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chapter_1.doc· Business Research Methods, Ch. 1
· Business Research Methods The thread has 5 unread messages.
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· Comment on Feb 09, 2015, 10:08 PM
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posted by LOUIS DAILY at Feb 09, 2015, 10:08 PM
Last updated Feb 09, 2015, 10:08 PM
Statistics and Research is Statistics and Research. In a large sense, anything we do in Business with Statistics is the same as in any other social science or even the "hard sciences". Any statistical technique might be used in Business Research. Having said that, certain techniques have found a lot of applicability to business problems. Time series analysis is important because in Business we are forever creating graphs, looking at trends, and making projections (like for the next year). So "Forecasting" is an important topic in Business. Quality Control has always been necessary for any production facility and process control techniques involving frequent sampling and overall philosophies like "Six-Sigma" borrow heavily from Statistics. The standard deviation has found a solid place in Finance as a measure of Risk. Discussion. Questions?
· Comment on Feb 10, 2015, 9:53 AM
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posted by ERIK SEIDEL at Feb 10, 2015, 9:53 AM
Last updated Feb 10, 2015, 9:53 AM
I certainly agree that statistics are critical to forecasting future year results for businesses, including financial results. In the health insurance industry, there are typically variations in month-to-month results that can be seen each year. For example, there is often an increase in utilization around the month of October because people tend to push off getting procedures until after the summer but they want to be healed from them by the holidays. When forecasting future years' financial results by month, a key statistic used is utilization for the past few years. We look at annual utilization trends to determine whether we think utilization, and therefore expenses, will increase in the upcoming year. We also use the same statistics to determine where to focus case management efforts if the data indicates a particular population or type of illness is causing increased utilization of services and procedures.
· Comment on Feb 10, 2015, 11:57 AM
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posted by LOUIS DAILY at Feb 10, 2015, 11:57 AM
Last updated Feb 10, 2015, 11:57 AM
Erik,
Yes, we will explore these ideas when we discuss linear regression and time series analysis. A time series usually has seasonal variation which has to be removed before the trend can be modeled (with linear regression). When we make the prediction using the trend line we then add back the seasonal component.
thanks
Lou
· Comment on Feb 11, 2015, 11:41 PM
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posted by Jynx Gresser at Feb 11, 2015, 11:41 PM
Last updated Feb 11, 2015, 11:41 PM
I think that statistics and research plays a large role in any form of business because it can assist in providing a company with a competitive advantage. For example, a product's success can be achieved by conducting tests in certain markets or populations. This information can in turn help a Marketing professional create or modify a product that will be the most attractive to the buyer. Cooper and Schindler (2011) found that "organizational managers want to know what strategies and tactics capture the highest return" (p. 5). In my previous class, we discussed the use of Six Sigma and Lean Six Sigma and how they play a role in precise decision making related to operations. Personally, I really enjoyed Lean Six Sigma and learning how the reduction of waste in every area can increase your efficiency and overall return. Statistics can then be utilized to understand the success of this method. Additionally, the business intelligence system is a unique way to managers to investigate "ongoing information about events and trends" in areas of interest, like economics, politics, or social issues (Cooper & Schindler, 2011, p. 7). Visionaries or the top tier of the business organization utilize business research most often because it provides more in-depth insight into high level decision making (Cooper & Schindler, 2011). In my current position at my company, I utilize more intuition than research to conduct a lot of my decision making, but as I progress into the higher levels of my company; my decisions must always be made with supporting data.
Reference
Cooper, D. R., & Schindler, P. S. (2011). Business Research Methods (11th ed.). New York, NY: McGraw-Hill/Irwin. Retrieved from the University of Phoenix eBook Collection database.
Jynx Gresser
· Comment on Feb 12, 2015, 6:23 PM
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posted by JUDEENE WALKER at Feb 12, 2015, 6:23 PM
Last updated Feb 12, 2015, 6:23 PM
Good point Jynx, I too agree that statistics and research plays a major role in all areas of business, it can provide a source of competitive advantage over other leading competitors. Business owners need to fully understand the market they are operating in order to plan for success and business growth.
