Week-4-Homework-Business-Decision-Making-Project-Part-2-statistics-homework-help

Week 3 Homework Part 1: Challenges and Opportunities in Komar’s:

( Week 3 Already Completed, but needed for week 4):

Company Description:

I work at Komar’s, a warehouse that supplies and sell stock to renowned companies such as Wall Mart, Kohl’s, TJ Max, and JC Penney’s, as well as stores from across the globe. Our company receives a large number of customers during the festive season, so obviously the volume of sales during this festive season is expected to increase dramatically. Therefore, our firm must prepare well by increasing the volume of stock to cater for the expected increase in demand during the Christmas through to New Year festivities.

Business Problem:

Our company can only increase the volume of stock by using an effective system that will not result in increased losses. Therefore, we must rely on the data of the stock sold during the festive seasons in the past years. The sales statistics derived from the other years will help to project the sales for this year. The main problem of the business is to collect accurate sales data for the past years and to analyze that data accurately. The company will also need to know the taste and preference choices of the consumers during this season.

Research variables:

The data collected will mainly be qualitative and quantitative data. The main quantitative research variables identified from the business problem includes the volume of every commodity sold during the festive season and their respective costs. The common commodities sold during the festive seasons will be a subject of study. The main reason to identify the common commodities sold during the festive season is that our clients consume festive related commodities during these periods. The qualitative variables will include the taste and preference of our esteemed customers during the festive season.

Methods of data Collection:

The methods used to collect data will mainly focus on collecting the qualitative as well as the quantitative data from previous sales years. Since the company keeps the records of its stock and sales, one primary method of collecting the sales information will be a review of the business records. Therefore, the primary method of collecting data will be a review of reported sales.

This method will involve a review of transaction records such as shipping and receiving invoices, sales slips and sales tallies (Black, 2009). The method of reviewing these documents should have a very high degree of accuracy. Accuracy is an important factor since the process will involve reviewing of large volumes of paper, which may be prone to human errors.

The main identifiers in this process will be the name of the commodity, the date of the transaction and the price of the commodity. During data collection, comparison with the data recorded in the annual reports will make the process of error identification easier.

To collect the information about the preference and taste of the consumer, methods such as questionnaires and interviews will be applicable (Black, 2009). Requesting the frequent customers to give their feedback on their experience in the stores as well as possibly having them fill out a questionnaire form which can help to determine what types of merchandise they prefer to purchase during the festive seasons. It would also be possible to reach frequent customers through the telephone, or internet blog site for the purpose of retrieving statistical information about their preferred choices.

Our company has an online sales platform where customers place their orders online. The platform allows them to place their orders in advance. This platform would be another valid source of information concerning the taste and preference of the consumers. It would be easier to have customers review the services they receive from our company as well as get their views on the commodities they would expect to find in our stores. From the same platform, it would be easy to collect the information concerning the most common commodity, and quantity ordered by the consumers.

Validation of the Data Collected:

The data collected should have a high level of precision since it will be mainly used to focus the market trends. To ensure the data on sales made and the prices of the commodities sold during the festive seasons in other years, comparison of different documents will be very important. For example, it would be a better to compare the goods sold to the consumers and the goods supplied to our stores during a certain period. This method will help to determine if the sales are collect (Australian Bureau of Statistics, 2015). For example, the volume of the commodities sold must always tally with the volume of commodities received from the suppliers.

Comparison of different documents will also serve to minimize the number of errors during the data collection process. For example, comparing the information recorded in the invoices and receipts would help to identify a mistake in the case of any.

Ensuring that the employees who will conduct the interview receive a high level of training before the exercise will help to minimize errors (Buttle & Maklan, 2015). They should receive adequate training on communication skills, data collection, and data recording techniques.

Knowing that the Data is valid:

The methods described above will only help to minimize the chances of making errors during the data collection process. However, a close supervision and scrutiny of the whole process are imperative. Before analyzing the data, the company should ensure that all the data from the sales record tally is correct. The company can use different people to collect the data and then compare the results to determine its consistency. Since all transactions in the company get recorded on the computers, it will be easier to compare the data collected with the one stored in electronic form. Therefore, consistency of the data will be the only way to determine that the data collected is valid and correct. After ensuring the validity and consistency of the data, the other task will involve identification of valid methods to analyze that data. Such methods may include the use of well-known statistical software such as SPSS. Such software has numerous and valid tools to manipulate and analyze the data correctly (Anil & Ismail, 2014). Therefore, the results derived from consistent data analyzed using valid methods will be valid.

______________________________________________________________________________________________________________

Week 4, Part 2:

Use the same business problem/opportunity and research variable you wrote about in Week 3.

Remember: Do not actually collect any data; think hypothetically.

Develop a 1,050-word report in which you:

• Identify the types of descriptive statistics that might be best for summarizing the data, if you were to collect a sample.
• Analyze the types of inferential statistics that might be best for analyzing the data, if you were to collect a sample.
• Analyze the role probability or trend analysis might play in helping address the business problem.

Format your assignment consistent with APA guidelines.

 

Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!

NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.