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Essay / Research Paper Abstract
This 7 page paper demonstrates the way that dispersion data may be used to help make a business decision. The paper uses a fictitious case of a restaurant owner considering an expansion. The paper shows how data may be collected and analysis undertaken to help with this decision. The bibliography cites 5 sources.
Page Count:
7 pages (~225 words per page)
File: TS14_TEdispana.doc
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Unformatted sample text from the term paper:
of value from using more formalised and prescriptive decision making strategies. The use of quantitative measures with the use of statistics can be very valuable if relevant statistics are utilized.
The way statistics can be utilized may be used with a fictitious example. The business decision will be whether an investment in outdoor seating should take place. The business
owner has a restaurant in Tampa in Florida. The restaurant appeals to the mass market but does not have sufficient seating to meet the demand. The restaurateur is considering
providing a large area of outdoor seating to make the most of the location. This will require and investment and it will only be a wise investment if it is
used to provide additional seating and increase biasness. For this to occur the weather needs to support outdoor seating. To assess the viability of the investment the conditions
may be examined using available data including data on the climate. The analysis may use data which measures dispersion. Dispersion statistics deal with the deals with the way in
which a set of observations may vary. If all the observations are the same there is no dispersion (Dancey and Reidy, 2006). The dispersal is the way in which the
data is distributed. Dispersal may be assessed with a range of measures; these include range, variance, percentiles and quartiles, and coefficient of variation (Dancey and Reidy, 2006). The
value of dispersion measures is the ability to establish the normal conditions and the extremes which may be present within any data group and the degree to which there may
be a variance (Dancey and Reidy, 2006). The first consideration in this case may be to look at the weather. Here we can start with the dispersion of
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