Critical Element III- Identify Statistical tools and methods to collect data: Case Solution And Analysis, HBR Case Study Solution & Analysis of Harvard Case Studies

Critical Element III- Identify Statistical tools and methods to collect data: Case Solution

There are many statistical tools that provide the managers to take the better decision and make better strategies for the success of the organization. A series of statistical tools were used to perform the analysis. The most commonly used statistically used that help the managers to develop better strategies are the regression analysis and the analysis of the variance.

The regression analysis is the family of statistical tools that are widely used for the forecasting. The Regression analysis helps the managers to develop the model that results in appropriate forecasting. The requirement of the case is to identify the number of the transformers required to maintain the optimum inventory level and the case provided only the sales of refrigerators that are assumed to be inappropriate with the requirements of the transformers.

The analysis of the variances examines the separate and joint effects of the independent variable on the dependent variable. The case has the independent variable as the sales of the refrigerators during the year 2006 to 2010 on the quarterly basis and the dependent variable as the requirement of the transformers during the period 2006 to 2010 on the monthly basis.

The analysis of the variance and the regression analysis help the managers to increase the effectiveness of the decision-making in order to achieve several goals. The regression analysis and the analysis of the variances will provide the sufficient results in order to evaluate and forecast the requirements of the transformers to fulfill the demands of the transformers for the next month or quarter or year.

The category of the data provided in the case is discrete numerical data. The discrete data is usually referring to the data that can be counted and shown with a number. The statistical tools used for the case are highly encouraged to apply on the discrete data. The other statistical tool is the One Way ANOVA from the family of the Analysis of the Variances that will be used in the case for the evaluation and analysis of the relationship between the values.

The case has the variables sales of the refrigerators and the Requirements of the Transformers with the data of different years. The variables will be considered and the data from different years will be concluded as the conditions for the analysis of the statistical significance of the differences between the mean of the variable.

The Linear Regression Analysis is used for the analysis of the case to determine and forecast the requirements of the transformers for the next years. The Linear Regression is preferred to apply on the case rather than using the multiple regression is because there is single dependent variable and single independent variable. In the case, the use of multiple regression will only be possible if the case has two or more than two independent variables.............

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