Statistics For Management (solved)

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STATISTICS FORMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK A...........................................................................................................................................1TASK C...........................................................................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONStatistical Management has gained immense recognition in the recent years. One of themain reason behind this phenomenon is the ability of statistical techniques to facilitate theprocess of decision-making in a given organisation(Barrett and et.al., 2012). This report aims toprovide a detailed account on Statistical Management. For this purpose, the report is divided intothree parts viz. Task A, B and C wherein Task A discusses about Statistics and its characteristicsalong with various of data gathering. Whereas Task B and C give an insight on data collectionand analysis using tools such as Descriptive and Inferential Statistics. In order to achieve thesetasks successfully, Tesco PLC has been taken which is a global corporation that deals in theretail sector mainly focussing on the groceries and supermarket chains. It was founded in 1919by Jack Cohen and is headquartered in Hackney, London, UK.TASK AStatistics in Management can be defined as a body of methods and techniques whichenable informed decisions on the part of the manager in the face of uncertainty. One of the keycharacteristics of this discipline is to forecast accurately regarding the future sales or other profit-making elements. This helps in the removal of uncertainty which is largely faced by variousbusiness managers of an organisation such as Tesco on a day-to-day basis. In order to meetbusiness objectives, Business Statistical tools and techniques Tesco's manager is able to forecasta different scenario which helps in evaluation of alternatives, thus, enabling one to undertakeonly those strategies which give maximum returns on their implementation.Such Business toolsand techniques may include utilisation of AI or Machine Learning which involves collection ofdata for Tesco through the database consisting of purchase well as personal information relatedto those who are subscribed to its loyalty program. Thus, enabling the company to recognize aswell as forecast different fads or trends along with customer buying behaviour based onhistorical data. In order to derive accurate results, company may utilise Artificial Intelligencetechnologies in combination with algorithms so as to generate what patterns persisted in short-term or long-term periods or both.The sources and types of data as well as information businesses can access include bothqualitative and quantitative data which may be available from a variety of published sources thatare both offline and online(Berenson and et.al., 2012). These published sources may be in the1
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