APPLYING STATISTICAL METHODS TO ENHANCE MANAGEMENT INFORMATION AND

DECISION-MAKING

2/19/2018
Stratford College London
Presented By: Ali Murtaza
 STRATFORD COLLEGE LONDON
Applying Statistical Methods to enhance Management Information and Decision-
Making
Unit title: Statistics for Management
Unit code: R/508/0570
Submitted to:
Rizwan Tariq

Submitted by:
Ali murtaza

Date of submission:
10th April 2018
 STRATFORD COLLEGE LONDON

Name:
Sur Name:
Cohort and Student Name:

Learner declaration:
I certify that the work submitted for this assignment is my own and research sources are
fully acknowledged.

Student Signature: Date:

Table of Contents
Topics Pages

LO1: Evaluate business and economic data/information obtained

from published sources.

P1: Evaluate the nature and process of business and economic

data/information from a range of different published sources. 01
P2: Evaluate data from a variety of sources using different methods of 05
analysis.

LO2 : Analyze and evaluate raw business data using a number of

statistical methods
P3: Analyze and evaluate qualitative and quantitative raw business data
from a range of examples using appropriate statistical methods. 10

LO3: Apply statistical methods in business planning.

P4: Apply a range of statistical methods used in business planning for
quality, inventory and capacity management. 15

LO4: Communicate findings using appropriate charts/tables.

P5: Using appropriate charts/tables communicate findings for a number
of given variables. 19

References 20
(P1)

Evaluate the nature and process of business and economic data/information from
a range of different published sources.

Today's good decisions are driven by data. In all aspects of our lives, and importantly in
the business context, an amazing diversity of data is available for inspection and
analytical insight. Business managers and professionals are increasingly required to
justify decisions based on data. They need statistical model-based decision support
systems. Statistical skills enable them to intelligently collect, analyze and interpret data
relevant to their decision-making. Statistical concepts and statistical thinking enable
them to:

 solve problems in a diversity of contexts.

 add substance to decisions.
 reduce guesswork.

In competitive environment, business managers must design quality into products, and
into the processes of making the products. They must facilitate a process of never-
ending improvement at all stages of manufacturing and service. This is a strategy that
employs statistical methods, particularly statistically designed experiments, and
produces processes that provide high yield and products that seldom fail. Moreover, it
facilitates development of robust products that are insensitive to changes in the
environment and internal component variation. Carefully planned statistical studies
remove hindrances to high quality and productivity at every stage of production. This
saves time and money. It is well recognized that quality must be engineered into
products as early as possible in the design process. One must know how to use
carefully planned, cost-effective statistical experiments to improve, optimize and make
robust products and processes. Business Statistics is a science assisting you to make
business decisions under uncertainties based on some numerical and measurable
scales. Decision making processes must be based on data, not on personal opinion nor
on belief. The Devil is in the Deviations: Variation is inevitable in life! Every process,
every measurement, every sample has variation. Managers need to understand
variation for two key reasons. First, so that they can lead others to apply statistical
thinking in day-to-day activities and secondly, to apply the concept for the purpose of
continuous improvement. Therefore, remember that:
Just like weather, if you cannot control something, you should learn how to measure
and analyze it, in order to predict it, effectively.

The original idea of "statistics" was the collection of information about and for the
"state". The word statistics derives directly, not from any classical Greek or Latin roots,
but from the Italian word for state.The birth of statistics occurred in mid-17th century. A
commoner, named John Graunt, who was a native of London, began reviewing a
weekly church publication issued by the local parish clerk that listed the number of
births, christenings, and deaths in each parish. These so called Bills of Mortality also

1
listed the causes of death. Graunt who was a shopkeeper organized this data in the
form we call descriptive statistics, which was published as Natural and Political
Observations Made upon the Bills of Mortality. Shortly thereafter, he was elected as a
member of Royal Society. Thus, statistics has to borrow some concepts from sociology,
such as the concept of Population. It has been argued that since statistics usually
involves the study of human behavior, it cannot claim the precision of the physical
sciences. Probability has much longer history. Probability is derived from the verb to
probe meaning to "find out" what is not too easily accessible or understandable. The
word "proof" has the same origin that provides necessary details to understand what is
claimed to be true. Probability originated from the study of games of chance and
gambling during the 16th century.

