I.

Discuss the Application of Statistics in: A. Manpower Requirement B. Opening a New Project C. Inventory Management D. Marketing Management E. Service / Product Development

ANSWER* A. Manpower Requirement There are a number of uses for statistics in human resources such as analysis of training data, attendance, etc. lots of data such as employees resigning at every quarter and the reasons for leaving. It is also a measuring tool for the Human development processes, and Human resource policies. B. Opening a New Project In opening a new project statistics is necessary to use as knowledge trending of which business is to establish, how much can be the return or ratios on the competitors, the measurement of the product to be sold or the services to be rendered, etc. C. Inventory Management The statistics in inventory management includes the measurement of the following:

The cost of holding the stock (e.g., based on the interest rate). The cost of placing an order (e.g., for row material stocks) or the set-up cost of production. The cost of shortage, i.e., what is lost if the stock is insufficient to meet all demand. These areas are measurable in terms quantity, demand, prices, usage, and a lot more. D. Marketing Management The collection and analysis of quantitative data drives some of the most important conclusions that are drawn in today's business world, such as the preferences of a customer base, the quality of manufactured products, the marketing of products, and the availability of marketing resources. As a result, it is essential for individuals

working in this environment to have the knowledge and skills to interpret and use statistical techniques in various scenarios. a single, one-of-a-kind application that guides through the use of common statistical practices by presenting real-world. Statistics can be used in the marketing field in terms of Analytical methods for risk management, Statistical modeling for marketing, Ranking and selection product to market and prediction of markets depending on their personal preferences and needs. E. Service/ Product Development The application of statistics in service/ product development is measuring which service or product sells most. Determining also the statistical data of most preferred raw materials, ratio of service, products that less sold and services which come last in terms of profit and demand. Modern statistical methods involve the design and analysis of experiments and surveys, the quantification of biological, social and scientific product development and the application of statistical principles to understand more about the world around us. Since data are used in most areas of human endeavor, the theory and methods of modern statistics have been applied to a wide variety of fields. Some areas that use modern statistical methods are manufacturing management, product research.