Problem Solution: USA World Bank

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Problem Solution: USA World Bank “ To do well in a complex business decision-making environment, [researchers] will need to understand how to identify quality information and … [recognize] the solid, reliable research on which [his or her] high-risk decisions can be based.” - Lind, Marchal and Wathen According to Lind, Marchal and Wathen (2004), the impact of research and statistics is very apparent in managerial decision-making. Things such as descriptive or nonparametric statistics, probability concepts, hypothesis testing and research are very important tools for managers. Descriptive statistics are “methods of organizing, summarizing and presenting data in an informative way” (Lind, Marchal and Wathen, 2004, p.5). Descriptive statistics are sometimes considered the basic static because they tend to be used by managers to view the very obvious data before them and lay a foundation for decisions making. USA World Bank (UWB) is on the verge of launching their new product with the approval of the board. Some form of descriptive statistics is needed in order for them to be successful in organizing, summarizing accurately and presenting correct data to the board members. Prior to launching these new products, UWB will have to be successful in predicting their customers. Therefore, some probability concepts will be needed to determine what will or will not happen at any given time during an incident. Managers use the probability concepts for the obvious reason to analyze certainties or uncertainties in any given situation. Research is extremely useful because it aids decision-makers to understand past experiences by other companies as well as potential success or failure of a product. Based on these, the essential point of this paper is to use research and statistical concepts to help UWB frame the right problem, define their end state goals, identity
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