MILIND TELI

HRD1916266
BIMHRD- MARKETING (2019-2021)

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 MILIND TELI
HRD1916266
BIMHRD- MARKETING (2019-2021)

1.

a) Business is an integration of various processes which are strategic, tactical and

operational.
b) Each process has its own characteristics and importance. Integration of them
creates a synergistic relationship which runs the business in day-to-day life.
c) Thus analysis of these processes is very important. Mathematics is the tool with
help of which one can determine the efficiency and effectiveness of any process.
Thus statistical analysis plays major role in it.
d) One can do Statistical Analysis of past performance data and predict the future.
e) Purpose of Statistics and Operations data helps business in following ways –
I. It helps to summarize the data in visual indicators such as graphs,
diagrams which are easy to understand.
II. To discover key findings and crucial measures of the data.
III. To determine similarity and differences among data and data groups.
IV. Make future predictions and forecasting based on the real time and past
data.
V. Test hypothesis from various experiments and analytical techniques.
VI. To study market analysis.
VII. To predict and determine risk and return on investment.
VIII. To determine performance of business in market.
IX. To predict valuation and effectiveness of business.
X. To make and analyze long and short term strategies of business and keep it
in determined strategic fit.
f) Thus statistics plays very important role in analyze, study the business and predict
it in short and long term.

2.

a) In the context of business analytics, predicting future is an important and

underline activity.

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 MILIND TELI
HRD1916266
BIMHRD- MARKETING (2019-2021)

b) For predicting future data is very important. Data may be real time and past but it
is must.
c) In 21 century we called word as VUCA (Volatile, Uncertain, Complex and
A ). So for this proper techniques should be used.
d) As far as Business Analytics is concern, we need past data. Past data helps us to
understand the performance of a business as far as following points are concern –
I. Change in fashion
II. Seasonality
III. Trends
IV. Volatility as wee as consistency
V. Effectiveness of business activities
VI. Consumer reaction
VII. Market movements and shifts
e) We use forecasting techniques to predict future based on the past data.
f) For the functional products, forecasting techniques plays important role in
determining demand. For responsive products it may not much.
g) Thus business having push strategy as their strategic fit, they must use their past
data for getting better in what they are doing.
h) We can see many organizations like HUL, Maruti Suzuki, Wallmart works on
push strategy and for that they use forecasting based on the past data very
effectively.

3.

a) Now-a-days world is getting more and more VUCA. To minimize the effect of
this one must do day-to-day analysis and diagnostic.
b) Reasons for analysis and diagnosis of organization day are –
c) Day-to-day analysis helps to take operational decisions, which helps to take
tactical decisions, on which strategic decisions are also dependent.

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 MILIND TELI
HRD1916266
BIMHRD- MARKETING (2019-2021)

d) They helps to make daily planning of MPS and MRP. Automobile companies like
Ford motors, who work on process layout, one glitch in a day can cause sssavior
damage to productivity and effectiveness.
e) If we diagnose every day of an organization it helps to do FMEA (Failure Modes
and Effects Analysis) effectively. Companies like Toyota pays sincere attention to
it.
f) Day to day analysis and diagnosis of market helps to determine Demand
Volatility and market trends. Companies working on innovative product
(according to Fisher’s model).
g) For the company like HUL and their functional products they need to diagnose
their operations daily. If sudden rise or fall in demand they need to be prepared.
h) Also for the fully automated factories like TESLA, if they don’t do daily
diagnostics, they face ssaviour damage in productivity, lead time loss and cost of
loss of opportunity.
i) So daily diagnostics and taking decisions based on that is very important for
organizations.

4.

a) It is true that, “the intersection of internet and business data can become a
‘double-edged sword’ as it can create profitability or loss”.
b) Business data is very critical to manage as business data is generated at
tremendous rate daily. So to store, analyze and transfer this data many
organization uses internet.
c) Internet is advantage for it as it helps businesses for –
I. Store data effectively and efficiently
II. Manage the data easily
III. Transfer the data in less time
IV. Analysis purpose
V. More data in less infrastructure

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 MILIND TELI
HRD1916266
BIMHRD- MARKETING (2019-2021)

VI. Easy access to data

VII. Less costly
d) But apart from these many advantages there are disadvantages of using internet
also –
I. Chances of theft
II. Easy to manipulate
III. Easy to remove and change
IV. Strong security is required
V. High cost of security
VI. Chances of hacking activities
e) Thus combination of data and internet is two-edged-sword. One must use it but
should take precautions and use it properly.

5.