Capitalizing on Opportunities

The importance of project evaluation and network diagrams in the selection of viable projects for a firm is emphasized. Managers must use project evaluation methods to determine the viability of a project, as simply relying on increasing cash flows does not guarantee success. Additionally, network diagrams are crucial in determining the sequence of activities, which can help control costs by completing projects on time. In conclusion, managers should utilize both project evaluation and network diagram techniques to make informed decisions when selecting projects for their organization.

BUSINESS DECISION
MAKING

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1.1 Sources of information for conducting a research................................................................3
1.2 Sampling methods in the research........................................................................................4
1.3 Questionnaire for research....................................................................................................5
Name : ____________................................................................................................................5
TASK 2............................................................................................................................................7
2.1 Information for decision making..........................................................................................7
2.2 Interpretation of data.............................................................................................................8
2.3 Interpretation of standard deviation......................................................................................9
2.4 Interpretation of quartile and correlation............................................................................10
TASK 3..........................................................................................................................................11
3.1 Graph and chart on the collected data.................................................................................11
3.2 Trend line for Tesco............................................................................................................16
3.3 Covered in PPT...................................................................................................................17
3.4 Formal business report........................................................................................................17
TASK 4..........................................................................................................................................18
4.1 Information processing tools for the business....................................................................18
4.2 Network diagram................................................................................................................19
4.3 Project evaluation methods.................................................................................................22
CONCLCUSION...........................................................................................................................23
REFERENCES..............................................................................................................................24
INDEX OF TABLES
Table 1: Calculation of statistical tools...........................................................................................8
Table 2: Calculation of correlation................................................................................................11
Table 3: Calculation of NPV.........................................................................................................22
Table 4: Calculation of IRR..........................................................................................................22
ILLUSTRATION INDEX
Illustration 1: People response on sale of products by Tesco at cheaper price.............................12
Illustration 2: People response of price policy that is adopted by Tesco......................................13

Illustration 3: People response on future competitive scenario for Tesco ....................................14
Illustration 4: Respondents experience at Tesco...........................................................................15
Illustration 5: Column chart trend line..........................................................................................16
Illustration 6: Scatter diagram trend line.......................................................................................16
Illustration 7: GANTT chart..........................................................................................................21
Illustration 8: Network diagram....................................................................................................21

INTRODUCTION
Business statistics is one of the wide discipline which is used to conduct research and
analyzing a data. In this report research is conducted and in this regard primary and secondary
data is collected. Collected data is analyzed by using statistical tools like mean, median and
mode etc. Along with this, correlation and standard deviation is also applied on the firm cash
flows. In the middle part of the report, charting of primary data is done and its results are
interpreted. At end of the report, project evaluation methods are used to access viability of the
project. Along with this, network diagram is prepared and sequence in which project must be
performed is determined.
TASK 1
1.1 Sources of information for conducting a research
Research refers to the process of collecting and analyzing a data. In this regard various
tools and techniques are used by the researchers. In the research mainly primary and secondary
data is collected by the researcher. Most often question arises that if researcher wants to conduct
research on current situation then why he needed secondary data ?. As it is well known fact that
secondary data is related to past. In order to conduct research it is inevitable to collect both sort
of data whether it is primary or secondary data (Huber, 2011). In order to make best use of both
types of data in the research it is very important to understand them. Primary data is one which is
newly gathered by individual from different people by using different methods like distribution
of questionnaire and observing sample units acts and behavior. On other hand, there is a
secondary data that is already collected by individual from different sources of information and
printed in books and journals. It is very important to collect both data because research is carried
out in one single direction. Hence, data must be collected in same direction in which one wants
to conduct a research. There are various aspects that are related to the research topic and for
individual it is very difficult to determine that on which aspect he must carry out the research. In
order to solve this problem one collect secondary data (Berenson and Krehbiel, 2012). This can
be collected from books, journals and magazines. By collecting and analyzing entire collected
secondary data one comes to know about past things that happen in relevance to the research
topic and things that are currently happening in surrounding environment. This help researcher
in determining the direction in which he require to carry out his research work. Due to all these

