2014
(December)
COMMERCE
Paper: 203
(Research Methodology and Statistical Analysis)
Full Marks: 80
Time: 3 hours
The figures in the margin indicate full marks for the questions
1. (a) What do you mean by Business research? Explain its significance in modern times. (16)
-> Business Research can be simply defined as a process of gather comprehensive data and information of all the areas of business and incorporating this information for sales and profit maximization. If you are wondering what is Business Research, it is a systematic management activity helping companies to determine which product will be most profitable for companies to produce. Also, there are multiple steps in conducting research, with each thoroughly reviewed to ensure that the best decision is made for the company as a whole.
Advantages and Disadvantages of Business Research
There are certain pros and cons of business research that you must know about. Here are the advantages and disadvantages of Business Research.
Advantages:-
· Business Research plays the role of a catalyst in identifying potential threats, issues as well as opportunities .
· It provides a detailed analysis of customers and the target audience, thus helping in building better relationships with one’s audience and capturing the areas which we might be missing out on.
· It also anticipates future problems thus the enterprise is able to tackle those uncertainties and prepare for them beforehand.
· It keeps a continuous track of competition in the market and gives businesses the scope to come up with better strategies to tackle their competitors.
· Business Research also conducts a thorough cost analysis thus helping the company efficiently manage resources and allocate them in an optimal manner.
· It keeps you updated with the latest trends and competitor analysis.
Disadvantages:
· Business Research can be expensive and time-consuming.
· It also has the danger of being assumptive and imprecise at times, because the focus groups might be small or can be highly based on assumptions.
· The market is ever-changing and ever-evolving and capturing the right trends or anticipating them can constitute a complicated process for business research.
Process
The process of business research can be as comprehensive and as detailed as a business wants it to be. Generally, a company takes up research with a certain aim or hypothesis in order to figure out the issues, opportunities and trends and how they can be leveraged in the best way.
Here is the step-by-step process of Business Research:
1. Identifying the Opportunity or Problem– To begin with the research, we first need to know what is the problem or the opportunity we would be leveraging on. It can be a popular trend or a common problem that a business is facing and can potentially become the headstart for the research process. Once you know the problem or the opportunity, go ahead with giving an understandable statement of what it’s about, what the hypothesis of the research will be as well as its objectives.
2. Decide and Plan the Research Design– The next step in the business research process to find the right research design which suits the objectives and overall plan of the research. The most popular research designs are Quantitative and Qualitative Research.
3. Determining the Research Method– The research design is closely connected to the research method since both qualitative and quantitative research designs have different methods for data collection, analysis, amongst others. So, once you have put a finger on what the right research design will be, go ahead with finding the right research method as per the plan, types of data collection, objective, costs involved, and other determining factors.
4. Collect Data– Utilizing the research method and design, the next step in the business research process is to collect data and assimilate it.
5. Data Analysis and Evaluation– After assimilating the data required, the data analysis will take place to gather all the observations and findings.
6. Communicate Results– The presentation of the business research report is the concluding step of this procedure after which the higher management works upon the best techniques and strategies to leverage the opportunity or tackle the issue.
Role of Business Research
There is an incremental role of business research as its importance is across every aspect of the business. Let’s take a look at the role of business research in an enterprise:
· The most primary role of business research is that it helps across every decision in the business, from product innovation to marketing and promotional planning.
· Business Research also helps in forecasting for a business, whether in terms of competition or any other types of problems it will be facing.
· Another key area where this plays a bigger role is ensuring consumer satisfaction as through research, we can carry out research and highlight areas where we can efficiently serve our target audience.
· Business research also helps in implementing cost-effectiveness in a business as it can assist in cutting costs wherever needed and investing more in those areas, where profit is coming from.
