Problem Solution: USA World Bank
The influence of research and statistics is very evident in managerial decision-making. Things like descriptive or nonparametric statistics, probability concepts, hypothesis testing and research have become extremely useful tools for managers in today’s business environment. “Descriptive Statistics are used to present quantitative descriptions in a manageable form” (Trochim, 2006). It is descriptive statistics that are used most frequently by managers because they provide simple summaries of data in a study. It is with this data managers are able to view the very obvious data before them and develop a solid foundation structure for decision making.
USA World Bank (UWB), a major banking institution with both an international and domestic presence, is on the verge of launching some new products with the approval of the board. In order for UWB to be successful in organizing, summarizing accurately and presenting correct data to their board members some form of descriptive statistics will be required. Also the company will have to determine a customer base for their new products. To truly understand their customers needs some probability concepts will be developed to determine what will or will not happen at any given time during an incident. It is probability concepts that help Managers identify certainties or uncertainties in any given situation. This research is important because it allows the company decision-makers the opportunity to recognize the past experiences of other companies as well as potential success or failure of a given product. Based on these perceptions, the goal of this paper will be to utilize the learned research and statistical concepts to help UWB frame the right problem, define their end state goals, identity alternatives and potential risks and make the best business decision by implementing the appropriate solution to the all problems identified. The first step in achieving this to assignment will be to...