reasons it is very important to collect secondary data in the research. Along with this it is also
very important to collect primary data because main aim of research is to evaluate current
conditions. Hence, one collect fresh data related to the research topic. In this way it become
necessary for one to collect both sort of data in the research. In present study sample of 60
people will be taken that resides in different borough of London. Questionnaires will distributed
among them. Apart from this secondary data will be collected from books and journals. In this
way entire research will be collected by researcher.
1.2 Sampling methods in the research
Sampling is a method that is adopted to pick up appropriate type of people as sample
from the population. It is necessary to use sampling method for the researcher because research
will produce reliable results only when right type of people are taken as sample units in the
research (Black, 2011). If inappropriate people will be taken as sample in the research then
accurate data will be gathered for the research and false results may be obtained from the
research. Some of the sampling methods that are available to the researchers for conducting a
research are given below. Simple random sampling- This is a one of the most simple technique among all
sampling methods. This concept states that one may take sample units at his own
discretion from the population on random basis. This sampling method is often used in
the research only when topic of same is general and every person have good knowledge
about the research topic. At time of election exit poll is conducted and under this one try
to know that to which political party most of people wants to give a vote (Agresti and
Kateri, 2011). For this research simple random sampling method can be used by the
researcher because every individual have moderate knowledge about the work done by
different political parties in there area. Hence, for such kind of research simple random
sampling method can be used by the researchers. Stratified random sampling- This is another commonly used but technical method in
comparison to other sampling methods. Under this method entire population is classified
in to three or more parts on the basis of factors like education, ethic, salary and race etc.
If one wants to conduct research on mentality of people on the specific issue like child
labor then it will be better to use stratified random sampling method. This is because in

this research data need to be collected from two group one is middle class and other is
low class people. By collecting data from them research can be conducted in better way.
The main aim of this research is understand consumer behavior of the people. Hence, in
this stratified random sampling method will be used by the researcher.
 Cluster sampling- This is one of the unique and simple method to conduct a research and
under this specific geographic area is divided in to various pieces and data is collected
from people living in these areas (Gibbons, and Chakraborti, 2011). Hence, it can be said
that this sampling method is commonly used by the researcher in there practice.
1.3 Questionnaire for research
Name : ____________
Age : ____________
Marital status
 Married
 Unmarried
 Transgender
Do you visit Tesco retail stores ?
 Yes
 No
How many times in a month you visit Tesco retail store in a month ?
 1 times
 2 times
 3 times
 4 times
How was your experience in Tesco retail store ?
 Good
 Somewhat good
 Worst

Do you agree with the fact the Tesco is making available products at cheaper price then rival
firms.
 Strongly agree
 Agree
 Somewhat agree
 Disagree
 Highly disagree
Customers are treated in systematic by employees of Tesco.
 Strongly agree
 Agree
 Somewhat agree
 Disagree
 Highly disagree
Tesco current price policy is proving costly for its business. Do you agree ?
 Strongly agree
 Agree
 Somewhat agree
 Disagree
 Highly disagree
Lidl and Aldi the two German stores are rapidly increasing there presence in the UK market. Do
you think that one of them may surpass Tesco in terms of business value in future time period.
 Yes
 No
Your suggestion regarding improvements that needs to be made by Tesco in its service quality.
___________________________________________________________________________

TASK 2
2.1 Information for decision making
Table 1: Calculation of statistical tools
Frequency CF Mid point Mid point ^2 F*M^2 F*M
01/10/20 10 10 15 225 2250 150
20-30 11 21 25 625 6875 275
30-40 10 31 35 1225 12250 350
40-50 7 38 45 2025 14175 315
50-60 8 46 55 3025 24200 440
60-70 5 51 65 4225 21125 325
70-80 4 55 75 5625 22500 300
80-90 3 58 85 7225 21675 255
90-100 2 60 95 9025 18050 190
60 143100 2600
141221
N/2 15
Mean 43.33
Median 39
Mode 25
SD 375.79
Q1 24.55
Q3 58.75
IQR 21.87
Defining statistical tools
 Mean- Mean is a very important statistical tool because it reflect the average
performance that is given by the specific variable. It can be said that it help in
identification of the limit in which value of the variable on average basis moves.
Research analysts often compare lat value of the variable with its average value and on
the basis of gap between both they determine whether variable is performing good or
bad (Snijders, 2011). For example data related to the electricity generation capacity of