Nature of data is generally divided into qualitative and quantitative data:

Qualitative Data:

Qualitative data is used to generate the ideas and opinions. It concerns with the non-
numerical data that can be analyzed using the interpretative methods in order to
address the questions It is primarily used in exploratory research which is also used to
reveal the ideas, thoughts and opinions to draw conclusion (Collins & Hussey, 2009). It
is flexible, handy and multi layered to translate exact meaning from the gathered data. It
combines a different set of ideas and practices that isolate it from another information
approach.

There are major pros and cons of qualitative information. The strength of qualitative
information is they are open ended, dynamic and flexible. The information received from
qualitative data is deeper and broader to understand. It penetrates rationalization for
their open-endedness and the formative creative ideas can be assessed. The richer
source of ideas can help in better judgments and decision making. The weaknesses of
using qualitative information is that the data cannot be measured and cannot be
represented statistically. The collection of qualitative data is generally more time
consuming than quantitative data collection. It is also very hard to analyze and
generalize results. It is also very difficult to make systematic comparisons by using
qualitative information.

Examples of qualitative information are:

 Marketing Strategies
 Feedbacks
 Interview of Chairman
 Periodic Articles

Quantitative Data:

Quantitative data is used to collect information and test the hypothesis using statistical
techniques in order to achieve the goal of study. Quantitative data helps to reach the

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conclusion through statistically, mathematically or by numerical data or computational
techniques. The major statistical methods used for quantitative data are descriptive
statistics, inferential analysis and measuring association of the data. This method can
be used to look for cause and effect relationships and therefore, can be used to make
predictions. It also helps to test the hypotheses and theories of the study.

The major strengths of using quantitative information is the data can easily be
measured and represented by using different statistical methods The collection
of quantitative data is generally less time consuming than qualitative data collection. It is
also very easy to analyze and generalize results.Moreover, It is easier to make
systematic comparisons by using quantitative information. The weaknesses of
quantitative information is that it is difficult to obtain data through structured data
collection instruments, particularly on sensitive topics such as domestic violence or
income. In addition, reduction of data to numbers results in lost information.

Examples of quantitative information are:

 Financial statement
 Basic Traffic Reporting from Social media
 Sales Reports
 Marketing Budget Report
 Salary Report

Performance Management

Statistics have many applications in business, such as in a manager's role in

performance management. A manager collects data about employee productivity, such
as the number of tasks completed or the number of units produced. He must analyze
data to find ways in which an employee should improve to achieve maximum
productivity. For example, if a manager finds that an employee's number of finished
outputs drops by 20 percent every Friday, he should communicate with the employee,
setting the expectation that her output will remain above a minimum level every day of
the work week.

Alternative Scenarios

Beyond managing the performance of her own workers, a manager participates in joint
decision making with other managers. Statistics help the managers to compare
alternative scenarios and choose the best option for the company. The team must
decide which software to use for automating the customer ordering process. They
consider which software products have been successfully used by competitors and
choose the most popular one, or they might find how many orders that an ordering
system can process on average daily. The team collects performance data from

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software makers and independent sources, such as trade magazines, to inform their
purchasing decisions.

Data Collection

Collecting data to use in statistics, or summarizing the data, is only an advantage in

business if a manager uses a logical approach and collects and reports data in an
ethical manner. For example, he might use statistics to determine if sales levels the
company achieved for the last few products launched were even close to projected
sales levels. He might decide that the least-performing product needs extra investment
or perhaps the company should shift resources from that product to a new product.

Research and Development

A company also uses statistics in market research and product development, using
different surveys, such as random samples of consumers, to gauge the market for a
proposed product. A manager conducts surveys to determine if there is sufficient
demand among target consumers. Survey results might justify spending on developing
the product. A product launch decision might also include a break-even analysis, such
as finding out what percentage of consumers must try a new product for it to be
successful.

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5
(P2)
Evaluate data from a variety of sources using different methods of analysis.

a) Quantitative Analysis:

Year Export Import

(£) (£)
2011 80,000 45,000
2012 75,000 32,000
2013 84,000 33,000
2014 92,000 49,000
2015 87,000 51,000
2016 71,000 39,000
2017 84,000 49,000
2018 96,000 38,000

The table above shows the data of imports and exports of medicines by ABC
Corporation during the year of 2011 to 2018. The data shown above is regarded as
ungrouped data. Ungrouped data is the data you first gather from an experiment or
study. The data is raw that is, it is not sorted into categories, classified, or otherwise
grouped. An ungrouped set of data is a list of numbers. It is important to statistically
understand and analyze the data to make major decisions such as cost cutting and
future predictions.
The variables in this case are export and import.

