Running head: PROBLEM SOLUTION: USA WORLD BANK
Problem Solution: USA World Bank
Keith Todd
University of Phoenix Online
MBA 510
October 1, 2007
Instructor: Steve Gurley
Problem Solution: USA World Bank
The conclusion of research and statistics is very evident in managerial decision-making. Statistical methods such as descriptive or nonparametric statistics, probability concepts, hypothesis testing and research are very important mechanisms for managers regarding decision-making skills. Descriptive statistics is "methods of organizing, summarizing and presenting data in an informative way" (Lind, Marchal & Wathen. 2004). Furthermore, descriptive statistics are used to describe the basic features of the data in a study. They provide simple summaries about the sample and the measures. Together with simple graphics analysis, they form the basis of virtually every quantitative analysis of data (Trochim, 2006).
However, descriptive statistics is concerned with collecting data from past events and UWB is offering new products and services they must turn to the second facet of statistics, namely, computing the chance that something will occur in the future. This facet of statistics is called statistical inference or inferential statistics (Cooper & Schindler, 2003).
Inferential statistics encompass the use of statistics to make inferences or deriving a conclusion based on good data about a targeted population. USA World Bank (UWB) is in the process of introducing the firm's new products pending the approval from the Board of Directors. Inferential statistics are required for UWB's management team to conduct successful research, organizing, summarizing truthfully and presenting correct data to the board members. In addition, before UWB can successfully launch new products and services the organization must have the market research data available to effectively predict a new customer base. For that reason, probability concepts methodologies must be used in... [continues]
Problem Solution: USA World Bank
Keith Todd
University of Phoenix Online
MBA 510
October 1, 2007
Instructor: Steve Gurley
Problem Solution: USA World Bank
The conclusion of research and statistics is very evident in managerial decision-making. Statistical methods such as descriptive or nonparametric statistics, probability concepts, hypothesis testing and research are very important mechanisms for managers regarding decision-making skills. Descriptive statistics is "methods of organizing, summarizing and presenting data in an informative way" (Lind, Marchal & Wathen. 2004). Furthermore, descriptive statistics are used to describe the basic features of the data in a study. They provide simple summaries about the sample and the measures. Together with simple graphics analysis, they form the basis of virtually every quantitative analysis of data (Trochim, 2006).
However, descriptive statistics is concerned with collecting data from past events and UWB is offering new products and services they must turn to the second facet of statistics, namely, computing the chance that something will occur in the future. This facet of statistics is called statistical inference or inferential statistics (Cooper & Schindler, 2003).
Inferential statistics encompass the use of statistics to make inferences or deriving a conclusion based on good data about a targeted population. USA World Bank (UWB) is in the process of introducing the firm's new products pending the approval from the Board of Directors. Inferential statistics are required for UWB's management team to conduct successful research, organizing, summarizing truthfully and presenting correct data to the board members. In addition, before UWB can successfully launch new products and services the organization must have the market research data available to effectively predict a new customer base. For that reason, probability concepts methodologies must be used in... [continues]
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