Running Head: MY JOB AS A BUSINESS CO-OWNER OF CARPET & FLOORING SALES & INSTALLATION BUSINESS
Topic: My Job as a Business co-owner of Carpet & Flooring Sales & Installation Business
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Explanation of the job and aspects of the job where I can apply what I learned in Business Statistics
My partner and I own a Carpet & Flooring, Sales & Installation Business. The business offers quality carpets and flooring solutions such as carpet, tile, vinyl, luxury vinyl tile, pre-finished woods, laminate, bamboo flooring. With my level of expertise and the skills I have acquired in business statistics and in collaboration with my partner who has carpet installation skills and experience, our business has the potential of growing to new heights (Berenson et al, 2003).
There are so many aspects of the business where I can apply what I learned in business statistics. My responsibilities include Management and Accounting and Bookkeeping. The specific duties that I undertake include preparation of payroll, completing payroll reports, managing taxes, managing receivables & payables, controlling inventory, preparing purchase orders & invoices. All these duties under me require that I use my statistical skills of collecting and organization of data, analysis of data and interpretation of data so that I can make quick and accurate decisions.
First and foremost, as the manager, I apply my statistical skills to collect and organize data pertaining to the market. After analysis and interpretation of the collected data, I would be able to understand demand in the market and thus I would be able make accurate decisions on the products that require to be produced in large quantities so as to meet the high demand in the market. I would be able to know those products that don’t need to be produced in large quantities because their demand is low. Using the statistical methods, I would also be able to check on the quality of the products by analyzing the demand by the consumer. I would also use my skills in statistics to perform data analysis which would ensure that pure standardized information is incorporated in arithmetical data assessment. Secondly as a bookkeeper and accountant, I would use my skills in statistics for analysis of all the financial transactions. These and many other activities will require the application of the skills that I have acquired in my studies in business statistics. (Berenson et al, 2003).
One or More Statistical concepts that can be applied to my job and how I intend to use it in the future
Most of the businesses need statistical data in aspects to do with the staff as well as the operation of the business itself and this is the reason why the statistical concepts that I have learned in Business Statistics will be important in our Carpet & Flooring Sales & Installation Business (North, 2007). The nature of our business involves the mostly the provision of services to both commercial property owners and residential property owners. The nature of the business needs a lot of research and analysis before indulging into it and even while in operation because one needs to be able to understand the market trends of the business as well as the behavior of the clients for the sake of managing any kind of competition that may arise. The business needs a lot of publicity and promotion in order to attract customers because there is a lot of competition in the flooded market (North, 2007).
As a result, I find some statistical concepts very useful to this kind of business to ensure that the issues raised above are addressed adequately. The concepts such as the regression models, histograms, the mean and standard deviations obtained from the curves will assist the business in analysis of various issues and thus my co-owner and I will be able to make the correct decisions in regard to various issues affecting our business. One of the concepts that I will use often is the regression models to forecast the state of the business by using a variable in relation to another variable in the business such as the sales volume and the marketing expenditure. When referring to the sales, I mean the sale of goods and services. It is the data of the sales of services and goods in our business that is put together and then compared with the cost of marketing that has been used for a certain period (Groebner et al, 2008). This is one tool that I also intend to determine the cash flow of the business in future based on the kind of information that I will feed to the system for analysis. This will ensure that I and my partner can be able to evaluate the performance of the company at any given time as well as ensuring that the company is following the right direction in terms of growth and development. Without this tool it can be difficult to determine the path the growth of the company is following as well as the impact of any outside or internal challenges to the performance of the business. For example if we realized that the promotion expenditure has no effect on the sales volume or the effect is very insignificant then we can embark on finding other ways of increasing the sales of the company because these are the ones that determine the performance of the business. Consequently, we may also be forced to decrease the cost of carrying out the promotion to most advantageous cost (North, 2007).
There are also other statistical concepts that we can use to find out the kind of effect other variables have on the sales volume and such variables includes the price and charges bestowed on the clients and quality of the goods and services we offer among others. This will involve collection of data regarding all these variables from a sample of and it is the analysis part that will require the application of some of the statistical concepts such as the normal distribution curves as well as other continuous distribution curves (Berenson et al, 2003).
A conclusion about the statistics the course of action
As discussed above, it is evident that most of the statistical concepts such as the regression models, the histograms, the mean and standard deviations obtained from the curves will assist the business in analysis of various issues touching on the nature of the business and these will enable us to make the right decision when it comes to policy making and other related issues (Groebner et al, 2008). The general framework that I will follow in applying the statistical concepts in matters related to our business so as to go for the best decision will be as discussed below. First, we shall set the objective and formulate the problem that needs to be subjected to a decision making process. After this I will be required to set a question that is related to the problem and one we settled on and formulate the question in statistical form. Thirdly, I will conduct statistical analysis and try to get answers to the question that I formulated. Lastly, I will try to get new questions to obtain the problem solved (Groebner et al, 2008).
The results of my analysis will be assisting us a lot in determining the course of action for the company. In situations where we shall find that the business is not doing well, we shall be forced to change the course of action and try out some of the new ways that will place our business in an advantageous point so as to ensure that we maximize profits and minimize the costs that we incur as a company. To identify these advantageous points we require excellent statistical skills that will enable us to evaluate all the possible solutions so that we can take the less risky path. Making decisions without relying on statistical skills would be like taking a blind walk that would be very risky for the business. This will hopefully assist us in increasing our overall performance, profitability, effectiveness and reducing the unnecessary expenses that the company has to incur at times (Berenson et al, 2003).
References
Berenson, M., Levine, D. & Krehbiel, T. (2003). Basic business statistics: concepts and applications. Upper Saddle River: Prentice Hall.
Groebner, D., Shannon, Patrick., Fry, P. & Smith, K. (2008). Business statistics: a decision-making approach. Upper Saddle River: Prentice Hall.
Nahmius, S. (1997). Production and operations analysis. New York: Irwin.
North, M. (2007). Managing business complexity: discovering strategic solutions with agent-based modeling and simulation. Oxford: Oxford University Press.