The mean of data 1 i.e. Exports is calculated below:

Formula of mean = A = S/ N

Where, A = Airthmetic Mean

S = Sum of numbers
N = The number of terms

A = 80,000 + 75,000 + 84,000 + 92,000 + 87,000 +71,000 + 84,000 + 96,000

8
A = 669,000
8
A = 83,625

The median of Data 1 is calculated below:

Median = {(n + 1) ÷ 2}th

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Median = {(8 + 1) ÷ 2}th
Median = {9 ÷ 2}th
Median = 4.5th value from the Data 1

Mode is the most repeated value from the dataset therefore; the mode value of Data
1 is 84,000.

The mean of data 2 i.e. Imports is calculated below:

Formula of mean = A = S/ N

Where, A = Airthmetic Mean

S = Sum of numbers
N = The number of terms

A = 45,000 + 32,000 + 33,000 + 49,000 + 51,000 +39,000 + 49,000 + 38,000

8
A = 336,000
8
A = 42,000.

The median of Data 2 is calculated below:

Median = {(n + 1) ÷ 2}th
Median = {(8 + 1) ÷ 2}th
Median = {9 ÷ 2}th
Median = 4.5th value from the Data 2

Mode is the most repeated value from the dataset therefore; the mode value of Data
2 is 49,000.

7
 120,000

100,000

80,000

60,000

40,000

20,000

0
2011 2012 2013 2014 2015 2016 2017 2018

Export Imports

The mean value represents the average value of dataset. The average value of export
and import of medicines of ABC Corporation are 84,000 and 42,000 respectively. A
comparison is also done between Import and Export year by year. The graph clearly
shows that when export of the company increased, imports also increased and vice
versa instead of the last year where the export is increasing drastically in the year of
2017 and 2018. On the other hand, imports of the products increased in the year of
2017 but decreased in the last year. Overall, Export and Import have almost same kind
of variations year by year.

b. Qualitative Analhysis

A study by Al-Gorashi (1988) aimed to discover the need of English language of junior
officers in military cadets of Saudi Arabia. The survey was conducted for that matter.
The sample size for the study was selected as 212 where the junior officers participated
to gather the data. For data analysis, qualitative method was used where the interview
was conducted to collect data from the officers working in the different branches of
military.

Analysis of Officer’s interview:

The questions asked during the course of interview were related to the following
aspects:
1. Officer’s perception on English language course.
2. Difficulties they face in their English language skills.

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Officer’s perception on English Language course:
The officers were asked about their perception on English Language course. Different
responses were recorded and discussed below:
The officers had a strong belief that the reason they are taught English language is
because it is the working language of MILITARY CADETS. All of them highlighted that
the important forms of written communication such as letters, emails, memos, etc. and
oral communication such as lectures, presentations and meetings are carried out in
English language.
One of the officers of the study explained his perception on English language course in
the following words:
“Officer’s activities in the educational and professional aspects are carried out in
English and he also has an interaction with his seniors. Your key to success is your
language and you need to possess excellent English communication skills for success.”
Different officers also highlighted that the key to survival is learning English language
since they are required to use English in their institution. As stated by one officer during
the interview,
“It is really hard to survive without English language. It is important for the officers to be
efficient in English and the importance of English increases days by days when the
officer enters in his professional life. In addition, one is always appreciated if he
possesses good English communication skills and talks fluently.”
Officers stated that the reason behind teaching English language to the officer is
because it is considered as an international language. According to one officer of
MILITARY CADETS,
“Proficiency in English language is very important for all the officers or else we will not
be able to understand the modern technology, new devices and equipment.”