the firm is computed and it is identified that average electricity production capacity of the
firm is 300 MW but firm is currently producing 250 MW then it can be said that firm is
giving poor performance and it is even giving less then average performance.
 Median- Median is another important tool that is used by the business firms and this tool
is widely used by them because this tool divide values of the variable in to multiple parts
and help in analyzing trend in proper way. It is possible that there may be different trends
in the data set. Merely by evaluating a data set in one attempt one can not track trends
that are occurring in the data set. Hence, median is used and different parts that are
divided by this value are analyzed to identify different patterns in which values of the
variable are moving. Hence, it can be said that this statistical tool have a great
importance for the business firms.
 Mode- Mode is another commonly used tool of descriptive data and it indicate the value
of the data set that often repeated in the data set. This tool is often used by the equity
research analysts in there research work (Weiers, 2010). By using this tool they identify
price of share that is frequently appearing in the data set. After identification of value
then determine different price ranges on the basis of mode value and identify pattern in
which share price move in different time period.
2.2 Interpretation of data
Following are the interpretations of different statistical tools. Mean- Average value of the variable is 43.33 and it can be said that most of the people
are buying products in this price range. In the data set it can be observed that there are
different price ranges and class interval is 10. Value of mean is 43.33 which means that
most of people are making purchase of products from Tesco in this price range. This
means that if firm commence promotion offers on the purchase of more then 50 then
people may be convinced to make purchase above this average value from Tesco. This
strategy may enhance revenue of the firm. It is the power of this statistical tool and
merely by looking at class interval data one can not formulate such kind of effective
business strategy. Median- It can be seen that value of median is 39 which means that it is the value that is
dividing entire data in to two multiple parts. There may be different hidden trends in this

data set. It is very important for managers of Tesco to identify these hidden trends
because by using same they can understand consumer behavior of people in terms of
price. It can be seen that up to median value most of the customers are making purchase
from Tesco stores. On other hand, after this price level number of customer's in terms of
making purchase at different price level is declining. This reflects that most of the
customers in single visit to Tesco store are not interested in making purchase more the
40 price range. Thus, in order to push this range to upper level firm needs to bring some
attractive offers and by doing so it can reduce there resistance level from making
purchase above 30-40 level.
 Mode- Value of mode is 25 and on this basis it can be said that most of the customers
that are visiting Tesco store are often making purchase at this value. This reflects
consumer behavior of the people in terms of price. It can be said that there is very high
probability that if any one will comes in Tesco store to make purchase then he will
making purchase equivalent or nearby to mode value.
2.3 Interpretation of standard deviation
Standard deviation is one of the most important statistical tool that is often used by the
research analysts. Standard deviation refers to the limit up to which values of the variable are
moving far from the mean value. The more the distance with the mean value will increase
performance of the variable will be assumed good or poor (Siegel, 2011). If suppose variable is
loss and its standard deviation is elevating then it means that gap between current and average
value is increasing. It can not be considered good for the firm because it is reflecting that loss of
the firm is increasing in comparison to its mean value. Similarly if variable is profit and its
standard deviation is also increasing then it means that sales is moving above its average value
which is good for the firm. Value of standard deviation is 375.79 which means that gap between
current value at which most of people are making purchase and average value is moderate. This
means that there are at least 30-40% customer's that are making purchase above mean purchase
value which is 43.33. This reflects that there are two kind of customer's one who wants to make
purchase in range of man value. On other hand, there is another group of customer's who wants
to make purchase above mean value. However, this second group size is small and it is evident
from the frequency table in the data set. This is also reflecting that transformation of customer's
is happening and now they are preferring to make purchase of higher value but this shift in

consumer behavior is at its initial stage (Grewal, 2011). This means that if Tesco from today
prepare and implement its promotion strategy which is discussed in above answers then it may
get first mover advantage and grab opportunity in comparison to its competitors so quickly.
Thus, it can be said that this statistical tool help firm in identification of opportunity that recently
comes in existence in the market and about which most of rival firms does not have any sort of
knowledge.
2.4 Interpretation of quartile and correlation
Interpretation of quartile
Quartile is an important statistical tool that divide entire data in to four parts. It can be
said that in comparison to median quartile value helps in analyzing data in much better way.
This is because former statistical tool divide facts list in to two equal parts but latter statistical
method divide same data in to four parts (Gentle, Härdle and Mori, 2012). Thus, pattern in which
values of the variable are moving can be identified in effective manner by using quartile. Value
of Q1 24.55 and Q3 is 58.75 and if we look at frequency table then it can be observed that up to
Q1 value number of customers are increased and from value of Q1 to Q3 number of customer's
are declined but at slow pace. After Q3 value number of customer's is declining at rapid pace
and on this basis it can be said that at higher price level less number of people are preferring to
make purchase from Tesco.
Correlation
Table 2: Calculation of correlation
Sales Profit
2012 64539 6453.9
2013 64826 6482.6
2014 65000 6500
2015 67000 6700
2016 70000 7000
Correlation 1
Interpretation of correlation

