Clo Business Decision Making Project

Running Head: CLO BUSINESS DECISION MAKING PROJECT PART-2 1

CLO BUSINESS DECISION MAKING PROJECT PART-2 5

CLO BUSINESS DECISION MAKING PROJECT PART-2
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Identification of the descriptive statistics in summarizing the data
Descriptive statistics can be clearly used in analyzing the problem which I have already identified in the restaurant. The most efficient types of descriptive statistics which can be used are the mean and the mode. In this case, I will use mean in evaluating the various reasons which have led to the emergence of the problem. The mean will be possible because I will categorize the various answers given by the sampled population in such a way that those which are similar are grouped together. From this I will get an average of the number of people in the sample who will have stated a common problem. Their average will then help me establish which problem is mostly affecting the restaurant. It is therefore from this information than conclusions can be drawn and also way forward established.
The mode on the other hand will specifically establish the most persisted reason for the poor services in the restaurant. This will be done by analyzing the problems and then grouping together those which have been commonly shared by the interviewed population both the staff members and customers who are served in the restaurant. The most repeated reason for the poor performance will constitute mode in the study and hence it can be used as the foundation in handling the problem. However, to ensure effectiveness of the descriptive statistics the sampled population should not be too big or too small since this will not depict the true problem faced in the restaurant.
The best inferential statistics for analyzing the data
Inferential statistics will play a great role in analyzing this problem since it will ensure that large samples of the selected population can be analyzed easily and conclusions reached at. The most effective and efficient types of inferential statistics which I will use in my study is the t-test and the ANOVA methods. The use of the t-test method will be very crucial in my analysis of the poor services in the restaurant since it will help me in doing a comparison of the means obtained in the descriptive statistics. The mean of the already known population which includes the staff members in the restaurant will be done using the one-sample t-test whereby and therefore ensure that there I can compare clearly the mean of the customers who have a problem with the slowed serving style in the restaurant. Comparison will be possible since the information of the staff member’s mean have been already obtained. Decisions will be made clearly based on the analysis of the customers who have been sampled for the study since they will give independent information based on their own views.
ANOVA will also be used in the analysis of the means from the staff members and also the customers. The importance of the ANOVA method is that it will help us in the comparison of the means of the two groups of the sampled population. This comparison will be all directed towards analyzing the reasons given by the sampled population concerning the identified problem. By utilization of this means can be used in the comparison of how the means deviate from one another or how the correlate. For example, the comparison of staff members and the customers’ reasons for the poor services as far as serving is concerned can be done. It is through this that the standard means resulting from this analysis can be stipulated and hence ensure that the reasons for problems are clearly identified. The relationship of the two means will therefore help in the identification of the possible solutions which needs to be taken in addressing the problem before it escalates further.

Role of probability and trend analysis in addressing the business problem
Trend analysis in its case is used in the comparison of the various business data within a given period of time with an aim of identifying the consistence of the trends in the business problem analysis. The role of the probability in addressing the business problem is that it helps in the understanding the performance of the business and hence address the problems which are been faced by the restaurant. It also helps in giving ideas on how the business needs to be done in order to have change which will positively favor the restaurant. The trend and probability analysis for the business is important since it will help the restaurant in identifying the areas where it is doing well and hence help it in duplicating the same success so as to attract a great pool of customers. The problems faced by the restaurant will also be clearly understood and hence help in addressing the shortcomings for the restaurants success. Addressing these problems will ensure that services are improved and that the present customers will attract others potential customers to the Cypress Tarvan Restaurant. Decision making based on this trend and probability analysis will be evidenced and hence this will completely bury the problems of the poor services.
Linear regression use in addressing the business problem
With the data already collected, I will use the regression analysis to analyze the relationship which exists between the variables which have been already identified in part of the business problem analysis. This information will help the management of the restaurant to determine the role they need to play in order to address the escalating problem of the restaurant. It is indeed a statistical model which will help in the establishment of the relationship of the problem with the lack of motivation which has been identified by the waiters and waitresses in the restaurant. Regression will also show the degree to which of the dependent variable will be clearly put on y-axis and which will be connected to the variations of the independent variables which will be put on the x-axis. On this graph, the customers’ claims will be plotted against the time of occurrence during the different days of the interviews in the study.
Role of time series in addressing the business problem
Time series on the other hand is used in a number of ways with an aim of helping the management of the restaurant to make much better and informed decisions. These decisions will be very important in the addressing of the problem which has already been identified in the part one of the business analysis. Time series is also very necessary in the determination of the forecasts of how the restaurant needs to address the uncertainties which may happen in the future. All the external risks which may bring the problem again will be fully addressed and this will leave the business with a good operational base. The happenings in the restaurant over a given period of time will play a big role in equipping the management with the information necessary for the making of informed decisions. It is on the basis of these decisions that the restaurant will address all its problems and also curb any other openings where similar or related problems may emerge.