Explore BrainMass

Explore BrainMass

    Statistics - Measuring Quality

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    I am trying to determine what to use in measuring the quality characteristics of my PC and Laptop business and also how often I should conduct a statistical analysis.

    © BrainMass Inc. brainmass.com June 4, 2020, 2:48 am ad1c9bdddf

    Solution Preview


    Business performance may be measured in several ways: a) target sales as against actual sales, b) target profit as against actual profit, c) average daily/weekly/monthly sales and corresponding comparative and trend analyses, d) company sales and as against average industry sales, e) market share, and f) relationships of marketing efforts (e.g. advertisement to sales). Various statistics may be used to describe and interpret the quality of business performance.

    Target sales are often determined based on the goals and objectives of the company as against the company's available resources and with due consideration of marketing efforts that may be applied by the business. To measure the extent of which the business was able to meet its target sales, a simple statistics to utilize would be percentage of actual to target sales. A 90% actual sales as against target sales would indicate that the business is short of the targeted sales by 10%. While this would indicate inability in meeting target sales, quality of sales performance may be further determined by comparing such percentage with performances in the past or by comparing such percentage with that of other players in the industry.
    Percentage may also be used to determine the extent of which target profits have been met such that a very low percentage may indicate a very low level of performance. It may also manifest that the business has not been managing its expenditures well, resulting to low level of ...

    Solution Summary

    The expert examines measuring the quality characteristics of my PC and Laptop business. A statistical analysis is determined.