Whether we creating a new product or adding features to an existing product proper research has to be done, today managers are faced with a lot more complexities. Luckily, statistics and other useful tools are available to managers allowing for more confidence when making business decisions. Managers are now able to make smarter, timely decisions based on information gathered from research; this is important as the company will attract more "wealthy" investors.
· Comment on Feb 13, 2015, 9:01 PM
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posted by SAID SHEIK ABDI at Feb 13, 2015, 9:01 PM
Last updated Feb 13, 2015, 9:01 PM
I too agree with the importance of statistics in business research. Anyone who has looked into continuous improvement or quality assurance programs, such as Six Sigma or Lean Manufacturing, understands the necessity for statistics. Statistics provide the means to measure and control production processes to minimize variations, which lead to error or waste, and ensure consistency throughout the process. This saves money by reducing the materials used to make or remake products, as well as materials lost to overage and scrap, plus the cost of honoring warranties due to shipping defective products
The six sigma is covered on Operation Management course. It was not discussed in details in the class I took it but if anyone taking MBA and wants to add to concentrate Operation Management. He/She can take the MBA with Concentration of Operation Management.
http://yourbusiness.azcentral.com/importance-statistics-management-decision-making-25518.html
· Comment on Feb 13, 2015, 8:33 AM
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posted by LOUIS DAILY at Feb 13, 2015, 8:33 AM
Last updated Feb 13, 2015, 8:33 AM
Jynx,
Which course was that which covered six sigma?
thanks
Lou
· Comment on Feb 13, 2015, 11:19 AM
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posted by Jynx Gresser at Feb 13, 2015, 11:19 AM
Last updated Feb 13, 2015, 11:19 AM
Hi Professor Daily,
We covered it in Operations Management. I we wish had more time to go more in depth. I was really impressed on the process of making decisions and how it relates to the improvement of processes for long term success.
Jynx
· Comment on Feb 13, 2015, 11:40 AM
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posted by LOUIS DAILY at Feb 13, 2015, 11:40 AM
Last updated Feb 13, 2015, 11:40 AM
Jynx,
Interesting. You really should have Statistics before studying Six Sigma. It is based largely on Statistics. Did you cover any Statistics? What is your undertanding of Six Sigma?
thanks
Lou
· Comment on Feb 13, 2015, 1:35 PM
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posted by TAMARQUES PORTER at Feb 13, 2015, 1:35 PM
Last updated Feb 13, 2015, 1:35 PM
In challenging times it is especially important to identify and exploit every opportunity for savings, for quality improvement, and for driving efficiencies. Changing business models, cautious customers and continuously shifting budgets make it more important than ever for businesses to accurately determine how and where to target precious time and resources. Wise leaders will seek expert guidance to find the information necessary to reach important decisions. Lean Six Sigma is the data based business management protocol that provides the answers. A powerful software tool for data analysis is crucial to the success of any Lean Six Sigma program. Sis Sigma is really important when determining how to do the accounting in a business. Six Sigma can be used for expanding a business to a great degree business owner should know how to use this tool.
· Comment on Feb 13, 2015, 6:06 PM
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posted by LOUIS DAILY at Feb 13, 2015, 6:06 PM
Last updated Feb 13, 2015, 6:06 PM
Tamarques,
How can we relate Six Sigma to Accounting?
thanks
Lou
· Comment on Feb 14, 2015, 9:52 PM
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posted by ANDRAE RILEY at Feb 14, 2015, 9:52 PM
Last updated Feb 14, 2015, 9:52 PM
Professor and class,
I know this question was addressed to Tamarques, but I hope it is ok that I make an attempt at responding.
