Statistics in Business Research Paper Example | Topics and Well Written Essays - 250 words

Statistics in Business - Research Paper Example Businesses come across multiple investment options at any given time. Each investment option provides numerous risk-reward outcomes. It becomes important for a decision maker to make a correct choice and statistical tools come handy there to make the most appropriate choice based on the company or risk taker’s temperament. The demographic changes and distributions are important for a marketer to make any marketing decisions. By studying demographic changes and making necessary inferences with regard to age, gender, income levels and many other socio-economic factors about its potential customers, the marketer chooses its target market and set its product pricing so as to maximize companys revenue. The marketer needs not only relevant data but they need to organize those data in such a fashion that it could provide meaningful answers to the business questions raised. Insurance business too uses statistical tools in solving business problems. Insurance business largely deals with uncertainties and yet decisions such as premium rates calculation, agent attrition and productivity rates are calculated purely based on statistical

Assembly operation Assessment Assignment Example | Topics and Well Written Essays - 1000 words

Assembly operation Assessment - Assignment Example Further, it is imperative to note that in the contemporary business marketplace, new opportunities keep unveiling and new managers, equipped with different ideas, take over organizations that are also on the learning path. Therefore, the sufficient alignment of the organizational operations and managerial capabilities with the emerging forces seems to be the only way for organizations to optimize value from their operational endeavors. This paper seeks to assess the assembly operations of a digital camera company in light of its operational excellence and performance. Further, the paper will suggest necessary corrective actions in a bid to revise and properly align strategic goals towards the overall aims of the organization. As a conventional rule, the assembly operational capability of any firm in the digital camera industry should first and foremost conform to the rating requirements of the regulatory authority within the industry. Further, the company should also seek to strategi cally place itself in a better competitive quarter in relation to the production and assembly costs, quality of the cameras and the overall satisfaction of the ever changing customer needs. Organizations must further seek to provide responsive products and services that aim to fit in the changing consumption trends but which are also enabling the clients to optimize value of their expenditure. Thompson et al (2009), observes that in addition to executing strategic goals that aim to address all the competitive factors affecting the organizational market share, companies in the digital camera industry must be ready to assess their strategic options and make appropriate changes and corrections where necessary so as to sustain growth and development while satisfying the increasing demands of the customers (Thompson et al, 2009). From the assessment templates, it is evident that if the company continues with the current strategic policies without amendments, the overall cumulative unit v olume of cameras that it will assemble in the tenth year will be significantly below the desired quantity. This is in reference to the previous and current assembly capabilities. This is because the company is only able to produce cumulative unit volume of 1024 at the end of the fifth year, while the previous highest achieved volume is 917. However, the gap between the highest previously achieved and the cumulative unit volumes reduce significantly in the six year as is between 1045 and 1024. Further, the difference spreads to the negative in the projected year 10, when the company produces less than the highest achieved in the previous years. The trend is also evident from the results of the unit assembly that the company does entirely on in-house basis. The units increase to 1024 in the year 6 up from 917 in the year 5. However, the increase is not commensurate between the years 6 and 10 respectively and the company must assess the reasons behind the marginal decrease and implemen t mitigating operational approaches to help save the situation (Thompson et al, 2009). Moreover, the significant reduction in the number of overtime