fulfill in any organization.[10 Marks] Ans;- The Functions that HR attempts to fulfill in any organization are as follows: 1. Human resource planning: Estimating the need for resources in order achieve the desired business results. HR plans can be both short term/immediate as well as long term/strategic. The HR team partners with the line managers to understand the business goals and targets for the year and together plan the HR needs in order to meet the goals. 2. Acquisition of Human Resources: Staffing the organization with the right mix of skills and competencies at the right time. It also includes HR initiatives like promotions and internal job posting to fulfill this requirement for human resources. Staffing teams in organization are usually separate group of specialists who work closely with the line managers to understand the skills and competencies needed for the job and engage together to elect the best talent for the open position. 3. Training and employee development : Focuses in managing training activities to upgrade skills and knowledge as well as soft skills like the ream building and leadership. The training team is again a group of HR specialist who proposes the training program and consults with the line managers to ensure that the program achieves the desired outcomes. 4. Building performance management systems : Focuses on the right processes to set goals for performance as individual / teams and related measurement methods. This is core HR activity and is supported by the Hr generalist. 5. Rewards systems : Establishing appropriate compensation systems and reward mechanism that would reward the desired outcome and results in accordance with the cooperate values. The again forms a part of HR generalists tasks. Hoe employees progress in a organization how they are paid w.r.t internal and external market factors, what employee benefits are offered are some aspects that this function redresses. 6. Human resources information systems : That would that would take care of operational transactions form the time an employee exits, like personal files, compensation administration, payroll, benefits administration and issuing letters and testimonials. That task is supported by as separate HR operation team who acts as an Hr helpdesk and provides information to the employee/managers