Difficulties officers face in their English language skills

In the interview, officers were asked about the difficulties faced in their English language
skills which will be discussed in detail:
70% of the officers were satisfied with their listening skills. They stated that in the initial
days, they faced problems in listening and understanding English language. When they
got passed from their institutions, they did not face such difficulty. 30% of the officers
believed that they could not understand the dialogues of the English Audio-Visual
Packages which used to shown to them. The issues faced by them are in the area of
unfamiliar accent and understanding specific vocabulary words. This is because they
did not have an experience of native speaker’s accents and their expressions used in
the speaking.
Majority of the officers claimed that teaching English course significantly helped them in
their communication skills. They felt the change in their speaking skills due to the

9
environment given in the Academy and the tasks related to presentation, speech, group
discussion, etc. However, few officers stated that they faced difficulty in pronunciation
and they lack the grammar skills and vocabulary.
95% officers were satisfied with their reading skills whereas 5% officers highlighted that
sometimes they feel they have lack of vocabulary which impact their reading. Majority of
the officers could read with proper speed without any problem.
Majority of officers agreed that the writing skills are not up to the mark and it needs
improvement. Officers claimed that they have poor organization skills, lack of
vocabulary and spellings by which there is lack of clarity in their writing. The reason
provided for this problem is outdated teaching which should be changed.
The study was conducted to identify English language proficiency of officers in
MILITARY CADETS. From the interviews, we have analyzed that officers are proficient
in reading, listening and speaking but according to them, they need to work on their
writing skills. The findings of the study also revealed that English language is extremely
important for the officers for their success as it is an international language. The study
did not include the importance of teaching listening, speaking, reading and writing skills
to the officers.

10
(P3)
Analyze and evaluate qualitative and quantitative raw business data from a range
of examples using appropriate statistical methods.

Sales Expenses and Net Income

Sales Expenses Net Income

Year (£) (£)
2009 15,000 20,000
2010 20,000 25,000
2011 24,000 30,000
2012 20,000 40,000
2013 18,000 35,000
2014 25,000 50,000
2015 20,000 45,000
2016 30,000 65,000
2017 24,000 45,000

The mean of data 1 i.e. Sales expenses is calculated below:

Formula of mean = A = S/ N
Where, A = Airthmetic Mean
S = Sum of numbers
N = The number of terms

A = 15,000 + 20,000 + 24,000 + 20,000 + 18,000 +25,000 + 20,000 + 30,000 + 24,000

9
A = 196,000
9
A = 21,777.777 = 21,778

The median of Data 1 is calculated below:

Median = {(n + 1) ÷ 2}th
Median = {(9 + 1) ÷ 2}th
Median = {10 ÷ 2}th
Median = 5th value from the Data 1

Mode is the most repeated value from the dataset therefore; the mode value of Data
1 is 20,000.

The mean of data 2 i.e. Net Income is calculated below:

Formula of mean = A = S/ N

11
Where, A = Airthmetic Mean
S = Sum of numbers
N = The number of terms

A = 20,000 + 25,000 + 30,000 + 40,000 + 35,000 +50,000 + 45,000 + 65,000 + 45,000

9
A = 355,000
9
A = 39,444.444 = 39,444

The median of Data 2 is calculated below:

Median = {(n + 1) ÷ 2}th
Median = {(9 + 1) ÷ 2}th
Median = {10 ÷ 2}th
Median = 5th value from the Data 2

Mode is the most repeated value from the dataset therefore; the mode value of Data
2 is 45,000.

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The mean value represents the average value of dataset. The average value sales
expense and net income are 21,778 and 39,444 respectively. A comparison is also
done between Import and Export year by year.
A graph between Year and Sales Expanses shows the overall trend of increase in sales
Expense year by year.
Similarly graph between Year and Net Income shows the overall trend of increase in
Net Income year by year.
A comparison is also done between Sales Expenses and Net Income year by year. The
graph clearly shows that when sales expense increases , Net income also increases
and vice versa. Sales Expense and Net Income have same kind of variations year by
year.

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Qualitative Analysis:
The analysis of the qualitative data will be done using content analysis approach.
Content analysis is used to reduce large amounts of unstructured content, to describe
characteristics of the content and to Identify important aspects of the content.
There are six reviews received about Hermes therefore, the sample size is 6. The data
is analyzed by dividing into different themes:

Unresponsiveness:
From the data given, it has been identified that Hermes is unresponsive which do not
response quickly to the queries, complaints and feedbacks provided by the customers.
The only way to talk to Hermes is through their web chat which does not reply most of
the time. All of the respondents have declared that Hermes is unresponsive which do
not return to their customers in need. A customer highlighted,
“The last time they delivered a package I had ordered, they took it to the wrong address
even though the address was very clear on the label.”
Another respondent mentioned that the helpline have no option to talk to their team
which shows the high level of unresponsiveness from the company side.

