Question

Write your thoughts on this discussion.

This week we were tasked with posting why business research,statistics, data, and decision models were important to business. To summarize the answer, statistical research gives you information. And in this age information is power. By using research, you can gather statistics, data, and implement them with business models to provide solid decisions. Statistical and logic based decisions are scientifically more sound and rational than those based on emotion alone. They also tend to be more accurate and profitable. Therefore research gives managers information to make informed decisions. Business sampling is the taking a sample of a target population or group that consists of all demographics wanting to be polled and using that as a subset of the major population. The technique of sampling is very important as it is not necessarily feasible to poll or gather data on each and every single person or node of information out there. Even with advancements of technology there is just too much information and too many people out in the world to gather information from unless you are working or polling a very specific market or niche area. Sampling requires that the sample solution has to reflect the makeup of the general population it's pulled from otherwise it won't work. Additionally, sometimes several samples need to be used to gather enough information. Finally, data can change based on many factors. An example of sampling would be a general poll that would ask for opinions on a product, however that in itself has several issues. Perhaps the demographic responding would be biased towards that particular product. What we have in the military is a climate assessment survey. While not mandatory, it is used to get a general assessment of the leadership in the military and to provide feedback. Using the sample data from those who participate, the military makes changes and so does leadership on how they were rated or viewed by their workers.

Answer 1

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My thoughts on the above given passage:

Throughout unpredictable situations, statistical analysis presents executives with the knowledge they need to take decisions. When managers analyze business statistical research they will determine how to proceed in areas such as auditing, financial analysis and marketing research. Statistics is only one of the main fields of research within an online BBA program. Future business professionals must recognize the importance of statistics in establishing precise predictions. When working with the right data, companies that rely on analytics can be more successful. Enterprise statistical analysis helps executives to evaluate historical results, forecast potential market strategies and successfully guide companies. Stats may explain the economy, warn ads, set pricing and react to customer demand changes. Predictive analytics utilizes a number of computational methods (such as simulation and data mining) to forecast traditionally dependent potential odds and patterns. It goes beyond documenting what happens to provide the strongest predictions on what is likely to happen. Many growing predictive analytic applications include fraud identification and protection, risk management, marketing and operations.

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