Business planning using statistical methods

Reference no: EM132748844

Unit 31 Statistics for Management - Higher National Diploma in Business Administration

Assignment - Business Planning Using Statistical Methods

Learning Outcome 1: Apply statistical methods in business
Learning Outcome 2: Communicate findings using appropriate charts/tables

Assignment Brief

BIM Birlesik Magazalar A.S. first opened the doors in 1995 with 21 stores. Its main principle is to offer consumers basic food items and consumer goods at the best prices and highest quality. BIM, pioneer of the hard-discount model in Turkey, limits its product portfolio to approximately 600 items and aims at having diverse private label products. BIM, acting on the vision to be an international company, continues to explore new potential market opportunities in the other countries. BIM maintains its Moroccan operations by opening 50 new stores in 2016 and reached 329 stores in total. In 2016, BIM opened 75 new stores and reached 215 stores in a short time in Egypt which is the second foreign operation of the company.

The following are some cases and issues that BIM's managers face in Uskudar neighborhood where they can apply statistical techniques to plan their business activities:

Sales manager is interested in the number of customers who arrive at a cash point during a 15-minute period on weekday evenings. The probability of customer arriving is the same for any two-time periods of equal length, the arrival or nonarrival of customers in any time period is independent of the arrival or nonarrival in any other time period, and the analysis of historical data shows that the average number of customers arriving in a 15-minute period of time is 20.

In order to determine any possible difference between the standardized weight and the actual one, quality control specialist always picks up samples of different products. Bim produces dairy products such as Milk Bottles of 500 grams weight. Although machines cannot fill the Bottles by exactly 500 grams, under normal process conditions the average weight should be 500 grams. A sample of 100 milk Bottles has been chosen. From historical available data Quality control specialist considered the standard deviation of the milk Bottle population known at the value of 20.

In Uskudar neighborhood as well, Bim owns a store that sells silverwares. Based on the past experience, the store manager estimates the probability that any one customer will make a purchase at 35%.
The Financial Manager wants to evaluate the effects of using different software on auditors' efficiency. Four different random samples of auditors who use different accounting software have been chosen; each sample contains seven auditors' times required to complete year-end audits.

A- As a business planning assistant in BIM corporation, you have been asked to produce a report using statistical methods to help managers in BIM make the right decisions by applying, justifying, and evaluating appropriate statistical methods for making valid and rationalized recommendations for strategic planning regarding the following issues:

- Sales manager wants to know the probability of exactly 30 arrivals in 15 minutes. If the probability is more than 50%, she will ask HR manager to hire a new employee to raise the branch HR capacity.

- Quality control specialist wants to run a test to know if there is a statistically significant difference between the population mean and 500 grams at significance level of 5%. Indeed, he wants to stop the producing process and check the machines if the test results show statistically significant difference. (data is available in sample of milk Bottles sheet in Excel file)

- If probability that three of the next ten customers will make a purchase is less than 50% then manager of the store that sells silverwares may need to close the branch.

- The financial manager wants to know whether there is a statistically significant difference between auditors' efficiency related to different accounting software they use at significance level of 5%. (data is available in auditors' sample sheet in Excel file)

B- Further, you have been asked to prepare a presentation where you must use, justify, and evaluate the use of different charts and tables to communicate the following given findings:
a) Times required by different accountants for Journalizing & posting (by minutes). (data is available in journalizing & posting time sheet of Excel file)
b) Soft drink Sales. (data is available in Soft Drink Sales sheet of Excel file)
c) The data for sales 2019 (weekly and monthly)
d) Market share (data is available in sales data and market share sheets of Excel file).

Note: The report should be prepared using Microsoft Word. The presentation should be prepared using Microsoft Power Point.

Attachment:- Statistics for Management.rar

Reference no: EM132748844

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