application of statistic

8/9/2019 Application of Statistic

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ANAND RAJ

DONALD BRAIN MENDOCA

PRASHANTH R.

RANBIR RATHOD

SHEJO JOSEPH


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Statistics in Business analysis (for small business):

a) Managing accounts: working out monthly internal accounts

Management accounts are made by entering the values that portray your liquidassets, i.e., those that can be easily turned into cash: debtors, stocks/goods, cash in

bank or in hand.

On the other hand liabilities such as: creditors, loans, taxes. These figures gives amore realistic financial position.

Management accounts are used for planning to help build cash flow forecasts andbudgets. All financial figures should therefore be reviewed to check theirfavorability.

Example: you may be owed a huge sum of money by creditors, but what if this islong overdue is it a good cash flow position to have now? Is the cash in your

bank, yours to spend? Have you allowed for taxes in your cash flow? . That iswhy you need statistics in business analysis to know where you stand

Complete a management accounts form to work out your financial position byentering simple figures that also make up yourThe Balance Sheetwith a high-degree of accuracy.


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b) Analyzing statistics in company reports:

When it comes to trading with other businesses, it is common to overlook the

statistics reflecting their performance capabilities. By doing so, your business

can be faced with credit problems having a serious impact on future cash flow.

To avoid putting yourself in this situation, a Company Report can be obtainedthat reviews the suppliers you use. The report information can then be used to

help you make a more confident judgement of, say, a new customer you are

about to deal with on a credit period basis (or not confident as the case may

be).

MUCH overlooked is the task of obtaining regular (at least annually) creditreports of EXISTING suppliers: doing so will mean less of you saying I never

thought they would do this to me when they cease to trade and owe you the

equivalent of a year or twos profitability. The larger reports have ratios that are

easily understood after a little practise .


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c) Statistics for performance ratios:

Current assets: Anything which can be converted into cash at any pointof time as when the proprietor wants.

Eg: Prepaid expenses, Prepaid wages, stock.

Current liabilities: When the proprietor is supposed to pay for thegoods and services he has brought on credit as when other party

demands. eg.: Creditors, bills payable

d) Statistics for Money in bank:

To find out money in business bank account which are regretted later.

Used in cash flow forecasting, a type of market research which wasoverlooked from sometime in small business.

If have good balance in bank and spend continuous on purchases thenaccount balance will get low.


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SOME OTHER APPLICATIONS

SEARCH ANALYTICS in WORLD WIDE WEB - Search analytics is the analysis and aggregation of

search engine statistics for use in search engine marketing (SEM) and search engine optimization (SEO). In

other words, search analytics helps website owners understand and improve their performance on search

engines. Search analytics includes search volume trends and analysis, reverse searching (entering websites to

see their keywords), keyword monitoring, search result and advertisement history, advertisement spending

statistics, website comparisons, affiliate marketing statistics, multivariate ad testing etc.

OFFICIAL STATISTICS-Official statistics are statistics published by government agencies or other public

bodies such as international organizations. They provide quantitative and qualitative information on all

major areas of citizens' lives, such as living conditions, health, education, and the environment. The

economic and social development factors of the citizens are considered here

MARKETING ANALYTICS - It is the science or study of analyzing the customer data covering marketingresearch, marketing strategy, and marketing plans. The objective of a marketing analysis is to identify the

general interest of the buying public and understand the growing changes, opportunities and possible threats

of the company as they relate to the strong and weak points of the business in the industry.


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CASE STUDIES: source: customer case study from SPSS.com

1. In police department to identifycrimes and to secure community.

CMPD had to control and offer policing services to a huge population with

limited resources.

The department faced a challenge to convince the people that their supportand cooperation is necessary to tackle the crime problems in the city.

Using statistical analysis the department was able to prepare document andanalyze the multiple variables associated with the problem

Using this statistical data theyconvinced the people and control led larcenyfrom constructional sites and parking lots, satisfying the community.


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2. Use in market and customer service

Rural cellular corporation offers full service wireless communications torural areas which had metropolitan cities in between.

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For innovative solutions and maximizing customer satisfaction a soundmarket research was necessary.

With statistical analysis software theyconducted all marketing researchand were able to position products, improve brand image and betterallocation of resources

With this they were able to increase awareness of there brand image andprovided better service.

application of statistic

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