Using Statistics in Business

Paper Summary:

This paper illustrates how statistical methods are important tools that should be utilized in the different business aspects of the Donut Hole. To help make this point, the paper describes an interview with the owner of the Donut Hole that paints a picture of the company's daily operations. The paper emphasizes how the tracking of inventory with statistical methods saves money, time and labor and improves customer satisfaction.

Outline:
Introduction
The Basic Business Process
The Donut Hole
Research
Results and Discussion
Inventory Management
Purchasing Raw Materials
Customers and Stakeholders
Implementation
Conclusion

From the Paper:

"In a competitive world like ours, there are businesses that open and close. However there are some businesses that survive and even become successful. Most of these successful businesses become such because of their owner's "business sense". There are a number of business owners that attribute their success to their inherent 'knack' for business. Although doing business is surrounded by numbers, some business owners do not believe that there is a science behind understanding these numbers and instead rely on their abilities to read the patterns and trends of their business' day to day transactions. They base their business decisions purely on how they interpret the patterns that they observe each day. These business owners do not realize that they could increase their profit in the long run by implementing statistical methods as bases for business decisions."

Sample of Sources Used:

• Harry, M. & Schroeder, R. (2000), Six Sigma, the Breakthrough Management Strategy Revolutionizing the World's Top Corporations, Doubleday, New York.
• Healey, Joseph F. (1999). Statistics, Fifth Edition. Wadsworth Publishing Co.
• Kaplan, R. S., and Norton, D. P. (2000). The Strategy-Focused Organization: How balanced scorecard companies thrive in the new business environment. Harvard Business School Press, Boston.
• Statistivs. (2009). In Merriam-Webster Online Dictionary. Retrieved April 28, 2009, from http://merriam-webster.com/dictionary/statistics
• Wideman, Graham. (2005). Basic Conceptual Business Model. http://www.grahamwideman.com/gw/Models/sdsubigpic/BizModel1.htm

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