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Essay / Research Paper Abstract
A 7 page paper responding to the Week 4 simulation for University of Phoenix course QNT/530 - Statistics and Research Methods for Managerial Decision-Making. Six questions pose various points about Coffee Time’s decisions for maintaining and stocking two coffee kiosks during an Asian Sales festival. Bibliography lists 3 sources.
Page Count:
7 pages (~225 words per page)
File: CC6_KSstatsDecide.rtf
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Unformatted sample text from the term paper:
research example only! The student must cite as a source in the writing of their own paper, and may not plagiarize any of the material offered
in this work. Introduction Every business manager knows that building a business case for some purpose can be skewed according to the
position of the presenter. It was in the business environment that the phrase, "figures dont lie, but liars figure" was born. The
study of statistics has been in existence long enough that Mark Twain could observe in the 19th century that there are three kinds of lies: lies, damned lies and
statistics. Statistics provides a means of analyzing research data that would be difficult if not impossible to analyze otherwise, but it also has direct applicability to daily life and
business. Accuracy has always been important in any numerical measure of any quality, but it has approached a critical nature now. As business has become hypercompetitive in the
past decade, businesses have found themselves with less "wiggle room" than ever before. Meeting customer expectations is the end goal of Total Quality Management (TQM); bringing production into statistical
control is the means by which manufacturers achieve that end. Probability can add a measure of confidence to decision making that cannot exist without it. 1. What is
the major research concern in this simulation? The student could approach this section in the following way:
The goal is to maximize profits while simultaneously limiting the amount of capital tied up in supplies and equipment. The first action is to assign probabilities to several
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