ID Number: AMAOED20-0023482

Student Name: Princess Mumtaz Guiling Sharief

Professor Name: Dr. Richard Oliver F. Cortez, DBA, FRIBA, AFBE

Email Address: zaynahomar2418@gmail.com

Program: Doctor of Business Administration

Course: DBA501 – Advanced Statistics for Business Decision & Research

1. For each of the business fields below, write 5 examples where business statistics is often
used:

A. Accounting and Finance

Answer:

1. Completing basic business calculations.

2. When determining a value or discount rate, accountants utilized statistical concepts such as
correlation and distribution.
3. Financial data is being utilized to help an organization or a person improve some areas of their
lives. It's utilized for budgeting and financial planning advice.

4. By understanding the distribution and metrics for data assessment, accountants utilized
statistics to predict consumptions, profits, cash flow, and book value.

5. Discovering patterns and making predictions for the next year using graphs such as line
graphs, histograms, and bar graphs.

B. Sales and Marketing Management

Answer:

1. Determine the profit after all deductions by calculating the difference between the cost of
products and their selling price.
2. Using line graphs, bar graphs, or histograms to display current sales, total sales, and Annual
Sales in order to compare sales for the whole year to the prior year.
3. Provides valuable data on client cost trends and variances.

4. For business improvement, compare two or more goods, company divisions, or sales teams.
5. Determine the supply and demand connections for a particular time period.

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 C. Production Management

Answer:

1. Using a survey form to find out what the majority of consumers want or how satisfied they are
with the product.
2. Statistics are used to monitor and manage production processes in order to reduce variance and
save money by decreasing the resources required to create and recreate goods.
3. Calculate the value-added tax. Tax laws, reporting obligations, and planning that incorporates
tax concerns in productions and investment choices are all things that businessmen must be
aware of.
4. Control charts are used to monitor a process, evaluate process control, and access process
capacity by plotting data that adheres to a normal distribution pattern.
5. Establish a connection between inflation rates and income distribution by identifying the
relationship between two variables such as cost and revenue, imports and exports.

D. Human Resource Management

Answer:

1. Ratio control, which determines the number of employees required to complete a given
product in a specific amount of time.
2. Determine current industry trends, flaws, areas in need of development, training requirements,
and employee satisfaction levels.
3. The expense of staff recruitment, onboarding, and training.
4. Determine the proportion of employees who stay with their business, submit resignations or
leave of absences, and those who are freshly recruited.
5. Conducting a survey on the differences in performance management, particularly in
performance reviews and feedback practices.

E. Social Media

Answer:

1. Determining and implementing the best social media strategy or tactics for the target audience
or consumers.
2. Determine the social media statistics, or the proportion of individuals who utilize each social
media site.
3. Improve the marketing approach and plan the company's social media connections.
4. Determine which product you can start selling online based on market supply and demand.
5. Determine the many aspects of social media marketing, such as obtaining a good customer
experience, the amount of time spent each day by various audience generations, and the use of
social media tools.

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 2. What is the Importance of statistical Tools in business research?

Answer:

The significance of statistical tools in business research stems from the fact that conducting a
study entails a series of stages. For accurate and trustworthy findings, a good research design is
required. It includes the following steps: planning, designing, data collection, analyzing, making
relevant conclusions, and reporting research results.