Statistics and Research Methods for Business Decision Making Assignment Help

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Statistics and Research Methods for Business Decision Making Assignment Help

What is Statistics and Research Methods for Business Decision Making?

Business decision-making process includes analysis and collection of information and data to reach an optimal business decision. Computerized data analysis makes this job simpler. BookMyEssay experts make the students understand through various case studies assignment writing on statistics and business decision making.

We have hired the best experts in this field of study. Statistical and research methods can help in decision-making in the following areas:

• Random sampling techniques are used by quality control departments and production managers to decide the quality of materials. Accountants use this technique to audit accounts receivable.
• Correlation and regression methods are used by finance departments to correlate financial ratios with business variables.
• Marketing departments use Statistical Significance Test for market research on a target market for new products and services.
• Forecasting techniques are used by top management to find our sales volume for the succeeding budget year.
• Standard deviation techniques are used by different profit centers in an organization to reduce the risk present in a business decision.

Quantitative Methods to Make Business Decisions

Business managers depend on their instinct and experience to make business decisions. However, in the field of big data, economists and analysts used quantitative methods to make decisions on sales, production, marketing, and personnel. These methods are highly important to project business conditions and also allowing them to adjust their strategies.

Some of the quantitative methods explained in our Statistics and Research Methods for Business Decision Making assignment writing help are the following:

Regression Analysis

Statisticians and economists use regression analysis to know the impact of factors, called independent variables or predictors on the result known as the dependent variable. As a business economist or as a manager you can use a regression method to find out the effect advertising expenses will have on the profits of a company.

Factor Analysis

Factor Analysis is a data analysis and data reduction technique used along with survey data. This method finds out correlation in data and identify unmeasured factors that explain these relationships. Market researchers use it to analyze data about the spending habits of consumers. It explains their preference for certain products.

Linear Programming

Businesses face problems such as limited resources regarding space, labor, supplies, etc. Allocating resources optimally is a challenge. Linear programming, a technique used in management and operation research analysis can determine the way to achieve optimal results including the lowest operating costs or the highest profits.

Operations analysts and researchers used linear programming in transportation and manufacturing to analyze as well as to resolve problems regarding scheduling, planning, and distribution.

Research Data that Helps in Business Decision Making

Case studies help to make business decisions by providing an in-depth assessment of satisfaction of the customers and by knowing the opinion of the customers regarding a product. The case study method is time-consuming, but, it helps to collect information about the likes, preferences, and dislikes of a customer. It throws light on his strengths and weakness of a particular product.

Companies rely on interviews to know actual consumer experiences regarding a specific product. Consumers are requested to answer questions and based on their replies, they get a picture of consumer satisfaction.

You can know more about these methods when you avail Essay writing help on Statistics and Business Decision Making.

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