I am in a statistics class. When I graduate, I would like to work in an...

I am in a statistics class. When I graduate, I would like to work in an area where I can help restructure businesses that are failing and make them successful. My professor has asked me where in my career that I think I will use the process of data collection. He has asked me to provide 2 examples. This is my first statistics class, so I don't really know of how to give him any examples. Can you please give me 2 examples with explanations? Thank you.

Expert Solution

Example 1:

Suppose, you want to improve the sales of a restaurant and you want to know the factors that can boost your sales figure by attracting more customers. In this regard, you can make a sample questionnaire with some predefined factors and then survey the customers for their response. The data that is collected can be analysed later in order to develop a better strategy...

Factors can be:

1. Promotional Tools (Offers and Coupons)

2. Food Quality

3. Location of the Store and many more...

Example 2:

Similar example can be taken for an HRTech startup. HRTech companies are company's or startups that help other businesses or organizations to optimize there recruitment process. If any of such startups are failing, you can conduct a survey by approaching the HRs of respective companies in order to determine the factors that are essential in a service platform of such startups or HRTech companies. Later on these information can be analysed in order to improve their business...

There are a lot of cases where data collection might be required. The above mentioned examples are just for reference purpose..

End of the Solution..

orchestra answered 2 years ago

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