The first problem is that the early searchers after traits often assumed that there was a definite set of characteristics that made a leader — whatever the situation. In other words, they thought the same traits would work on a battlefield and in the staff room of a school.
Using the model to find the solution: It is a simplified representation of the actual situation It need not Managerial approach complete or exact in all respects It concentrates on the most essential relationships and ignores the less essential ones.
It is more easily understood than the empirical i. It can be used again and again for similar problems or can be modified. Fortunately the probabilistic and statistical methods for analysis and decision making under uncertainty are more numerous and powerful today than ever before.
The computer makes possible many practical applications. A few examples of business applications are the following: An auditor can use random sampling techniques to audit the accounts receivable for clients. A plant manager can use statistical quality control techniques to assure the quality of his production with a minimum of testing or inspection.
A financial analyst may use regression and correlation to help understand the relationship of a financial ratio to a set of other variables in business.
A market researcher may use test of significace to accept or reject the hypotheses about a group of buyers to which the firm wishes to sell a particular product. A sales manager may use statistical techniques to forecast sales for the coming year. What are the objectives of the study or the questions to be answered?
What is the population to which the investigators intend to refer their findings? Is the study a planned experiment i.
How is the sample to be selected? Are there possible sources of selection, which would make the sample atypical or non-representative?
If so, what provision is to be made to deal with this bias?
What is the nature of the control group, standard of comparison, or cost? Remember that statistical modeling means reflections before actions.
Is the method of classification or of measurement consistent for all the subjects and relevant to Item No. Are the observations reliable and replicable to defend your finding? Are the data sufficient and worthy of statistical analysis?
If so, are the necessary conditions of the methods of statistical analysis appropriate to the source and nature of the data? The analysis must be correctly performed and interpreted. Which conclusions are justifiable by the findings? Are the conclusions relevant to the questions posed in Item No.
The finding must be represented clearly, objectively, in sufficient but non-technical terms and detail to enable the decision-maker e. Is the finding internally consistent; i.
Can the different representation be reconciled? When your findings and recommendation s are not clearly put, or framed in an appropriate manner understandable by the decision maker, then the decision maker does not feel convinced of the findings and therefore will not implement any of the recommendations.
You have wasted the time, money, etc.
What is Business Statistics? The main objective of Business Statistics is to make inferences e. The condition for randomness is essential to make sure the sample is representative of the population.A Managerial Approach: The authors address project management from the perspective of what the project manager will encounter, both chronologically during the “life cycle” of the project as well as practically, in the sense of what the project manager needs to know and why.
Decisions are the heart of success and at times there are critical moments when they can be difficult, perplexing and nerve racking. This side provides useful and practical guidance for making efficient and effective decisions in both public and private life.
Para mis visitantes del mundo de habla hispana, este sitio se encuentra disponible en español en: América Latina España.
This Web site is a course in statistics appreciation; i.e., acquiring a feeling for the statistical way of thinking. Managerial Economics: A Problem Solving Approach [Luke M.
Froeb, Brian T. McCann, Michael R. Ward, Mike Shor] on heartoftexashop.com *FREE* shipping on qualifying offers. Discover how to use managerial economics to both diagnose and solve business problems with this breakthrough text.
The managerial roles in this category involve providing information and ideas. Figurehead – As a manager, you have social, ceremonial and legal responsibilities. You're expected to . This bar-code number lets you verify that you're getting exactly the right version or edition of a book. The digit and digit formats both work/5().