Significance of Business research
Business research programs are the popular way for companies to educate their managers and other employees in a huge collection of different areas. Business research learning can concern to economics, business strategy and ethics and modern business and trade. In a corporate world, company executives must study whether their staff members can really satisfy their jobs effectively without professional education. Having a knowledgeable and informed staff means that operations will run that smoothly. For instance, some business research programmes investigate into the theories behind people. This can be seen as one of the educational tools for companies. If senior managers are all formally educated and certified in the field of management they will be capable to drive a workforce by using operative motivational techniques. Management is not the only area covered by business research programmes. It is likely for a company to form its knowledge base in the area, streamlining process and improving the efficiency of operations. Reasonably, by enlightening the efficiency of a company, profitability is improved. Another area covered by business research is international business. For companies on the edge of increasing their operations outside their national boundaries sending employee on courses relating to this field is highly worthwhile. International trade has diverse theories and strategies concerning to it and hence by building a set of knowledge on the subject means that it is likely for companies to find that advantage over the global competition.
As information technology (IT) becomes progressively big part of business, education modules in this area have also grown. IT can relate to spending software in management, accounting but as the use of the internet and online, educating employees in the ways to take advantage of this new media is an advisable. Another area in business research is sales and sales techniques. This is particularly vital for many companies as sales are the way of getting new income. Obviously sales techniques will vary subject to the services or products being sold but there are certain common rules that should be followed. By ensuring a well-trained sales team, they will be capable to bring more sales, and hence increase the portfolio and profits of the firm. As an addition to sales is marketing education, this is particularly important in several industries as having a fine presented product or service can gain many benefits. Appreciatively education will effect in employees ensuring the knowledge to produce a brand image that is wanted, lively and above all smart to customers. In a current world where business research is a key portion of any development plan there are a huge number of training institutions rising to meet these demands. For any company, making a well-trained and talented workforce is an asset. Once this understanding has been complete it will be likely to train staff members and get an employee base with developments in the business world.
Business research is the methodical process of gathering and analysing information to increase our understanding under study. It is the job of the researcher to contribute to the understanding and to communicate that to others. Business research can be defined as the systematic investigation to establish facts. The main purpose for applied research is determining, understanding, and the development of methods and systems for the advancement of human knowledge. Scientific research trusts on the application of the scientific method. This business research provides information and theories for the clarification of the nature and the properties of the world around us.
Business research has its special significance in solving numerous operational and planning problems in the business. The Industrial Network Theory aims to define and explain the business relationships and networks. Business research is essential in the marketing. There is solid need for research in the marketing. Several companies use the research in marketing to determine the changing trends in the market, to identify the changing consumer behavior. So business research has become the need for the business owing to the threatening competition in the market. So many companies are doing diverse research for their product development, for growing their sales volume. Market research is for learning what people want, need. It can also discover how they act. Once that research is finished, you can determine how to market your product. So there are various types of research carried by the marketing companies. For instance; companies are doing research for determining number of visitors see to the bill boards during travel. So by this way they can find how they get influence from that advertisement on the bill boards. Likewise several companies are doing their research on the consumer eating habits to find how the consumer likes to eat in a particular environment.
It is understood, research is important in any business to help decision making. The marketer wants to do environmental scanning for that research is conducted. Then the marketer wants to segment, again research is necessary. Choosing the target market is based on the outcomes of the research. The marketer wants to know whether the target market likes it or not. We can say that, the term research is much needed in everyday life. The results are a way of gradually discovering truths and finding the processes that drive the universe. Only by ensuring a stiff structure to experimentation, can results be verified as acceptable contributions. Some other fields, such as economics and history, also do true research, but tend to have their own structures for generating results. They also contribute to knowledge but with different processes.
(b) Enumerate the different methods of collecting data. Which one is the most suitable for conducting enquiry regarding family welfare programme in India? Explain its merits & demerits. 16
-> Data collection is a systematic method of collecting and measuring data gathered from different sources of information in order to provide answers to relevant questions. An accurate evaluation of collected data can help researchers predict future phenomenon and trends.
Data collection can be classified into two, namely: primary and secondary data. Primary data are raw data i.e. fresh and are collected for the first time. Secondary data, on the other hand, are data that were previously collected and tested.