Correlation is a very important statistical tool that is used by the business firm to identify
the relationship between two variables. Value of correlation always lie in range of negative one,
zero and plus one. Plus one is maximum value up to which value of correlation can go. If value
of correlation is between 0- +1 then it means that variables are positively correlated to each other
and are moving in same direction (Venables and Ripley, 2013). More and more value of
correlation will move towards one more will be strong correlation between two variables. If
correlation value is zero then it means that variables are moving independently and are not
related to each other. Similarly, if value of correlation is negative then it means that values are
not related to each other. In this case it can be seen that value of correlation is one and it means
that both variables sales and profit are very closely associated to each other. This means that if
sales will changed by 10% then profit will also change by same percentage.
TASK 3
3.1 Graph and chart on the collected data
Do you agree with the fact the Tesco is making available products at cheaper price then rival
firms.
Strongly agree 30
Agree 10
Somewhat agree 10
Disagree 5
Highly disagree 5

Interpretation
It can be seen from the chart that most of the respondents think that Tesco is making
available products at cheaper price then its rival firms. This is the reason due to which most of
respondents like to make purchase from Tesco. It can be said that firm is following correct
business strategy in terms of competitive advantage over competitors.
Tesco current price policy is proving costly for its business. Do you agree ?
Strongly agree 20
Agree 10
Somewhat agree 10
Disagree 15
Highly disagree 5
Strongly agree Agree Somewhat agree Disagree Highly disagree
0
5
10
15
20
25
30
35
Column C
Illustration 1: People response on sale of products by Tesco at cheaper price

Interpretation
From facts it is clear that most of the respondents think that price policy that is adopted
by Tesco is proving costly for itself. 20 are strongly agree with this fact and 10 are agree and
somewhat agree with same statement. 15 are disagree and 5 are highly disagree with same
statement. On this basis it can be said that firm policy to sale product at low price is not good
for its business.
Lidl and Aldi the two German stores are rapidly increasing there presence in the UK market. Do
you think that one of them may surpass Tesco in terms of business value in future time period.
Yes 50
No 10
Strongly agree
Agree
Somewhat agree
Disagree
Highly disagree
0 5 10 15 20 25
Column C
Illustration 2: People response of price policy that is adopted by Tesco

Interpretation
It is evident from the fact that most of respondents think that in future German retiel
firms which are Lidl and Aldi will surpass Tesco. Out of 60 respondents 50 are agree with this
fact and only 10 are disagree with same statement. People are giving these answers because
these two firms growth rate is very high relative to Tesco and they are also selling products at
low price.
How was your experience in Tesco retail store ?
Good 30
Somewhat good 20
Worst 10
Yes
No
Illustration 3: People response on future competitive scenario for Tesco

Interpretation
It is clear from chart given above that most of respondents think that there experience at
Tesco was good. 30 out of 60 respondents think that firm is treating its customer's in proper
manner and making available right type of product to the people. 20 out of 60 think that service
at Tesco is of medium quality and 10 think that service quality of the firm is very poor. It is
concluded that most of respondents are satisfied from firm service.
Good Somewhat good Worst
0
5
10
15
20
25
30
35
Column C
Illustration 4: Respondents experience at Tesco

3.2 Trend line for Tesco
1 2 3 4 5
48000
50000
52000
54000
56000
58000
60000
62000
64000
66000 64539 64826
63557
62284
54433
Column C
Linear (Column C)
Illustration 5: Column chart trend line