Relating Six Sigma to Accounting is not a far leap. While researching, I found a study titled "Application of Six-Sigma in Finance: A case study," that explained it in a way that was easy to follow. Below is an excerpt:
"...The Six Sigma Methodology has made its way into the accounting function and has contributed to reduced errors in invoice processing, reduction in cycle time, and optimized cash flow (Brewer and Bagranoff, 2004). The accounting department at a health care insurance provider, for instance, developed an applied Six Sigma Methodology to improve account withdrawal accuracy. Prior to Six Sigma implementation, rectifying an error in the billing process involved a number of reconciliation checkpoints and manual work flow, which resulted in 60% of customer accounts being charged less than the amount due and about 40% being overcharged. After Six Sigma implementation, the defect rate reached near zero and cycle times were reduced from two weeks to three days (Stober, 2006). The U.S. Coast Guard Finance Center used Six Sigma to create a new standardized process for accounts payable services, which improved customer satisfaction levels (Donnelly, 2007). A number of companies have applied Six Sigma to the finance process to reduce variability in cycle times, error rates, costs, "days to pay" of accounts payable, and improve employees' productivity ratios (Brewer and Bagranoff, 2004; McInerney, 2006). Other companies have used Six Sigma to reduce the cycle time of the quarterly financial reporting process (Brewer and Eighme, 2005) and to reduce the time needed to close books, reduce variability in financial reporting, improve shareholder value, and increase the accuracy of the finance process (Gupta, 2004). Foster (2007) conducted a longitudinal study comparing the financial performance of companies who had implemented Six Sigma programs with those who did not have such a programs. He found significant effects for those firms using Six Sigma on free cash flow, earnings, and asset turnover. Six Sigma, however, did not appear to affect sales return on assets, return on investment, or firm growth."
Reference
Ansari, A., Lockwood, D., Thies, E., Modarres, B., & Nino, J. (n.d.). Application of six-sigma in finance: a case study. Journal of Case Research in Business & Economics. Retrieved from http://www.aabri.com/manuscripts/10630.pdf
· Comment on Feb 14, 2015, 11:34 PM
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posted by LOUIS DAILY at Feb 14, 2015, 11:34 PM
Last updated Feb 14, 2015, 11:34 PM
Andrae,
Great! Yes, it looks like Six Sigma can even improve our accounting practices.
thanks
Lou
· Comment on Feb 14, 2015, 11:48 PM
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posted by Jynx Gresser at Feb 14, 2015, 11:48 PM
Last updated Feb 14, 2015, 11:48 PM
We didn't cover any statistics related to this process improvement method, instead we focused more on the steps involved within the improvement of decision making. Chang, Yen, Chou, Wu, and Lee (2012) found that "when facing great competitive pressure in terms of lower salaries and production cost", most enterprises expect to have products manufactured in a relatively small time frame (p. 291). In this respect, companies have to be more efficient and accurate. This method can provide your company with fresh ideas to make you stand out amongst your competitors. The five sequential steps in Six Sigma DMAIC methodology are define, measure, analyze, improve, and control (Chang et al., 2012). These steps will provide strategic options for production planning as well as allowing for an upgrade in the customer experience (Chang et al., 2012). As I was exploring this article more, I did find the use of statistical tests on operational time, specifically the Sigma trend chart. I also saw the use of the t-test, Mann-Whitney test, and questionnaires to determine the effectiveness of Six Sigma. I would like to have studied this a little more, but I think it would have required a better understanding of statistics.
Reference
Chang, S., Yen, D. C., Chou, C., Wu, H., & Lee, H. (2012). Applying Six Sigma to the management and improvement of production planning procedure's performance. Total Quality Management, 23(3), 291-308. Retrieved from the University of Phoenix EBSCOhost database.
Jynx Gresser
· Comment on Feb 15, 2015, 3:50 AM
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posted by LOUIS DAILY at Feb 15, 2015, 3:50 AM
Last updated Feb 15, 2015, 3:50 AM
Jynx,
You will have that better understanding after completing this course.
thanks
Lou
· Comment on Feb 15, 2015, 5:52 PM
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posted by TAMARQUES PORTER at Feb 15, 2015, 5:52 PM
Last updated Feb 15, 2015, 5:52 PM
Research endeavors require a proposal that explains the problem to be address and the procedure by which the questions will be answered. The researcher's proposal tells the managers what they should expect from the research. It is a contract between the managers and the researcher. For instance, if a company wants to know the degree to which its new incentive program is effective in improving employee performance, then the consultant or employee conducting the research will create a proposal that indicates to that company how the question will be addressed and what specific information the company will have at the end of the research process. The IT company that i work for uses this approch and this type of thinking to strengths manager and employee relationships.
