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Essay / Research Paper Abstract
This 4 page paper looks at the way uncertainty can be dealt with in business by using statistics and probability. The paper presents as example of a shop that needs to determine how much stock to purchase where there are different influences that can be measured with statistics and probability. The bibliography cites 1 source.
Page Count:
4 pages (~225 words per page)
File: TS14_TEbusstat.rtf
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Unformatted sample text from the term paper:
amount of stock that they will order. If we consider a home improvement store that sells shovels there will be a number of tools that they will use in
order to project the number of shovels that need to be ordered ready for sale each month. There are a number of variables. The stores has seen increased business
over the years are more customers hear of the reputation and the marketing spreads, the store has had increasing sales, so one of the first statistical measures will be the
use of forecasting by undertaking a least squares regression. This will allow the store owner to use statistics from the past and the use of the existing trends and patterns.
If we look at the figures for the last five years for the month of December these can be used to assess the way sales may move in 2010. This
is shown below with the projection made using a least squares regression analysis. Year 2005 2006 2007 2008 2009 2010* Sales 300 610 320 350 368 352.4 However, when
looking at the figures there appears to be some discrepancy n the figures, with 2006 having a much higher level of sales. This increases the level of uncertainty. However, when
looking at the figures for the company as a whole there is the same pattern, and the figures show that when there is heavy snow in one of the stores
areas the sales of shovels will double. Therefore, the sales decision may need to take into account the weather as well as the general sales trends. In order to increase
accuracy firm can look at the weather forecasts in order to take the additional factors into account. There are several different consideration when undertaking analysis in order to reduce the
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