The paper "Analytical Skills for Business" is a great example of an assignment on business. Being in possession of astute analytical skills is fundamental to a business owner. McDaniel and Gates (2007) observe that forward-looking businesspeople are ever prepared to face the challenges of making business-defining decisions. According to the views of McDaniel and Gates (2007), these people have sound analytical skills which they keep on improving regularly. Study findings as forwarded by Mulaudzi (2006) and McDaniel and Gates (2007) underline the importance of having good analytical skills in any business venture.
In this, they include the fact that analytical skills form “ the fundamentals of good decision-making skills which in turn allow business owners to analyze critical situations affecting their businesses” . Additionally, analytical skills are also found to be a crucial component of the managerial ability deemed necessary in the running of a business. A business owner, therefore, needs to have the ability to realize complex issues surrounding the business environment for purposes of predicting the best action of advancing the business (McDaniel and Gates, 2007). It is for this reason that analytical skills become very necessary in certain areas of business functions that call for sound planning.
Finally, analytical skills help business people to be more objective in their decision making rather than using their intuitions. The present report, therefore, aims to demonstrate the significance of having sound analytical skills in running businesses. The report is presented by addressing some questions listed hereunder and terminates in a befitting conclusion. QUESTION 1 Presented below is a set of raw data showing the length of life (in hours) of a sample of forty-eight 100-watt light bulbs produced by a manufacturer. 687697723 773824 825 834835851 852855 858 862860871 870879 888 896899 908 909915 913 925924929 926941 939 942943949954974972 9759779871,0051,016 1,014 1,019 1,0411,055 1,0801,096 1,094 a) Constructing a frequency table based on the presented raw data using a reasonable number of class groupings came up with the five classes as indicated in Table 1 below. Table 1: Frequencies and percentages for the length of life in hours of forty-eight 100-watt light bulbs (n = 48). Length of life (Hrs) Frequency % 600-699 2 4.2 700-799 2 4.2 800-899 16 33.3 900-999 19 39.5 1000-1099 9 18.8 b) Drawing a histogram of the frequency distribution was done using the highlighted variables shown in Table 1 above. Figure 1: A histogram of the frequency distribution for the length of life of forty-eight 100-watt light bulbs c) Considering the data presented by both the Table and the Figure, it is clear that the 100-watt light bulbs had relatively long hours of life.
Forty-four light bulbs, representing 91.6% had long life length of between 800 and 1,099 hours while only a paltry 8.4% had a life length of between 600 and 799 hours. In my views, I tend to favor the argument that this particular manufacturer was producing long-life 100-watt light bulbs and was destined to remain in business for long. QUESTION 2 Sales of 2010 model light trucks and sport utility vehicles for the Ford Motor Company far outpaced their 2009 counterparts according to a Wall Street Journal article.
Table 2 below indicates unit sales for selected vehicles for March 2009 and March 2010. Table 2: Unit sales for selected vehicles for March 2009 and March 2010 Model March 2010 March 2009 Ranger 45,481 26,297 Mustang 18,050 13,328 Fusion 20,908 16,714 Explorer 39,314 35,063 Taurus 34,358 32,404 Lincoln Continental 4,084 3,202 a) Constructing visual representation of unit sales for selected vehicles for March 2009 and March 2010. My selected visual representation is a histogram illustrated in Figure 2 below. Figure 2: A visual representation of the unit sales for selected vehicles for March 2009 and March 2010
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McDaniel, C and Gates, R. (2007), Marketing Research. 7th Edition. London: John Wiley and
Mulaudzi, T. R. (2006), Techniques in Research. New York: Pearson Publishing.