· Comment on Feb 12, 2015, 5:40 PM
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posted by JUDEENE WALKER at Feb 12, 2015, 5:40 PM
Last updated Feb 12, 2015, 5:40 PM
I agree that statistics plays and important role in business decisions. Proper research on different areas of the business market trends, production and marketing strategies can help mangers to better predict changing trends and often sales level. The use of statistics and research help to determine the needs of potential customers, actions of other competitors in similar industry; this will provide an insight as to whether adjustments are necessary to remain successful.
I agree, time series analysis and its applications are increasingly important in all field of business be it medicine, politics or economics. Arguably, in business "time is money" they are directly related in making strategic decisions under uncertainty.
· Comment on Feb 15, 2015, 5:43 PM
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posted by TAMARQUES PORTER at Feb 15, 2015, 5:43 PM
Last updated Feb 15, 2015, 5:43 PM
Applied research can be used to collect information about markets, competitors, and customers. For example, research can help pinpoint the optimal business location and the size of markets. It can also be used to monitor competitive actions. Customer research determines customer loyalty, customer satisfaction, and customer preferences. On the other hand, pure, or basic, research does not necessarily try to answer specific questions or solve specific problems. Pure or basic research is done in order to expand knowledge and probe into the unknown. For example, when a researcher is interested in determining how employee demographics and tenure on the job relate to preference for flexible work schedules may represent pure research. Both pure and applied research deals with problem definition and problem solving. This is a great topic to expand upon when determining the cost and inventory of a business.
· Comment on Feb 13, 2015, 12:07 PM
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posted by Pierre at Feb 13, 2015, 12:07 PM
Last updated Feb 13, 2015, 12:07 PM
I agree, I'm a engineer and most of my projects tend to center heavily around process improvement and control. There are definitely a ton of statistical analysis and modeling performed when using any continous improvement tool such as Six Sigma. The basis for the theory to work is to understand your process' current statistical performance, figure out what drives that performance and defect rate, then implement steps to mitigate those issues from continuing in the future or at least to devise a plan in which the defects are +/- 6 and 3 sigma. Once the process is controlled you are then analyzing the results using more statistical data collecting tools and statistical modeling to understand how the process now works. So the process started with the use of statistics, utilized statistics to understand how the process can be improved, and finally statistics is used to review how the improved process operates in comparison to the old process. Statistics are crucial in the engineering world, and the time series analysis is used when tracking the performance of the process over time prior to making continuous improvement changes and after making those changes to compare how performance is improved over time.
· Comment on Feb 13, 2015, 6:09 PM
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posted by LOUIS DAILY at Feb 13, 2015, 6:09 PM
Last updated Feb 13, 2015, 6:09 PM
Pierre,
Do you have a good TI calculator? If you click STAT, you will find a lot of statistical procedures and hypothesis tests that should be useful in this course and beyond. If you are doing quality control and using Six-Sigma, you should find this course helpful.
thanks
Lou
· Comment on Feb 15, 2015, 1:18 AM
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posted by LAWRENCE KERN (you) at Feb 15, 2015, 1:18 AM
Last updated Feb 15, 2015, 1:18 AM
· S
I think Quality Control is an important measure, not only in risk management but, to every aspect of a successful organization. For those that work in Corporate America, there is not a company out there that does not either have a department or group dedicated solely to Quality Control and/or risk management. I see a lot of this applied to financial aspects given the stringent rules set for by the Government. Not sure if anyone is familiar with SOX (Sarbanes Oxley) but, that is one my company requires us to take yearly training classes on.
Key Aspects and purposes are to prevent any mistakes from happening which can avert potential future damages to a company or individual, or to recognize before it could have significant damage downstream throughout the process.
I too am a Engineer but my work is more focused on pre-sale network diagrams, inventory forecast and costing to potential clients as well as impacts to the network infrastructure as it relates to capacity management. They gave us a fancy new title recently to "Senior Specialist Technical Engineer++." the "++" mean we are extra special I assume :P
Unfortunately I do not use a TI calculator, we are a bit more primitive in the programs we use if you have ever heard of something called TIRKS (resembles a DOS interface) along with internal company software such as LOGIC (Logistics and Inventory Control, which I helped create and implement) and ESCAT (Equipment Supplier Catalog).
