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Solutions Manual for Australasian Business Statistics, 4e Black, Asafu Adjaye, Burke, Khan, King, Perera, Papadimos, Sherwood, Wasimi (All Chapters Download link at the end of this file) Stuvia.com - The Marketplace to Buy and Sell your Study Material

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Stuvia.com - The Marketplace to Buy and Sell your Study Material Chapter 1 Introduction to statistics

SOLUTIONS TO PROBLEMS IN CHAPTER 1

1.1 Give a specific example of data that might be gathered from each of the

following business disciplines: finance, human resources, marketing,

production and management. An example in the marketing area might be ‘the number of sales per month by each salesperson’.

Example in Finance: data on Price/Earnings Ratio can be very useful to financial investors since it facilitates them in fair market evaluation of stocks.

Example in Human Resources: A HR or organisational manager might be interested

to collect data on staff turnover as high employee’s turnover ratio can reduce the company’s efficiency.

Example in Marketing: Marketers may be interested in existing or potential

customers’ addresses and purchase history in order to promote a service or product.

Example in Production: a CEO or a manager of a manufacturing organisation is

interested in information about the cost of production to ensure the product meets it cost target.

Example in Management: a manager might be interested in operational information

(such as cost, revenue, efficiency, etc.) of the firm in order to establish strategic goals.

1.2 For each of the following companies, give examples of data that could be

gathered and what purpose the data would serve: Bluescope Steel, AAMI,

Jetstar, IKEA, Telstra, ANZ Bank, Sydney City Council, and Black and White Taxis.

Bluescope Steel: collecting data on international steel prices, current international competitors, and new potential industry clients so they can set their operational and production goals and strategies

AAMI: data on the insurance products prices and the type of products offered by

AAMI’s competitors to set price and marketing strategies.

Jetstar: Data on travelling passenger’s characteristics and jobs so more tailored flights/routs can be arranged.

IKEA: data on wholesale suppliers that can offer cheaper products to IKEA so

IKEA would be able to maintain low price strategy. Stuvia.com - The Marketplace to Buy and Sell your Study Material

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