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Running head: REFLECTION 1

Reflection on statistical analysis

Name:

Institutional affiliation:
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

expanded much regarding the same.

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

therefore some knowledge on statistical analysis can be of great benevolence to a business

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

presuppositions that are uncorroborated.

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

sound conclusions through analyzing data.

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

ahead regarding the business and its fate.

Looking at marketing, this is another critical area that involves statistical analysis.

Marketing of products requires sufficient knowledge about consumer behavior as well as

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

wishing to manage a business in future as it is relevant to the real world.

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