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Discussing the Use of Statistical Tools and Surveys in Business

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Answer the following questions separately and completely.

Part 1: Describe ways in which the use of MS Excel as a tool for interpreting data can be used by a manager of an organization.

Part 2: What potential legal and ethical issues could arise if the information gained in this survey was used to create an ideal profile of characteristics that the company looked for when hiring employees?

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Solution Preview

Part 1:Excel is a very powerful tool - and I use it every single day in my work place to interpret data. I could use it to calculate means, frequencies, standard deviations - all of these are necessary to conduct statistical testing. I could conduct a regression analysis which will help my firm build forecasting models. There are also may more statistical functions that could be conducted using Excel - if a person does not have access to a more powerful program ...

Solution Summary

The solution links the ideas of using Excel in a business setting and the ethical issues in creating employee profiles to ideas of the importance of sound business processes. 340 words.

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Discussing Analytical and Integrative Tools

Scenario: You enter your meeting with Mike and Tiffany to hear them discussing the tools that they have found to conduct an analysis of the industry and competitors. "Mike, there are so many more tools than I even realized to give us some good data," Tiffany states.

"I know," Mike says. "That's why I wanted to take some time to look at our options and figure out what information we really need to support the board's decision."

Mike and Tiffany both found some great tools from their research on the subject. Complete the following:
- Do you believe the tools that you selected will work best for a global strategy? Why or why not?
- What evidence do you have to support your decision?
- How would you refute the people who chose an additional tool rather than one of the tools that you selected?
- Based on the tools that you selected, provide a brief analysis of your market, using those tools.

Select and test analytical and integrative tools to perform in-depth analyses of industries, firms, and competitors in both domestic and global markets.

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