Question

Write your thoughts on this discussion

One instance I have used data to make decisions is the forecasting of ammunition for major training exercises or gunnery densities, relates to major program management. The military provides manuals and computer programs to assist in this task. The manuals are updated yearly to dictate ammunition allocations for a specific unit for a fiscal year of training. I regularly utilize past ammunition consumptions paired with the dictated quantities from the manuals to forecast the requirement for a specific exercise or gunnery. Business research is crucial to the success of a business or another organization as well. There are multiple functions that are inputted to execute varies business research functions. Overall the purpose of business research is the utilization of data to support an organization’s multiple functions such as planning, reviewing, company performance, improving operations, and comparing company performance with competitors (Evans, 2013). The collection of the data inputted into the research required must be meticulously interpreted and the accuracy of the data scrutinized to ensure outputs and results are true. One major contributor to overall business research is statistics. Statistics are summary measures of population characteristics decided on from samples (Evans, 2013). The use of statistics enables business professionals the ability to visualize data in a simple form. The two biggest roles of statistics is the evaluation of the company’s operations and their business strategy (Bianca, 2019). The evaluation of the business operations can directly correlate to the effectiveness of the business strategy utilizing statistics. Decision Models are another critical contributor to the overall success of a business or any other organization that collects data for the most part. Decision models are logical or mathematical representations of a problem or business situation that can be made through theory or observation (Evans, 2013). These decision models are very useful as inputs to very important business decisions in support of business operations or the overall business strategy. Decision models can fuel business decisions that focus on the long term, what someone actually knows, and overall accomplishing more (Kim, 2017).

Answer 1

A Thumbs Up! Would be really helpful for me. If you have any questions, please leave a comment and I will get back to you as soon as possible.

As per my thoughts after reading that article, decision models can fuel business decisions that focus on the long term because while forecasting of ammunition for major training exercise of gunnery densities and relates to the major program manager for training and to assist the task that helps to forecast for demand in training. To support an organization multiple functions such as planning, reviewing, company performance, improving operations, and comparing company performance with competitors. One method for research required is statistics and evaluation of the company's operations and their business strategy.

Here the key role decision models and it is a logical or mathematical representation of a business situation and problems. It provides gives more information, increases people's participation in business, provides more alternatives, improves the quality of decision and here in forecasting it is very useful, helps in strengthening the organization, it is time-consuming but effective. It is related to planning, organizing, directing, and controlling the functions in management.