BUSINESS DECISION MAKING

Business Decision Making



Business Statistics

Introduction

According to different sources, it can be stated that the length of time that passengers had to travel to the departure stations have had a tremendous influence on different business entities (Bowerman, O'Connell, Murphree, Orris, 2012). This influence can be acknowledged from small medium enterprises to large multinational corporations. Nonetheless, it can be illustrated that the most significant influence of rise in the length of time is encountered by the companies that are dependent upon gas (Jeihani, Sibdari, 2010, 44-53). These companies use gas as one of the prime resource of delivering their products or services to the customer. The companies offering delivery services best serve as an example to this scenario.

The data used in this report for analysis is gathered from authentic sources in order to validate the findings of the research. The report utilizes diverse statistical techniques through which pricing trend of gas can be analyzed. Moreover, on the basis of the trend analyzed, effective predictions can be made that could assist organizations offering delivery services. With the passage of time, tremendous augmentation has been revealed by prices; hence, effective strategies are required through which substantial predictions can be drawn in order to cope with the rising prices.

Analytical Report Part 1

This report uses the data extracted from a reliable source in order to validate the analysis obtained from the data. The analytical report formulated on the basis of data analysis depict effective gas pricing trends with the passage of time on the basis of which predictions can be drawn regarding the future augmentation in price. Moreover, this report explains the relationship between time and gad price in order to acknowledged whether the prices are increasing or decreasing lately. In addition, the findings illustrated by this report can be utilized by organizations offering delivery services in order for formulating effective strategies for stable profit returns.

Source of Data Collection

The data collection source has been carefully selected in order to extract valid data. The reliability of data influences the analysis conducted on it; hence, careful selection of data collection source is mandatory before data extraction. The source of data collection from which the data has been acquired for analysis is prescribed below.

Method of Analysis

The data extracted from the source specified above was analyzed using different statistical techniques and methods. Furthermore, there are certain mathematical and algebraic conceptions that were also incorporated while analyzing the data as per the requirements specified by the organization. Nevertheless, the method of analysis used while analyzing the data was quantitative. The statistical test applied on the data range from descriptive statistics to linear regression in order to extract optimal findings that can be used by organizations that offer delivery services.

Interpretation of Findings

The first section of analysis aimed to explore the reliable findings from the data extracted from data collection source in order to highlight the average price change per year. In order to conduct this analysis, the data extracted from the selected source was analyzed via the implication of ...