Interpretation
Trend line is a method that is used to make prediction n the business. It can be seen that
trend line is moving downward in the diagram. Whether it is line diagram or scatter chart it can
be seen that line is moving downward (Cressie, 2015). This means that in future time period
sales of the firm will decrease which will be bad for the business. However, managers can not
entirely rely on this method because it makes a reduction on the basis of previous year figures. It
is not necessary that in future years also sales of the firm will decrease. Hence, mangers of the
firm may use simulation method under which different situations can be projected by the firm
managers and they can test probability of earning specific amount of return in these situations.
This will, help firm in making accurate prediction because managers can predict likely
movement in the market on the basis of there experience. On this basis they can estimate the
return that firm may earn in its business. There are many software's that are available to the
business firms for simulating specific business situation. Firm can use any of these software's to
do simulation. Risk analyzer add-in are also available to business firms that they can use in
Microsoft excel by installing same. Hence, due to installation of specific add-in many new
options comes in excel that can be used to do a simulation in much better way (Saunders, 2011).
0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 5.5
48000
50000
52000
54000
56000
58000
60000
62000
64000
66000
Column C
Linear (Column C)
Illustration 6: Scatter diagram trend line

It is responsibility of the managers to make prediction about the future conditions in accurate
way. This is because if they will make wrong prediction then simulation will also show wrong
results and firm will make wrong business decisions on the basis of results of simulation. Hence,
it is very important for managers to make accurate estimation of past condition's. In this regard
group discussion can be carried out between firm Board of Directors and future changes that
may occur can be identified clearly by the business firm.
3.3 Covered in PPT
3.4 Formal business report
To
The Board of Directors of Tesco
Date: 16-06-2016
Introduction
This research study was conducted to understand consumer behavior of the people in terms of
price. In this regard data is collected related to expenditure made by customer's at Tesco. Along
with this research is also conducted on people satisfaction level from Tesco services. Along
with this research is also carried out on the competition that is faced by the firm from its
competitors. The results of the research are interpreted in the report by applying statistical tools
and preparing charts.
Methodology
In the research primary and secondary data is collected. Primary data is collected by distribute
questionnaire among the 60 people that lives in different areas of London. Along with this,
secondary data is also collected from books and journals as well as relevant websites. In this
way entire data collection is done. In the research stratified random sampling method is used in
order to take appropriate sample from the population. In this way entire data is collected in the
research.
Conclusion
It is concluded on the basis of data analysis that most of people are preferring to make purchase
in range of 30-40. Above this price range only some people are making purchase of products
from Tesco. It is also concluded that on average basis people are making purchase of 43.33
from Tesco. Collected primary data is clearly showing that people are satisfied from the firm

service but they also think that German companies Lidl and Aldi will surpass firm in terms of
growth rate. Hence, Tesco needs to take some important steps to remain ahead of its
competitors.
Recommendation
It is recommended that firm must follow specific business strategy under which it must give
some rewards to the customer's when they makes a purchase above the range of 30-40. By
doing this firm can take advantage of changes that are happening in the consumer behavior of
the people. It is also recommended that firm must bring change in its business strategy as fast
as possible because by doing so it can take first mover advantage in its business.
TASK 4
4.1 Information processing tools for the business
Following are the information processing tools that can be used by the business firms. Microsoft package- The Microsoft package cover various software's like MS Excel,
power point, access and word. All these software's have great importance for the business
firms because they are used to perform day to day business operations. Microsoft word is
used to record a data and excel is used to record and analyzing numerical data. On other
hand, there is Microsoft access in which data related to the firm stakeholders and
purchase or transactions it made are recorded. Hence, it can be said that Microsoft
package have great importance for the business firms. Decision support system- This is a system which is used by the firm Board of Directors.
It is an information system in which huge data is saved and processed to create business
reports that can be used to make business decisions. In this information system one can
do simulation on the basis of available facts and figures (Bucklew, 2013). Hence, this is
the reason due to which most of the business firms use this information system in there
business practice. Management information system- It is a system which is used by the department heads
and in these systems huge data can be stored and processed. Like decision support
system in case of management information system also on the basis of processed
information report is prepared which is used by managers for taking tactical decisions.

 Transaction processing system- This is information system which is used by supervisors
in order to record day to day business transactions that are done by the firm (Karlan and
Valdivia, 2011). This system is used to create a report in which all expenses are recorded
systematically. This report help managers in identification of expenses where firm makes
an extravagance and needs to make stiff control on same on time.
4.2 Network diagram
Activity Description Immediate
predecessors
Number of
days
Number of
staff
required
A Preliminary
design
Nil 4 3
B Market
research
Nil 3 2
C Collecting
engineering
quotes
A 2 2
D Constructing
prototype
A 6 5
E Develop
marketing
material
A 3 3
F Costing C 2 2
G Testing the
product
D 5 5
H Pilot survey B,E 7 4

I Pricing
estimates
H 3 1
J Final report F,G,I 8 2
Illustration 7: GANTT chart
Illustration 8: Network diagram
Interpretation
Network diagram is one of the most important method that is used in the project
management. This method is used to determine the sequence in which activities must be
performed so that cost can be reduced and project can be completed on time (Datar, Garvin and
Cullen, 2011). From diagram it is clear that activities will be performed in sequence of
1+4+6+8+10 which means it will be completed in 27 days. If any activity of the project will be
completed by taking more then allocated time then cost of project will increase and same will

not be completed on time. Hence, it is very important to perform or implement this project in
determined sequence.