Unprofessional staff:
From the data given, it has been identified that Hermes has unprofessional staff who do
not response to complaints. One of the respondent mentioned that delivery boys are
self-employed and use their personal mobile phones. Two respondents complaint on
the lack of reading skills of delivery boy as he delivered the parcel to a wrong address,
which was far away from his home. It was also highlighted by the respondent that My
repeatedly granted permission to deliver the package to my concierge was ignored. A
respondent also mentioned that Hermes has an unreliable van and an acute memory
disorder which shows that the staff has zero attention to detail.

Poor Customer service:

It is mentioned by all the respondents that Hermes shows a poor customer service. A
respondent highlighted that,
“The webchat advisors are useless, they tried to make it difficult for claim, and they said
they needed to investigate my case before fill in a claim form, but the investigation takes
ages and they’ve never respond to me, so you have no chance to claim from them”.

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One of the respondents also stated that the customer service of Hermes is a complete
joke. This clearly shows that the customers of Hermes are very frustrated from the
customer service of a company.

Lack of communication:
Lack of communication is another concern mentioned by the respondents. There is no
contact number provided by the company and the customers can only lodge the
complaints, feedbacks and reviews through webchat, which is also unresponsive.
Customers have complained about the communication barrier between the company
and the customers. One of the customers mentioned that the helpline have no option to
talk to their team which shows that the company really needs to work on this aspect or
else they will lose their existing customers.
Time consuming:
The delivery of Hermes takes ample amount of time to deliver to the recipient. All of the
customers have mentioned that their parcel is not delivered on time. It took around two
weeks for one customer and it still did not get delivered. Most of the respondents also
mentioned that due to the misplacement of their order, it takes months to deliver their
order.

From the above analysis, it can be concluded that Hermes is very unresponsive
organization with lack of professional staff and poor customer service. The major
concerns showed by the customers are its unresponsiveness and failure to deliver in
the right address. Hermes need to investigate the areas of issue and train staff
in customer service skills. Moreover, they need to have a helpline where there is an
option to talk to their team and the team takes the case seriously and solve it
immediately. If the important steps are not taken, Hermes will drastically lose its
customers which will negatively impact the profitability of business.

15
(P4)
Apply a range of statistical methods used in business planning for quality,
inventory and capacity management.
a ) Quality Control Management

Calculation

I have calculated the mean of sample production from column 6 using the formula
x=
∑ x => x= 398.68 =15.95 ounces
n 25
Standard deviation of all production of bottling operation is provided in the data as
σ =0.14 ounces

The control limits are

UCL = x + zσ x = 15.95 + 3(.14 / √4) = 16.16

LCL = x + zσ x = 15.95 - 3(.14 / √4) = 15.74

I also produce control chart and normal chart.

Control Chart:

The control chart is a graph used to study how a process changes over time. The
control chart above shows the Lines of Lower control Limit and Upper Control Limit with
constant line of control limit. The graph also shows the trend of sample mean. This chart
clearly shows how process changes over time. Data are plotted in time order. These
lines are determined from historical data.

16
 Distribution
7

4 Distribution

0
15.8 15.85 15.9 15.95 16 16.05 16.1

This is the "bell-shaped" curve of the Standard Normal Distribution. The properties of
standard normal distribution is it is symmetric around the point. The mean, median, and
mode are equal. The total area under the curve is equal to one.

As the Coca company advertise that the volume of the filled bottle is 16 ounces and the
above probability is quite high so calculation suggest that the random sample data
provides enough evidence about the quality of the production function.

b) Inventory Management

Economic order quantity (EOQ) is the order quantity of inventory that minimizes the total
cost of inventory management (Krajewski et al. 2005).

Two most important categories of inventory costs are ordering costs and carrying costs.
Ordering costs are costs that are incurred on obtaining additional inventories. They
include costs incurred on communicating the order, transportation cost, etc. Carrying
costs represent the costs incurred on holding inventory in hand. They include the
opportunity cost of money held up in inventories, storage costs, spoilage costs, etc.

Ordering costs and carrying costs are quite opposite to each other. If we need to
minimize carrying costs we have to place small order which increases the ordering
costs. If we want minimize our ordering costs we have to place few orders in a year and
this requires placing large orders which in turn increases the total carrying costs for the
period.

