Stastical Methods

Each day, management professionals are faced with multiple decisions affecting various aspects of the operation. The ability to use data to drive decisions is an essential skill that is useful in any facet of an operation. The dynamic environment offers daily challenges that require the talents of the operations manager; working in this field is exciting and rewarding. Create a paper and a spreadsheet that provides justification for the appropriate statistical tools needed to analyze the company’s data. Specifically, the following critical elements in parentheses must be addressed: III. Identify (statistical methods) to collect data: A. Identify the appropriate (statistical methods) that you will use to perform your analysis. What are your statistical assumptions concerning the data that led you to selecting the methods? In other words, why did you select this method for statistical analysis? B. (Justify) why you chose these (methods) to analyze the data. Be sure to include how these methods will help predict the use of the data in driving decisions using cited evidence. IV. (Data-Driven Decisions) to determine the appropriate decision for the identified problem: A. Outline the (process) needed to utilize your statistical analysis to reach a decision regarding the given problem. B. Explain how (data mining) is used to develop a solution to the case. In your response, consider the concepts of metadata. C. Explain if the problem is a (structured or unstructured problem.) D. Assess how the (variables) have potential for answering the problem.