· Comment on Feb 15, 2015, 3:53 AM
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posted by LOUIS DAILY at Feb 15, 2015, 3:53 AM
Last updated Feb 15, 2015, 3:53 AM
Lawrence,
What kind of tools do you use to make inventory forecasts?
thanks
Lou
· Comment on Feb 13, 2015, 6:24 PM
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posted by KIM DUNLAP at Feb 13, 2015, 6:24 PM
Last updated Feb 13, 2015, 6:24 PM
Statistics and research are used in many professions to help guide practice and make changes based on research that shows improve or better outcomes. The medical profession does this in many facets of the care provided patients - from medication administration to guiding the steps we take if we encounter a potential septic patient in the emergency department. Statistics and research help outline different protocols that when followed give patients the best chance for a better outcome.
However, I do feel that medicine as a whole has taken a lot longer than some other professions to embrace statistics and research as a way to improve outcomes. Some of the older physicians do not understand the importance of changing their practice to what research has shown provides the best chance for better outcomes. They want to practice medicine exactly the same as when they were in medical school 35 years ago. It is very frustrating to try to get them to embrace change based on new research and statistics.
· Comment on Feb 14, 2015, 9:40 AM
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posted by PATRICIA MARCUS at Feb 14, 2015, 9:40 AM
Last updated Feb 14, 2015, 9:40 AM
Business research is very important in solving business related problems. Business research, is a process of planning, acquiring, analyzing and disseminating relevant data, information, and insights to decision makers in ways that mobile the organization to take appropriate actions that in turn, maximize business performance. Nonprofit organizations are currently having a tough time in this economy because of budget cuts. In order to begin research of an organization first you have to determine what type of research questions to ask and from what point of view.. After determining the research question then you have to determine the research design. You have to take a look at how we were going to go about retrieving the information and the method you are going to use to observe the results. The first part of the research design is to determine the objective. The objective is to use a formal study due to the fact that we have already determined our research question.
· Comment on Feb 14, 2015, 11:31 PM
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posted by MaDonna Keys at Feb 14, 2015, 11:31 PM
Last updated Feb 14, 2015, 11:31 PM
Hi Professor and Class,
I do see why quality control is important when it comes to risk management. Quality control cuts down on errors that may or can present themselves in the overall production of a product or when it comes to financial matters. When it comes to investing money as well as generating revenue quality is one of the most important factors when it comes to businesses. Whether a product is good or bad can be determined under the process of quality control. Its important to make sure that you have a product that meets quality standards. As a consumer when it comes to purchasing any goods I do look at its efficiency and its overall quality. When it comes to purchasing electronics I make sure that the quality is superb. I know before I purchased a computer recently but I checked an overall quality/durability, features/benefits, and cost. When it comes to products that their durability can be measured by those standards of deviation?
· Comment on Feb 15, 2015, 1:20 AM
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posted by LAWRENCE KERN (you) at Feb 15, 2015, 1:20 AM
Last updated Feb 15, 2015, 1:20 AM
· S
Comprehending weaknesses in a process is a beginning important step to having a quality control strategy depending on risk management. It is essential to generate a process map that summarizes all the measures of the method from the start to the finish. A procedure map essentially follows the route through transport, reception and investigation to reporting of the end result. This procedure map should comprise pre-analytic, analytic, and post-analytic procedures necessary to create a consequence that may be acted on by the analyst.
These are able to be recognized through past experience with related instrumentation or from info gathered from the maker along with other users regarding the testing and system, the way the evaluation will probably be used, along with the efficiency of the evaluation, and local regulatory and certification requirements that mandate control over particular areas of the testing procedure. These details will likely be used to create a particular quality control strategy. To recognize weaknesses in the screening procedure which could cause error, analyzers must admit that breakdown is likely when put through the incorrect conditions (atmosphere, operator or apparatus resources of error). Recognizing those states which will cause system failure and taking measures to shield a testing apparatus from exposure to all those states is the basis of a quality-control strategy.
