1 Business Decision Making Project Part 2 Learning Team A QNT/275 4/24/17 Prof. Wahlstrom 2 Business Decision Making Project Part 2 Types of Descriptive Statistics When looking at the sales team numbers the mean will be one of the most important descriptive statics that we will need. Sales averages are quite important to a business. It lets you know the trend of sales. There are two mean sales numbers that are often used. The mean sales for the gym and the individual mean sales for each sales team member. This is an important comparison to make because it can help identify poorly performing team members. The average gym sales are also used to make future sales goals. Knowing the past average for a day lets the gym make a reasonable goal for the sales of the day. Mean gym sales are also used for staffing requirement decisions. If the gym's sales average starts to rise, the gym will need more staff to keep up with sales. The mode and median can be useful to look at, but would not be used on a regular basis. Having a mode in sales numbers does not happen very often as there are too many variables in how sales equates to dollars. In the gym, there will be two types of sales, memberships and personal training sessions. Looking for a mode in the types of sales that are happening could be useful in establishing baselines for the sales team goals. The median would be most helpful in identifying potential manipulation of sales numbers. Gyms often have sales bonuses to encourage the sales team. Sometimes this can cause employees to manipulate their numbers to win a prize or bonus. Using the median sales number could help to easily identify any outlier team member's sales for review. Types of Inferential Statics 3 With inferential statistics, you are trying to reach conclusions that extend beyond the immediate data alone. For instance, we use inferential statistics to try to infer from the sample data what the population might think. Or, we use inferential statistics to make judgments of the probability that an observed difference between groups is a dependable one or one that might have happened by chance in this study. Thus, we use inferential statistics to make inferences from our data to more general conditions; we use descriptive statistics simply to describe what's going on in our data. The following two types, seem to fit our predicament the best. Bi-variate Regression is used when you have a continuous independent variable and a continuous dependent (outcome) variable. For instance, you may want to know if the number of hours' participants spend in your program is positively related to their scores on school exams. In this case, the number of hours a sales employee works. You interpret it when the probability associated with the F statistic is .05 or less then you can assume there is a relationship between the dependent and the independent variable. Confidence Interval is used to estimate a value/score in a population based on the score of the participants in your sample, or original sales data in this circumstance. You interpret it by supporting a 95% confidence interval indicating you are 95% confident that you can predict/infer the value/score of a population within a specified range based on the value/score of your sample Role Probability/Trend Analysis Using the first example of giving an employee a day off by how many sales they get individuality, I believe it would not only improve the sales within the company but as well as making a little competitive between employees. In this case, it is to build moral and team building in which with every business is important, therefore, it is to build teamwork and motivation for the employees and the business to grow. Using the second example of offering 4 $100 as another reward for the employees it is showing the employees that you are \"putting your money where your mouth is\" type of point or an expression that is used today. This helps to bring in more numbers. Using the Third example that we used for offering different promotions it is showing the customers that we are working to have many different options to joining our business as customers. Believing either one of the options will work that however will be helping each employee and the business grow to where we can get our bonus and meet the company goals. The more options the customers has given them options that they can choose from and we are not only getting them to join but it benefits both the business and customers. Conclusion 5 References