Statiswha? The basics of statistics

Statistical analysis is often used to investigate theories by different forms of data collection in which management can determine a solution.  By collecting data, researchers can use methods of quantitative, qualitative, mixed, or action research.  These methods are each different from one another and each provide a specific purpose in the role of the investigation.  This also opens new discoveries based on certain areas that can be improved in which researchers are unaware of.
            One example of qualitative research, is a survey.  The Institute of Medicine’s Committee on the Future of Nursing provided data through surveying nurses in order to support The Future of Nursing: Leading Change, Advancing Health (2011)A part of this study was used to determine healthcare requirements in the workforce.  In the study, 3,360 individual RN's were surveyed and this did not necessarily mean there were 3,360 jobs, rather there was 3,000 individual RN's who had one single job and the other 360 had more than one job.
            The pro's to using a survey offers a variety of ways to conduct the study.  Researchers often conduct surveys through mail, telephone, or by interviewing, (Bluman, 2010).  A con to surveying is that some volunteers may not be completely honest, which can affect how the data is determined.  To prevent this, researchers may provide incentives to volunteers, such as cash, gift cards, or other creative means to encourage honesty.  Another con is that mailed surveys can become a lengthy process due to the slow response time.
            Observational data collection is a form of quantitative research in which researchers merely observe subjects in a controlled environment and record the natural existence of each variable.  One example 8,176 patients were categorized according to the estimated giomeruiar filtration rate of 4 groups, (El-Menyar, Zubaid, Sulaiman, Singh, Al Thani, Akbar, & Al Suwaidi).  The purpose of the study was to observe and determine the affects of Chronic Renal Insufficiency (CRI) on In-hospital major adverse cardiac events across the Acute Coronary Syndrome (ACS) spectrum.
            The pro's to an observational data collection is due to how the data is naturally collected by researchers either personally observing the data, video or audio recording, or both, (Editorial Board, 2011).  The con's to observational research is can sometimes rely on live subjects who may act accordingly to how their being watched or recorded.  To achieve the best research data, researchers may create an environment where subjects do not know they are being studied.


El-Menyar, A., Zubaid, M., Sulaiman, K., Singh, R., Al Thani, H., Akbar, M., and Al Suwaidi, J. (2010)
In-hospital Major Clinical Outcomes in Patients With Chronic Renal Insufficiency Presenting With Acute 
Coronary Syndrome: Data From a Registry of 8176 Patients.Mayo Clinic Proceedings, 85(4), 332-340. doi:10.4065/mcp.2009.0513. From AIU Virtual Library.

Spetz, J., & Kovner, C. T. (2011). How Should We Collect Data on the Nursing Workforce?. Nursing Economic$, 29(2), 97-100. From AIU Virtual Library.

Bluman, A. (2010). Elementary Statistics: A Step by Step Approach. (5th ed.). Upper Saddle River, NJ: Prentice Hall

Editorial Board. (2011). Elementary Statistics. (1st ed.). Words of Wisdom, LLC

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The food and drug industry is one of the most widely known industries to utilize a inventory management system, specifically a fix quantity system.  A fixed quantity system is where is where inventory is ordered on the same amount, for whenever needed.  These type os systems need advanced amounts of technology to update and receive data on how much is need and when it is needed.  Computers and wireless technology are usually necessary to create the basic system.
            An example company would be Anheuser-Busch.  Anheuser-Busch's BudNet, is a nationwide network that provides sales representatives and delivery drivers a detailed report on sales, shelf space, inventory and the displays in each store, (2012).  These system allows store managers to simply input their current inventory throughout the store on a handheld device, and is then plugged into a wireless device that uploads the data to Anheuser-Busch' BudNet.  From there, sales reports can begin the purchasing orders, and then given the report on what needs to be delivered to the drivers.  Once the drivers deliver the product, managers sign off on the report and are billed for it.
            As far as other inventories, this does not affiliate with Anheuser-Busch.  Store managers may carry their own safety stock if needed.  However, due to Anheuser-Busch complex system, this can break down sales of each individual store based on age, education, ethnicity, politics, and sexual orientation.  Moreover, this is the main reason why Anheuser-Busch hold a share of $75 billion in the US market.  This system alone have doubled profits for over 20 consecutive quarters.
            In my own opinion, I strongly believe this system is the most vital part of the businesses operations management.  Without it, this could drive up transportation costs, since delivery drivers would constantly deliver products, and provide inaccurate sales to customers since they would not know when they need their product and how much they would need.  This statistical analysis, based on customer orders, has driven the company in profit margins not solely being known for the product, but how consumer receive the product.

Heizer, J., Render, B. (2012). Operations Management (10th ed.). New Jersey: Prentice Hall.

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This blog is my effort to try and share my knowledge and understanding of economics. If you stick around, you are guaranteed to learn something about analyzing the production, distribution, and consumption of goods and services.

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