Learning Outcomes

LO3: Apply statistical methods in business planning.
LO4: Communicate findings using appropriate charts and tables.

1. Apply Statistical Methods in Business Planning

Demonstrate the application of a range of statistical methods used in business planning for quality, inventory, and capacity management:

a. Quality Management:

• Select variables relevant to the quality of the business, such as inventory management or total assets compared to the industry average.
• Use descriptive statistical methods and probability distributions to analyze the selected variables.

b. Inventory Management:

• Choose an inventory variable of a manufacturing enterprise.
• Calculate the average of inventory/total assets.
• Build and test hypotheses using one-sample t-tests and two-sample t-tests.

c. Capacity Management:

• Select variables related to business capacity, such as Return on Assets (ROA) and Return on Equity (ROE).
• Perform regression analysis to identify relationships between variables using a regression equation.
• Interpret the results effectively.

Justify the use of appropriate statistical methods with specific organizational examples.

Provide valid judgments and recommendations to improve business planning based on the application of the statistical methods above.

2. Communicate Findings Using Appropriate Charts and Tables

a. Assessing Visual Representations:

• Evaluate different types of visual representations for effectively communicating findings.
• Define each type of visual representation and identify the contexts in which they are best used.

b. Advantages and Disadvantages:

• Explain the advantages and disadvantages of different methods for presenting data related to given variables.

c. Creating Visual Representations:

• Develop various visual representations for the given variables, such as:
  • Frequency tables
  • Simple tables
  • Pie charts
  • Histograms

d. Justifying Visual Representation Choices:

• Justify the selection of the most appropriate visual representation for the given variables.