(Solved) Statistics for Management- Assignment

Added on - 10 Mar 2021

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STATISTICS FOR MANAGEMENTAssignment 1 – Part 1Name: Tran Tuan Minh ; Class: F12EStudent ID: F13-294Gmail:minh6a9@gmail.comWord count: 2563 words
1. A brief introduction to Vin Pearl’s main business objective in 2020: To expand the scaleof the organization by constructing a brand new Vin Wonders before the end of 2021.As the leading organization in the hospitality sector in Viet Nam, it is really important for us tore-evaluate our current services and quality in our resorts all across the country and makeinnovations out of that. The prioritized objective at the moment of ours is to expand the scale ofthe organization by constructing a brand new Vin Wonders before the end of 2021. However,there are a lot of variances that needed to be taken into consideration in order for our company toevaluate whether this will be profitable or not. For instance, those factors can be the averagespending of visitors to different tourist attractions or how long they would stay,...2. Recommendation on the use of statistics in achieving Vin Pearl’s business objective andhow to collect them:Personally I would recommend the use of statistics in this situation to achieve the company’scurrent business objective. Statistics can bring multiple data, information and explore certainpoint of views for the company which significantly influence the actions of the organization. Forthis particular objective of Vin Pearl, what statistics can offer here is plenty. Firstly, you canknow about the amount of money a visitor is willing to spend and determine which would be thearea that is most likely to gain the most profit for Vin Pearl based on the spending of tourists andthe time they stay in Viet Nam.Da NangNha TrangPhu QuocPhan Thiet02040608010012014016000.511.522.533.544.5150135128453.93.63.22.1Averages spending and staying time of tourists in famousattractions in Viet NamDollarsDays(LAND. M, 2020)
For example, to determine where would be the most profitable place to open a new Vin Wonderamong the finest tourism locations in Viet Nam, I have gathered the statistics about the averagespending of tourist and how long they stay in those attractions. In terms of the origin of it, this isa set of data that comes from the secondary sources. It means that the one who is analyzing thedata is not actually the person who initiated the research themselves. Available sources ofsecondary data can be books, journals, articles,... Alternatively in cases that there are notsufficient sources of data available for companies so choose from, primary sources should beused. Primary sources are the research that were conducted directly by the data analyzer(Vinpearl in this case), companies can dictate the variables that needs to be collected based onthe initial purposes of the research without any limitation. Additionally, when dealing with a setof data, the data analyzer must take notice of whether the data is structured or unstructured. Itwould be easier for Vinpearl to use structured data because it can provide a better overview onthe situation whereas unstructured data is more complex and take considerable amount of time tofully analyze. There are some actions we can do to convert unstructured to structured data,sorting them into categories and then encode it is the most common, efficient way to do. Aftersuccessfully converting our data into structured, we should also use graphs a better illustrationsof those information. In the above research about the average expense on holidays of tourists insome places in Viet Nam and the amount of time they spend travelling, I’ve decided to illustratethose data into a combination of bar chart and line graph. The main reason for my choice is inthis way, I can compare the figures between the four places and also easily see how the numberof days interrelate with the amount of money tourists would spend. Therefore, most objectiveconclusions can be made with all the variables taken into consideration.3. Statistical methods in choosing the most profitable market and practical future strategiesto develop the company business of the new Vin Wonders:Initially, Vinpearl wanted to indicate the potential locations that will most likely to generatemore profits than others. Because of that, various observations were made in order to find themost valuable statistics to help conducting a conclusion for this problem. After intensive days ofobservation and data gathering, I was managed to find out an useful set of statistics which is thechart above. Overall, a standard statistics analyzing process should consist of descriptive,inferential and measure of association methods to be fully expressed. Looking at a data set, thefirst thing you want to do should be summarize all those data and describe it as briefly aspossible to select out key information that can actually contribute to the research. In order to doso, descriptive statistic is required because it is the most optimal way to illustrate those key datain a more systematic fashion so the researcher can interpret those data set more easily.Descriptive statistic consists of common factors like the mean, mode, range, standard deviation,skewness, kurtosis,... Overall, the mean shows the average of the data set, the mode indicates themost duplicated figure and the range means the difference between your highest figure and thelowest one. The more important figures that are standard deviation, skewness and kurtosis willindicate how the data is distributed in the set as well as how spread they are. Therefore from abusiness perspective, the we would want our spread of data kept relatively small because it is anindication of a correct research and the results are relevant and can be used to gain competitiveadvantages. But in this particular example of the average money & time spent in Vietnamese
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