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REFLECTION 2
I had never focused much on the importance of taking a statistical analysis course until I
realized its importance in the business world. I thought of the calculations and the general math
involved, but I had just to assume that all will be well with me as a person who likes a challenge.
Gradually I have come to learn that statistical analysis is critical as far as my future is concerned
and particularly from the perspectives of what I intend to do in the workplace. This course has
taught me many things such as how to plug in data accurately and how to come up with the
equations needed to analyze the data correctly. As part of the analysis, I can ascertain that the
skills of excel accorded to me by this course are so much significant in a working environment
that involves data analysis. Although I had a previous idea regarding Excel, this course has
The course materials provided in this course have been of great significance more so to a
working environment. I have come to acknowledge the fact that the statistical skills I have are
enough to give me the title of a statistician since I have a good statistical training required to
meet employer needs. In a workplace that involves business, for instance, it is worth
acknowledging that the world has becoming dynamic such that managing a business on instincts
no longer suffices. The designing of new products, streamlining a process involved in the
production or assessing current vs. prospective customers have all become complex, and
manager. Lets take a practical example where a manager wants to assess the purchases power on
consumers. With the statistical analysis knowledge, the manager can just sample a group through
the help of other researchers and come up with accurate results that are reasonable. As a business
entity, it is worth stating that most businesses want to operate on the economics of scale and
therefore sampling a group would be more cost-effective rather than inquiring from one
REFLECTION 3
consumer to the other in a way that would seem that the manager is attempting a census
including those customers the company has never dealt with. Performing statistical analysis
would assist in forming an unbiased outlook of the market and avoid building a strategy based on
It, therefore, implies that as a manager statistical analysis can assist reduce the
inefficiencies that come with decision making. Business owners face unpredictable
circumstances at times. For instance, a supplier you are using may have poor time delivery but
supplies at lower cost. Through using statistical analysis, a business owner can measure this
uncertainty and determine when the next shipment is likely to occur. This can avoid steering
production and the services of customers alongside costs into bad avenues. There are values that
when looked at they would aid in the proficient decision-making process. Firstly, there is the
operational value which involves business entities relying on IT to manage data, facilitate
payments and run operations. This is beneficial as it assists in forecasting and coming up with an
effective inventory planning. Secondly, there is the strategic value that involves using statistics to
understand the holistic effect of strategic planning on the business. For instance, using statistics
you can have a forecast of the revenues and profits in the coming years which the team can
adjust to depending on the new markets, competitor abilities and introduction of new products.
Lastly, there is the research value that can help in learning the behavior of customers thereby
reducing frequent reaction to losses and insufficient inventory. Statistics would help create a
better marketing plan through revising product prices via regression models and survey analysis.
This cause has therefore been very crucial in providing a deeper understanding of the
business world. To begin with, I have come to learn how managers can make decisions using
REFLECTION 4
data that has been collected over time and analyzed well. Managers have managed to reach
Secondly, statistical analysis has been very helpful in knowing how manager deal with
uncertainties in business as already discussed in the earlier paragraphs. Managers can make
sound decisions knowing that the decision they are about to make is supported by the available
data and it is and not just any assumptions from the blues. So, the manager can predict the road
Looking at marketing, this is another critical area that involves statistical analysis.
consumer preferences. The business owner can use statistics to analyze the rate of competition
surrounding him/her and decide effectively on the kind of strategy to use to capture more
consumers.
From another perspective, I can say that success in business not only relies on the
consumers but in the employees too. The manager should be aware of his/her employees
activities as far as performance management is concerned. A manager can collect data regarding
the performance of the employees productivity like the number of tasks they can accomplish per
day or even the number of units they produce. The manager can then analyze this data to
determine the improvements that are required to keep the employees productivity at maximum
levels. For example, a manager may notice that the employee's output drops by some percentage
lets say 25% every Monday after performing an analysis. In such a scenario, he can call the
employees affected and set a minimum threshold required for them to meet every day of the
work.
REFLECTION 5
Lastly, a business owner can use statistics to collect data regarding some sales of a new
product, then performing an analysis to check whether the sales realized tend to follow what the
company desires to achieve as the sales projected level. From such a scenario, the manager may
decide to invest more in the least performing product or decide to shift resources to a new
product.
I can say that this course has been helpful to me as I have learned how ethics relate to
statistics. I have also learned much about data entry and analyzing using computer thus
improving my computer skills. To me I think its a milestone to know how to set hypotheses,
perform analysis, and then simply look at the value of P to decide whether to reject or fail to
reject the null hypothesis. Generally, I would strongly endorse this course for any individual