4.3 Project evaluation methods
Net present value
Table 3: Calculation of NPV
Project A Pv @10% Present value Project B PV @ 10% Present value
Initial
investment 50000 50000
1 30000 0.91 27273 20000 0.91 18182
2 35000 0.83 28926 25000 0.82 20661
3 40000 0.75 30053 30000 0.75 22539
4 43000 0.68 29370 35000 0.68 23905
5 45000 0.62 27941 40000 0.62 24837
Total 143562 110125
NPV 93562 60125
Interpretation
NPV is widely used method in project management and it has been observed that most of
project managers use this method to evaluate a project instead of payback period method and
average rate of return. This is because in this method concept of present value is used which is
not considered in payback period and average rate of return method. The main demerit of this
method is that it is very difficult to perform calculation of NPV by person that does not have
finance background (Dey, MüIler and Sinha, 2012). NPV of the project may be positive or
negative. If NPV of project is positive then it means that project is profitable for the firm. On
other hand, if NPV of the project is negative then it means that project is not profitable for the
firm. In present case NPV of both projects is positive but same of project A is higher then
project B. Hence, on this basis it can be said that project A is profitable for the firm. There is
great importance of concept of present value because it reflects current value of any asset. This
method is also used in accounting for calculating impairment of asset. By using this method
present value of the specific asset of the business is identified. Hence, it can be said that this
method have great importance for the business firms.
Internal rate of return

Table 4: Calculation of IRR
Project A Project B
Initial
investment -50000 -50000
1 30000 20000
2 35000 25000
3 40000 30000
4 43000 35000
5 45000 40000
IRR 64.16% 44.65%
Interpretation
IRR reflects the actual return that can earned on the project. From table it can be seen the
IRR is higher in case of project A and less in project B. Thus, former project is assumed viable
for the firm then latter project. The main merit of this method is that concept of present value is
used in the calculation. On other hand, the main demerit of this method is that calculation is too
complex and it is very difficult to understand it (Schmidt, 2014). This method is widely used by
the experts because it clearly reflect the actual return that firm may earn by making investment
in the project. Experts often prefer to use this method then average rate of return. This is because
average rate of return indicate mean percentage that can be earned by the firm in its business. On
other hand, IRR reflect the actual return. Thus, there is high reliability of the results produced by
the IRR then ARR.
CONCLCUSION
On the basis of above discussion it is concluded that statistical tools have great
importance for the business firms. This is because by using this tool business can be analyzed in
systematic way. In the business huge size of data is collected from various business activities.
On single view to these data one can not identify pattern in which variable is moving. It is
statistical tools by using which managers can identify trends and can counter threat as well s
capitalize opportunities. It is also concluded that managers must use project evaluation methods
in order to evaluate the project. Simply by finding out that cash flows of the project are
increasing one can not assume specific project viable for the firm. Hence, it is concluded that for

selecting most viable project firm must use project evaluation methods in the business. It is also
concluded that managers must use network diagram in order to determine the sequence of
activities. By completing project on time cost can be controlled.
REFERENCES
Books & Journals
Agresti, A. and Kateri, M., 2011. Categorical data analysis (pp. 206-208). Springer Berlin
Heidelberg.
Berenson, M. and Krehbiel, T.C., 2012. Basic business statistics: Concepts and applications.
Pearson Higher Education AU.
Black, K., 2011. Business statistics: for contemporary decision making. John Wiley & Sons.
Bucklew, J., 2013. Introduction to rare event simulation. Springer Science & Business Media.
Cressie, N., 2015. Statistics for spatial data. John Wiley & Sons.
Datar, S.M., Garvin, D.A. and Cullen, P.G., 2011. Rethinking the MBA: Business education at a
crossroads. Journal of Management Development. 30(5). pp.451-462.
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