Statistical Methods and Analysis in Business Management Report

This report provides an overview of statistical methods relevant to business management. It explores key techniques such as linear regression analysis, which is used to identify the impact of variables on business outcomes and quantify solutions. The report also discusses linear programming, a method for maximizing productivity and managing inventory, and factor analysis, which helps analyze customer preferences and satisfaction through surveys. The report includes real-world examples, like the application of these methods in organizations such as NANDO's, highlighting their importance in quality, inventory, and capacity management. The report emphasizes the role of statistical tools in business planning and decision-making, making it a valuable resource for understanding the practical applications of statistics in a business context.

STATISTICS FOR MANAGEMENT
The organisations of current business periods
require the business operational data in statistical
form in order to make analyse, summarise
ascertain and for comparison with the other
business entity.
Linear Regression analysis: It is the method or technique used by the economists and the management's financial
analysts of the companies like NANDO's. It is used for identifying the estimation of the impact of one or more
variables on a particular business outcome. For example, it helps in identifying the impact of favourable or
unfavourable variables and if the impact is negative the it quantifies the solution and enhances the capacity of the
management.
Linear programming: This method is used by the organisation like NANDO's in order to maximise productivity
and probability. It also beneficial in inventory management as it is used to identifies the possible productivity of
the particular year hence it makes possible to calculate the current inventory by using LIFO, FOFO and AVCO
method for inventory valuation. Thus, it helps in estimation of productivity and inventory as well as helpful in
profit maximization.
statistical methods in organisational context with suitable examples:
There are three most commonly used statistical methods which are beneficial in statistical planning regarding the
quality, inventory and capacity of management.
o Factor analysis: it is used to analyse the customer preferences that are taste and quality standards of
the products by delivering the responses in customer satisfaction surveys.
o Linear Regression analysis: It is used to in identifying the impact of unfavourable variables
affecting the management operations and quantifies the solution and enhances the capacity of the
management.
o Linear programming: This method is useful in maximising the productivity and the revenues of the
organisation and helps the organisation in proper management of inventory.
INTRODUCTION
STATISTICAL METHODS
There are some statistical tools or methods used for the
business planning for quality, inventory and capacity
management. The methods are as follows.
Factor analysis: Factor analysis is related with the
research or the survey. It is data reduction technique
which and helps in quantifying unidentified facts or
factors that must be taken into account as these are the
measured variables, related with business facts and
management or with the issues of the whole economy.
For example, in case of NANDO's, the organisation
quantifies the customer preferences and socio-economic
standard. It helps in examining the taste and quality
standards of the products by explaining the responses in
customer satisfaction surveys that is why it is also uses
by many small businesses in present times. Moreover,
it helps in identifying the factors driving the quality
standards of food and customer's satisfaction.
INTRODUCTION