We always seem to be focused on using statistics in Business
decisions. Please think of some ways you can use statistics in your
own decision making. For example, when we go on vacation as a
family, we choose between many different types of travel. Using
statistical analysis, I am able to come up with different pricing
options.
We can make good decisions with good information and we can make
bad decisions with good information. How would you apply the advice
given in Job 28: 27-28 NIV to the information generated in
accounting, 27 "then he looked at wisdom and appraised it; he
confirmed it and tested it. 28 And he said to man, 'The fear of the
Lord - that is wisdom, and to shun evil is understanding.'"
The field of Operations Research involves the use of statistics
and simulation to make business decisions. If any of you would like
to find an example of operations research in practice.
You would need to:
1. Find an example where operations research is being used in
the real world.
2. Describe the statistical concepts and processes that are
being used.
3. Describe the business situation you have found.
4. Analyze the solution that was reached and discuss the
statistical validity...
In statistics we are able to make inferences because statistics
has a predictable distribution called a sampling distribution. One
method of inference we have discussed is the idea of hypothesis
testing. Explain briefly how the sampling distribution is used in
the process of hypothesis testing?
a) Why do people invest in education? Discuss how individuals
make these decisions using the human capital model and the
signalling hypothesis.
b) How do these two models differ in their implications for
policy makers with regards to subsidising education?
Our decisions are affected by what WE value. Sometimes people
make different decisions because they value different things. This
activity will ask you to reflect on your values and how you spend
your time. Then, you will be asked to reflect on whether you are
spending your time according to your values. Lastly, you'll be
asked to write a brief story about a time you exhibited one of the
traits you most value. Complete this assignment directly in the
document...
The financial instruments market is international - how does
this make decisions that companies make more complex? Look at
working capital, capital budgeting, and capital financing
decisions.