Statistical Applications and Tools Assignment

During our course we have explored a number of different statistical applications and tools. In this week\’s forum you are to share how you intend to use one or more of the tools that we have examined in our course. Be specific. Be sure to include a description of the situation, the way in which you will employ the statistical tool you have selected, and provide some commentary about why you think the approach you have selected is appropriate and will prove to be useful. This is your opportunity to consider–and then share–how you will employ the knowledge that you have gained during our course
Use Bullman, Allan Elementary Statistics, A Step
by Step Approach: A Brief
Version, 7th edition; for primary reference.

SAMPLE SOLUTION

The use of statistical tools in management is so critical that I found this course quite relevant to my ambition of heading a reputable organization. Statistics help in designing new products, reorganizing of the production process and assessing current and prospective clients. Indeed, the modern running of businesses, even small enterprises no longer rely on character. Specifically, by using SPSS and Microsoft Excel for statistical analysis, I will be able to test a hypothesis by studying a sample of a population to understand the market outlook (Bluman, 2008). Using scientifically proven methods to sample, collect and analyze consumer behavior will be relevant in making an informed decision on location of business, investment options, product design, market research, and marketing methods. Statistical analysis of unbiased data will provide the means to control and measure production processes to reduce deviations, which lead to waste or error, hence ensuring consistency in organizational operations. This will save financial resources by reducing the raw materials used in the production, as…