Business Data Analysis Essay Example | Topics and Well Written Essays - 2750 words

Business Data Analysis - Essay ExampleBesides, thither is wide variation in the performance of different profit centers and therefore, there is a need to strengthen the operation and revenue of center 2 and 3 so that these centers groundwork stand on their own and do non become burden on center 1 in days to come. Analysis of the cost of different options for the frequently faltering copiers have helped in winning the decision that it is better to acquire a new copier which is a lot more reliable even though it service cost per call is much higher. Analysis of number of calls per hour has helped in deciding the number of sales representatives Stan needs to ensure that no representative has to handle more than eight calls per hour. push analysis of the active customers account size has helped in better understanding of the same. Introduction Handy Hydraulic Industries is doing well after many changes in the incorporate and operating structure. However, the managers know that one needs to excel to sustain in the current environment of cut-throat competition. For excellence a vexation needs to evolve and kill a multipronged strategy targeting different aspects of performance and customer relationship. The aim is to become leaner on operating size to cut cost without compromising the expectations of customers. For this the managers of business need to take informed decisions and the information has to be derived from nowhere but from the info relevant to the business. It is here that statistics and probability comes to help them. Statistics is the branch of knowledge that processes entropy to discern hidden information, reveal patterns and extract executable results 1. One can get lot of information by simply arranging data in frequency and relative frequency tables 2. One can get a good idea of central tendency and distribution of the data pock. The organized dataset can also be represented pictorially as histograms, line charts etc. It is said that a p icture is worth thousand words. This is because even a soulfulness with common sense can see the patterns and trends in the data if the same is presented pictorially using suitable chart. Besides, statistics provides different parameters like mean, median, mode etc. to measuring stick central tendency of data 3, 4. But knowing merely central tendency of data is not good enough to describe a data set one needs to quantify the dispersion of the data points around the central encourage 5. This is done by means of different parameters that quantify dispersion of data points around the mean like division, standard deviation, coefficient of variation etc. After describing a data set comparing different data set is also important. For this one needs to compare the values of mean and standard deviation etc. Using these values one can calculate value of a suitable statistics and then this value is compared with the critical value of statistics for a given significance level. This exercis e helps in testing hypothesis on mean, variance etc. and hence in making decisions 6. The concept of probability is very much the part and parcel of statistics. It relies on the assumption that