Statistics for Managers Assignment Example | Topics and Well Written Essays - 1000 words

Statistics for Managers - Assignment Example Managers are frequently exposed to large masses of data but before the data can be put into use, must be organized, summarized and critically interpreted. Therefore this is one of a very important aspect of statistics. Research has clearly shown that top managers reach to a consensus 25% more quickly when responding to graphical presentations. This importance of descriptive statistics is thus a key strategy for managers. It is advisable for the management to posses analytical skills necessary to interpret graphs and computations on the same. Inferential statistics It can also be defined as making inferences about a population from a random sample. On the other inference refers to the art of reasoning involved in making conclusions and logical judgement based on the evidence from the collected data. Management revolves around decision making and thus inferential statistics come into place because the manager has to analyze the trend of the business operation (Broster, 1972). Based on the competitors or generally the market fluctuations such as change in consumer demands, the management is able to observe clearly the trend and from the given observations, logical judgements or inferences are made on the same. This is a very important aspect for a successive manager hence a better understanding of inferential statistics is important because it is a driving force to a positive growth of a business. Hypothesis development and testing A hypothesis is some testable believe or opinion while hypothesis is the process of formulating and coming up with hypothesis. On the contrary, hypothesis testing is the process by which they believe is tested through statistical means (Levin, 1987). This aspect of... The main objective of this essay is to critically analyze the different aspects of statistics, learnt by the researcher throughout the course in relation to management. It is an in depth explanation of ethical and managerial traits one has to possess through acquiring statistical knowledge. This essay is also important in helping students aspiring to be future managers to take the study of statistics seriously, so as to avoid future dilemma when it come to making and implementing decisions. Generally statistics improve the quality of data through the use of specific sample surveys and experimental designs It provides the tools necessary for making predictions based on the data collected through statistical models. There are two types of statistics basically qualitative and quantitative or inferential and descriptive statistics. Statistics for managers is of significance since it is the foundation on which precise, accurate and informed decisions are made. The researcher states that a manager has to apply different aspects of statistical knowledge in order to make informed decisions and continue to prosper. The role of statistics cannot be replaced, neither can it be underestimated because it is very useful to managers and improving their analytical and interpretive skills based on data collected. Moreover, the researcher concluds his study on the topic and gives statement that no manager can be successful without statistical knowledge thus a very important aspect in the art of management.

Management accounting Essay Example | Topics and Well Written Essays - 1250 words - 2

Management accounting - Essay Example The company has had a history of high turnover and this is based on the fact the employees were not feeling motivated under the current payment scheme. For instance, the largest production center, which has 75 employees, was paying the employees just 9040 while under the new scheme the employees are going to be paid more salary at 10250. According to Kline (2010), the increase in salary will motivate the employees to work extra harder. Several motivation theories also point out that better remuneration is key to motivation of employees. When employees are paid salary, which is commensurate with their input at the organization, they will become more productive which in turn boosts the competitive edge of the company irrespective of the industry in which it operates. The cost of high turnover is an indication that the employees are not motivated. Moreover, it is a costly affair to the company because the cost of replacing workers, which have exited the company, is a huge expense, which eats into the profitability of the company. On the other hand, the new hourly pay rate is also cost effective because under the new hourly rate, the electronics department will pay less to employees. Prior to the new scheme, the total cost incurred on employee salary for the three employees, Ewelina, Danesh, and Sarah. For instance, under the new hourly rate the company will pay $810 less to the employees because previously the paid  £4522.2 but under the new hourly rate the pay is  £ 3712.5. Siddiqui (2006) asserts that the sole objective of operating a business is to make profit, which is achieved through increased revenues and reduced cost. The fact that the company will register less expenses in salaries means that it will improve its profitability hence the new hourly pay scheme is a welcomed