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(Solved) 1 Business Decision Making Project Part 2 Learning Team A QNT/275 4/24/17 Prof. Wahlstrom 2 Business Decision Making Project Part 2 Types of...

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1 Business Decision Making Project Part 2
Learning Team A
Prof. Wahlstrom 2
Business Decision Making Project Part 2 Types of Descriptive Statistics
When looking at the sales team numbers the mean will be one of the most important
descriptive statics that we will need. Sales averages are quite important to a business. It lets you
know the trend of sales. There are two mean sales numbers that are often used. The mean sales
for the gym and the individual mean sales for each sales team member. This is an important
comparison to make because it can help identify poorly performing team members. The average
gym sales are also used to make future sales goals. Knowing the past average for a day lets the
gym make a reasonable goal for the sales of the day. Mean gym sales are also used for staffing
requirement decisions. If the gym’s sales average starts to rise, the gym will need more staff to
keep up with sales.
The mode and median can be useful to look at, but would not be used on a regular basis.
Having a mode in sales numbers does not happen very often as there are too many variables in
how sales equates to dollars. In the gym, there will be two types of sales, memberships and
personal training sessions. Looking for a mode in the types of sales that are happening could be
useful in establishing baselines for the sales team goals. The median would be most helpful in
identifying potential manipulation of sales numbers. Gyms often have sales bonuses to
encourage the sales team. Sometimes this can cause employees to manipulate their numbers to
win a prize or bonus. Using the median sales number could help to easily identify any outlier
team member’s sales for review.
Types of Inferential Statics 3
With inferential statistics, you are trying to reach conclusions that extend beyond the
immediate data alone. For instance, we use inferential statistics to try to infer from the sample
data what the population might think. Or, we use inferential statistics to make judgments of the
probability that an observed difference between groups is a dependable one or one that might
have happened by chance in this study. Thus, we use inferential statistics to make inferences
from our data to more general conditions; we use descriptive statistics simply to describe what's
going on in our data. The following two types, seem to fit our predicament the best.
Bi-variate Regression is used when you have a continuous independent variable and a
continuous dependent (outcome) variable. For instance, you may want to know if the number of
hours’ participants spend in your program is positively related to their scores on school exams. In
this case, the number of hours a sales employee works. You interpret it when the probability
associated with the F statistic is .05 or less then you can assume there is a relationship between
the dependent and the independent variable.
Confidence Interval is used to estimate a value/score in a population based on the score
of the participants in your sample, or original sales data in this circumstance. You interpret it by
supporting a 95% confidence interval indicating you are 95% confident that you can predict/infer
the value/score of a population within a specified range based on the value/score of your sample
Role Probability/Trend Analysis
Using the first example of giving an employee a day off by how many sales they get
individuality, I believe it would not only improve the sales within the company but as well as
making a little competitive between employees. In this case, it is to build moral and team
building in which with every business is important, therefore, it is to build teamwork and
motivation for the employees and the business to grow. Using the second example of offering 4
$100 as another reward for the employees it is showing the employees that you are “putting your
money where your mouth is” type of point or an expression that is used today. This helps to bring
in more numbers. Using the Third example that we used for offering different promotions it is
showing the customers that we are working to have many different options to joining our
business as customers. Believing either one of the options will work that however will be helping
each employee and the business grow to where we can get our bonus and meet the company
goals. The more options the customers has given them options that they can choose from and we
are not only getting them to join but it benefits both the business and customers. Conclusion 5 References


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