Application of Descriptive Statistics Essay Example | Topics and Well Written Essays - 500 words

Application of Descriptive Statistics - Essay Example One of the applications of descriptive statistics is in grouping of large sets of data for easy understanding of trend. The case of Diamler that includes transactions in large numbers of vehicles for instance requires summaries that group sets of data for clarity. Frequency distribution tables and histograms groups data and illustrate frequencies of each group of data. Yearly demand for a particular brand of vehicle that can be grouped by seasons or months allows the company to determine the trends in seasonality of demands for its products. As a producer, frequency distribution tables, graphs and histograms helps the company to predict trend and hence determine its production capacity. This facilitates on time demand production and help to save costs of storing stock. Similarly, frequency distribution by geographical markets helps the company to understand the market capacity. This is useful in making decisions over distribution of the company’s products in its markets. These analyses help the company to make informed decision of its trend in supply (Ross, p. 10-17; Daimler, p. 1). Measures of central tendencies are other descriptive statistics that facilitates business ‘decision-making’ processes. The mean, for example, illustrates the average values recorded over a subject in a given period. Its application in Daimler is realized through average demand for different vehicle brands across seasons. Among other factors, understanding mean distribution facilitates decisions on production capacity in order to meet the market’s demand without underproduction or underproduction. The mode, another descriptive statistics, defines the highest frequency in grouped data. The company uses it to identify peak seasons and locations for demand of each of its vehicle brands. This helps the company to maximize on its market by availing sufficient stock in its markets (Mimmack and Meyer, p. 10- 19). Standard deviation

Analytical Report Essay Example | Topics and Well Written Essays - 5500 words

Analytical Report - Essay Example Out of the total†¦Ã¢â‚¬ ¦..Academic semesters, †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ semesters are reserved for on-the job training in the form of Internship. I was admitted as an Intern in the Logistics firm â€Å" M/s Takhzeen Warehousing and Logistics company †TAKHZEEN† from†¦Ã¢â‚¬ ¦ to †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. The aim of my internship service is to familiarize me with the operations, management and impact of this logistics company, on the business of Logistics Service in the Arabian Gulf Region, the role it plays in this business, its management style and potentials for me to be a part of its growth, and thus achieve a career advancement for me. From my academic learning I know of the theoretical concepts underlying the business. I also realize that it is not always possible for a business to conform to typical theoretical models of work. Thus I would like to know how the company has molded its practices to get along with the ground realities. As a Trainee Manger, I am fascinated by the different tools available for upgrading Quality and service aspects of the business. I want to see how far the buzz words of Modern Quality Management, like ERP, TQM, Kaizen and Six Sigma are introduced in the Company, and also how far they have been successful in this Company. An ounce of practice is more valuable than a ton of theory. So I have used my Internship to closely watch the Organizational Setup, Command Chain, Supply Chain, Quality Management and Customer Management, as much as I study my academic specialty subject of Finance in the context of this company. Since I have the long term goal of owning and operating a Logistics company of my own, I would also be observing the company from the entrepreneur’s perspective. I would like to study the origin and growth of the Company over the years and see how best to adopt the lessons from its growth, to start and grow my own company. SECTION 2 1. Company Culture The Takhzeen Warehousing and & Storage Company† TAKHZEEN† was incorporated as a Closed Bahraini Shareholding Company. It has a strategic alliance with Al Muthana Investment Company of Kuwait and Al Khawari group of Saudi Arabia. The authorized Share Capital of the Company is $50 million, and the paid up capital is $10 million. The motivation for setting up of this company was the admiration and belief in the competence of the Saudi Arabian Company’s specialized knowledge and skill in the field of Logistics—cold storage, transport, and all allied aspects of logistics. Takhzeen looked forward to providing Professional and efficient Logistics support to the Private Sector in Bahrain and the Arabian Gulf region, benefiting from the expertise of its partners. For this, the Company expected to set the latest International standards and practices in its operations, with a view to set market standards in the region. Mr. Murad Al Ramadan, Managing Director of Takhzeen, and also Deputy C.E.O. for Investme nt set the short term goal of Takhzeen as identifying and entering the various opportunities in the area for Logistics service and expanding progressively into .the whole of the region. Another goal was to develop and provide training