· Comment on Feb 15, 2015, 5:41 PM
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posted by TAMARQUES PORTER at Feb 15, 2015, 5:41 PM
Last updated Feb 15, 2015, 5:41 PM
Research can be defined as scientifically and methodically delving into the unknown in order to provide information for solving problems. The heart of this definition is the concept of problem solving. Both applied and pure research attempt to solve problems. In applied research, the researcher attempts to solve a known problem and find answers to specific questions. In other words, the emphasis of applied research is on practical problem solving. For instance, when a paper recycling company wants to determine whether or not their recycled papers meet the required specification as to the thickness of the paper across the roll, they might design a systematic procedure for answering this specific question. Alone with my other research methods that I conduct when searching history etc. This is a very basic approach.
Information based decision making The thread has 2 unread messages.
created by KIM DUNLAP
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· Comment on Feb 13, 2015, 7:07 PM
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posted by KIM DUNLAP at Feb 13, 2015, 7:07 PM
Last updated Feb 13, 2015, 7:07 PM
One thing I have noticed as we have become more integrated into a large corporation is how the decision making has changed. Even if a manager becomes a visionary and is in the top tier of information based decision making - using research and data to make decisions - often times we no longer have the final say on a matter - such as the decision to purchase a particular piece of equipment. This can sometimes be very frustrating to the individual who has spent time working on ROI's, collecting data trends, forecasting in order to make the recommendation. It is also very frustrating for the physicians involved in the request. There definitely are a lot of changes that happen as a small business is transformed into being part of a large multi-facility organization.
· Comment on Feb 13, 2015, 9:10 PM
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posted by SAID SHEIK ABDI at Feb 13, 2015, 9:10 PM
Last updated Feb 13, 2015, 9:10 PM
Kim,
I definitely do agree with you decision making challenges. In business, it is not an easy to make simple business decisions, managers always look number of factors including opportunity cost etc.Business owners face many situations with outcomes that seem unpredictable. For example, your main supplier of a key batch of parts could have a lower cost, but more uncertainty in delivery time. Data and statistics can be used to concretely define and measure this uncertainty and predict when the next shipment is coming. Managerial decision-making with this statistical insight can avoid steering production, costs and customer service into bad avenues.
Another example which shows importance of research is Instead of repeatedly reacting to lost sales from insufficient inventory, you can use statistics to learn about your customers' behavior like how they react to promotions and when and what they buy. These research studies allow businesses to be proactive through predicting customer behavior and creating better marketing plans. Moreover, statistics can be used in the development and pricing of new products via survey analysis and regression models.
· Comment on Feb 14, 2015, 10:48 AM
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posted by LOUIS DAILY at Feb 14, 2015, 10:48 AM
Last updated Feb 14, 2015, 10:48 AM
Kim,
Yes, and there is so much of that in health care. In Philadelphia it is hard to keep up with the changing names of the hospitals and affiliations.
thanks
Lou
· Comment on Feb 14, 2015, 11:13 AM
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posted by PATRICIA MARCUS at Feb 14, 2015, 11:13 AM
Last updated Feb 14, 2015, 11:13 AM
Great post Kim. Every company must make decisions regarding different aspects of the business. The individuals that make these decisions must be informed properly on all options and must collaborate with other decision makers within the company to make the best decision for the company. Management must first calculate the break-even point in annual unit sales for each method. This will give management an idea of which method may be better to use when manufacturing the new product. Managers can be trained to make better decisions. They also need a supportive environment where they won't be unfairly criticised for making wrong decisions and will receive proper support from their colleague and superiors. But as you stated the decision making has changed. Research and data is what makes the decisions. hich I feel are best. Just as with anything you have to do the research to get the best results.
.
· Comment on Feb 15, 2015, 3:57 PM
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posted by JUDEENE WALKER at Feb 15, 2015, 3:57 PM
Last updated Feb 15, 2015, 3:57 PM
Good post Kim ,
Before starting the process of making any business decision all relevant information needs to be gathered. Up to date accurate information is needed to ensure final decisions are precise and accurate as possible, with inadequate information it is likely that wrong decisions might be made. The amount of time spent on information gathering has to be evaluated against how much one is willing to risk making a wrong decision. Some companies find it difficult to recover from "wrong" decisions, In this ever changing competitive market place one has to make sure that all information used are properly evaluated.
Proper research can help one determine the needs and wants of potential customers, this can guide decision makers towards development of better goods and services. Research gives an insight as to what competitors are planning; hence we will have more information about industry trends.