We need to minimize the total inventory costs and EOQ model helps us just do that.
Given.,

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D = 360
H = 0.80 per unit/ year
S = 100/ order

EOQ = √2DS/ H
EOQ = √ 2 (360) x 100
0.80
EOQ = 300 units.

Average no. of orders per year = D/Q = 360/300

Average no. of orders per year = 1.2 orders

Expected time between orders = Q/D or Q/d where, d = demand rate per period
d = D / No. of periods per year
d = 360 / 250
d = 1.44 per day.
Expected time between orders = 360/ 1.44
Expected time between orders = 208.33 days.

Total cost for EOQ policy:

Total annual cost = D/Q x S + Q/2 x H
Total annual cost = 360/300 (100) + 300/2 (0.8)
Total annual cost = 120 + 120
Total annual cost = 240.

a) Capacity Management

Capacity management is the management of the parameters of an organization's

resources, such as its labor force, manufacturing and office space, technology and
equipment, raw materials, and inventory (Heizer and Render, 2008). The major
objective of capacity management is to make sure that the resources of company are
right-sized to meet the current and future demands of business in a cost-effective way.
Capacity evaluates the rate that the operation can change inputs into outputs. Capacity
is about the quantity of a product or service that can be made within a given time period.
Capacity can be divided into three categories that are design capacity, effective
capacity and actual capacity.

Capacity Utilization:

Design Capacity = 10 workers x 7 hours per day x 5 days of a working week

1 hour customer call out

Design Capacity = 350 customers per week

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Effective Capacity:

Effective Capacity = 10 workers x 5.6 hours per day x 5 days of a working week
1 hour customer call out

Effective Capacity = 280 customers per week

Efficiency:

Efficiency = actual output

Effective capacity

Efficiency = 200/ 280

Efficiency = 0.7142 = 71.42%

Utilization:
Utilization = actual output
Design capacity

Utilization = 200/ 350

Utilization = 0.5714 = 57.14%

19
(P5)
Using appropriate charts/tables communicate findings for a number of given
variables.
Table 2 (a)
Mean 15.95
Standard Deviation 0.14
Upper Control Limit 16.16
Lower Control Limit 15.74

The table shows the values of mean, standard deviation, UCL and LCL of the problem.
As the Coca company advertise that the volume of the filled bottle is 16 ounces and the
above probability is quite high so calculation suggest that the random sample data
provides enough evidence about the quality of the production function.

Table 2 (b)
Demand 360
Holding Cost 0.80
Ordering Cost 240
EOQ 300

Table 2b shows the data of demand, holding cost, ordering cost and EOQ. Ordering
costs and carrying costs are quite opposite to each other. If we need to minimize
carrying costs we have to place small order which increases the ordering costs. If we
want minimize our ordering costs we have to place few orders in a year and this
requires placing large orders which in turn increases the total carrying costs for the
period.

Table 2 (c)
Capacity Utilization 57.14%
Efficiency 71.42%
Table 2c shows the value of capacity utilization and efficiency of workforce. According
to the table capacity utilization is 57.14% and efficiency is 71.42%. This clearly shows
that the capacity of workforce is underutilized they have the efficiency to perform
71.42% but company is utilizing the resource for 51.7%.

20
References

1. Alan Bryman ,(2006)" Integrating quantitative and qualitative research :how is it

done?”, Volume: 6 issue: 1, page(s): 97-113,
https://doi.org/10.1177/1468794106058877

2. Al-Gorashi, A.K. (1989). The English Communication Needs of Military Cadets in

Saudi Arabia as Perceived by Junior Officers in the Saudi Army and Air Defense.

3. ANDERSON, D. et al (2010). Statistics for Business and Economics. 2nd Ed.

Cengage Learning.

4. DAVIS, D. and PECAR, B. (2013). Business Statistics Using Excel. 2nd Ed.
Oxford: Oxford University Press.

5. Heizer. J and Render, B. (2008) ‘Operations Management 9th edition’ Published

by Prentice Hall

6. Krajewski, Lee J. & Ritzman, Larry P. (2005). Operations Management:

Processes and Value Chains’ New Jersey: Prentice Hall

7. WALPOLE et al ( 2012 ). Probability & Statistics for Engineers & Scientists. Ninth
Edition.Prentice Hall

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