Statistics in Management Essay

Pages: 3 (993 words)  ·  Style: APA  ·  Bibliography Sources: 3  ·  File: .docx  ·  Level: College Senior  ·  Topic: Business - Management

¶ … Statistics in Business Decision-Making and Management

The use of statistics in contemporary business decision-making is a key feature of business management. In the information age, perhaps no skill is as critical to effective decision-making as the proper consideration and analysis of data. Whether they come in the form of sales reports, customer surveys, scientific analysis of product trials, or human resource cost figures, compiled data sets are everywhere available and the savvy manager must know how to wade through the numbers in order to get to the key information which will allow her to set a course for operations that enhance competitiveness and ensure longevity for the company or department under her command. Statistics is the tool which serves to facilitate such decision-making.

Wegner (2007) writes that statistics is primarily useful for "describing profiles, analyzing patterns, testing relationships and identifying trends" (4). These, among others, constitute its applied goals. The manager who wants to make informed decisions or spot heretofore unseen trends must know how to utilize the basic concepts of analysis and compilation of applied data analysis in daily life as well in the carrying on of professional responsibilities. Without the ability to make judgments based on quantitative analysis, the managers is simply flying by the seat of her pants and relying on anecdotal evidence and best-guess conclusions.

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In this brief paper, the basic elements of a proper understanding and application of statistics for business management will be outlined. By considering the overall uses of statistics, the basic considerations necessary to properly handle their applications, and the manager's ethical responsibilities concerning their use, the paper will suggest a proper functionary role for statistics in business decision-making and management.

Uses of statistics

Essay on Statistics in Management Assignment

Wegner claims that most managers utilize statistics on a daily basis whether they realize it or not. He argues that it is "not an obscure, esoteric discipline with little practical value" (4). On the contrary, an ability to utilize statistics holds many common functional purposes for the manager, which can be paraphrased as follows:

1) recognize situations that have applications where numbers can have impact

2) perform simple analysis utilizing commonly available programs such as MS Excel

3) accurately interpret management reports

4) critically assess the validity of data and findings before acting on it

5) initiate research studies with an understanding of their basic design needs

6) communicate effectively regarding quantified data. (4)

While statistical analysis cannot (and perhaps should not) replace common sense analysis in any business situation, the role of statistics, as seen from the list above, is to inform decision-making so that it becomes more scientific, more objective, and less "idiosyncratic" (Urdan, 2005).

Basic considerations

There are a several essential elements of statistics that a manager must know how to handle competently in order to properly base business decision on statistical analysis. The listing here is based largely on the book by Spatz, Basic Statistics: Tales of Distributions (2008).

First, the manager must know how to handle frequency… [END OF PREVIEW] . . . READ MORE

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Statistics in Management.  (2009, December 13).  Retrieved January 23, 2021, from https://www.essaytown.com/subjects/paper/statistics-management/257514

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"Statistics in Management."  Essaytown.com.  December 13, 2009.  Accessed January 23, 2021.
https://www.essaytown.com/subjects/paper/statistics-management/257514.