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Business statistics

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Statistical techniques allow the data to be represented in an easily understandable form with clear anomalies, patterns, relationships and expected trends apparent. These include Frequency Distribution; Histograms; Boxplot; Scattergrams and Error Bar plots; and diagnostic plots. Qualitative techniques help in further analyzing and forming conclusions about certain sets of data through which important decisions can be made. For managers and those working in the business fields, they have to make many decisions which will impact the quality and productivity of the business they are running; these have to be increasingly justified in face of close scrutiny and limited resources available. Statistical tools can guide those decisions and point out the scientific support for implementation of these.To fully understand the impact that statistical thinking can have for the business, it would be effective to look at it from the three different levels of management. The Strategic level is where the top tier decisions about an organizations long term strategy are made. “Decisions at the strategic level should be based on facts supported by appropriate data and this requires an understanding of variation. Business and Industry have seen the arrival and demise of many programs such as Total Quality Management. Embracing any program that comes along without firm commitment and understanding is doomed to failure.” (Abraham, pg 3).At the middle managerial level key operation elements like robust product and process design, process control and improvement, and training are designed. A lot of variables and input factors are taken into consideration before a system can be implemented and these are checked or proved through statistical thinking. While, operation level workers do not need extensive knowledge of all different statistical tools utilized in experiment design, but they need to be able to understand concepts like regression, and control charting to be able to perform well at their jobs and to identify any unusual patterns which could indicate an unexpected problem.With the current turbulent climate of the economy and uncertain conditions which most organization are facing, it has been suggested that one way to minimize risk would be to adopt a culture where statistical tools and thinking is deeply entrenched in all aspects of operations. The role of a traditional statistician should be increased from that of a consultant and problem solver to
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preview essay on Business statistics
  • Pages: 7 (1750 words)
  • Document Type: Essay
  • Subject: Unsorted
  • Level: Undergraduate
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