Apply elementary descriptive statistics, probability theories and quantitative m

Question

Apply elementary descriptive statistics, probability theories and quantitative methods in business in business decision making under risk and uncertainty.

For the applied assignment, please submit a 5-6 slide PPT (NOT including title page and references page) that includes the following parts:

PART 1: Create a context: Introduce a real-world business situation or an imagined business scenario that may benefit from the theories and methods presented in the prior two weeks (Weeks 3 and 4 - see the objective stated in bold above). While creating the context, ask yourself: What business use cases may benefit from the quantitative methods offered last week and this week? Pick one. You can use Google or other search tools, or your own workplace experience, to create the context. Once you decide on the context, describe it clearly in your PPT presentation. Be sure to deliver all relevant information for the audience (in this case your instructor) to help him/her understand the context fully.

Part 2: Show with examples how the quantitative methodology introduced in the prior two weeks relate to the business use case you introduced. (e.g., does the math/methodology help to resolve a business problem?) Be specific in your description of how you can use the quantitative information in connection with the business case (your context) you described. Give examples. Use technical terminology when necessary.

Part 3: Reflect on your learning by answering these questions: What changes have you observed  in your own learning or knowledge of math/quantitative methods as a result of the topics introduced in Weeks 3 and 4 of this course? What did you find most valuable or useful for your MBA education and/or your current/future career. (As you articulate your thoughts for Part 3, be original: Do not repeat the business context or situation you described in Parts 1 and 2. Think beyond that context).

Explanation / Answer

Law is an essential part of any manager's job. Using specific laws inside the workplace is an essential part of a manager day to day activities. By using correct type of law a manager can easily implement different strategies other of create a more efficient and productive workplace by maintaining code of conduct.

Laws regarding the managerial options inside the organisation reduces the overall effect of a manager to definitely increased its Supremacy. Specific type of laws limit the level of authority of the manager and also reduces the level of wrong usage of the powers by the manager. As a manager knowing the Lost is essential for creating a more productive as well as efficient workplace. Naveen the code of conduct as well as the managerial lost definitely create a better manager in terms of the organisation. Creating good decisions and implementing the laws according to the situations should be done to be a good manager in the organisation and to increase the overall level of implementation of strategies as well as creating a employee and employer relationship.

For an example of a personal safety and health act of 1970 directly increases the level of safety inside the organisation and made mandatory for a manager to fix up safety guidelines. This practice definitely increases the safety of the organisation as well as create a safer working environment for the employees which increases the overall reliability of the employees do what the employer.

This law is very beneficial for the human resource management manager as it directly provides a support to the hassle free work environment which could be very positive for a manager. By not having an extra responsibility of managing and providing safety guidelines to the people rather than implementing it into the organisation only increases the level of productivity of a manager and also provide a safer working environment for employees as well as managers.

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Graying of population can be defined as an ongoing process in which the population is being dominated by the older age people. Old age people are becoming bigger segment of the society which is directly resulting in creating specific policies for the old age people in the society. As the population is using there are many changes which are being implemented into the society by the government as well as other organisations for creating policies for the aging population.

If all of my coworkers are young that does not mean the population is not aging but my specific organisation has highest number of younger people then the total population of United States of America. My company's policy can be moved towards hiring younger people as well as my workplace can also have more in the people than the aging people.

According to the Maureen Mackey of the fiscal times, 24% of the total population is above age of 50 and 17 million Americans are between the age of 75 to 85. These figures are likely to reach at 30 million by 2050 according to the National Institute of aging.

References

http://www.thefiscaltimes.com/Articles/2010/10/19/The-Graying-of-America-An-Economic-Time-Bomb

http://www.nytimes.com/2011/07/29/world/americas/29iht-letter29.html

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