Methods of data collection
The system of data collection is based on the type of study being conducted. Depending on the researcher’s research plan and design, there are several ways data can be collected.
The most commonly used methods are: published literature sources, surveys (email and mail), interviews (telephone, face-to-face or focus group), observations, documents and records, and experiments.
1. Literature sources
This involves the collection of data from already published text available in the public domain. Literature sources can include: textbooks, government or private companies’ reports, newspapers, magazines, online published papers and articles.
This method of data collection is referred to as secondary data collection. In comparison to primary data collection, tt is inexpensive and not time consuming.
2. Surveys
Survey is another method of gathering information for research purposes. Information are gathered through questionnaire, mostly based on individual or group experiences regarding a particular phenomenon.
There are several ways by which this information can be collected. Most notable ways are: web-based questionnaire and paper-based questionnaire (printed form). The results of this method of data collection are generally easy to analyze.
3. Interviews
Interview is a qualitative method of data collection whose results are based on intensive engagement with respondents about a particular study. Usually, interviews are used in order to collect in-depth responses from the professionals being interviewed.
Interview can be structured (formal), semi-structured or unstructured (informal). In essence, an interview method of data collection can be conducted through face-to-face meeting with the interviewee(s) or through telephone.
4. Observations
Observation method of information gathering is used by monitoring participants in a specific situation or environment at a given time and day. Basically, researchers observe the behavior of the surrounding environments or people that are being studied. This type of study can be controlled, natural or participant.
Controlled observation is when the researcher uses a standardized procedure of observing participants or the environment. Natural observation is when participants are being observed in their natural conditions. Participant observation is where the researcher becomes part of the group being studied.
5. Documents and records
This is the process of examining existing documents and records of an organization for tracking changes over a period of time. Records can be tracked by examining call logs, email logs, databases, minutes of meetings, staff reports, information logs, etc.
For instance, an organization may want to understand why there are lots of negative reviews and complains from customer about its products or services. In this case, the organization will look into records of their products or services and recorded interaction of employees with customers.
6. Experiments
Experimental research is a research method where the causal relationship between two variables is being examined. One of the variables can be manipulated, and the other is measured. These two variables are classified as dependent and independent variables.
In experimental research, data are mostly collected based on the cause and effect of the two variables being studied. This type of research is common among medical researchers, and it uses quantitative research approach.
The method of primary data collection is most suitable for conducting an inquiry regarding the family welfare program in India.
Primary data is a type of data that is collected by researchers directly from main sources through interviews, surveys, experiments, etc. Primary data are usually collected from the source—where the data originally originates from and are regarded as the best kind of data in research.
The sources of primary data are usually chosen and tailored specifically to meet the demands or requirements of a particular research. Also, before choosing a data collection source, things like the aim of the research and target population need to be identified.
For example, when doing a market survey, the goal of the survey and the sample population need to be identified first. This is what will determine what data collection source will be most suitable—an offline survey will be more suitable for a population living in remote areas without internet connection compared to online surveys.
Merits:
It is more reliable.
It gives a better response.
The questionnaire can be adjusted according to the subjects.
The data collected has uniformity.
Demerits:
It is not suitable in a large area of collection.
It is time taking.
It requires a large group of people.
The data is subjective in nature and is dependent on the skill of the collector.
It involves certain costs.
The primary method is the process of the direct and personal method for collecting data. The data is collected by a set of local authorities. It contains a set of questionnaire which the people are supposed to answer.
2. (a) From the following data obtain the two regression equations: (16)
X: | 6 | 2 | 10 | 4 | 8 |
Y: | 9 | 11 | 5 | 8 | 7 |
(b) What does a measure of central tendency indicate? Discuss the important measures of central tendency pointing out the situation when one measure is considered relatively appropriate in comparison to other measures. (16)
-> The central tendency is the descriptive summary of a data set. Through the single value from the dataset, it reflects the centre of the data distribution. Moreover, it does not provide information regarding individual data from the dataset, where it gives a summary of the dataset. Generally, the central tendency of a dataset can be defined using some of the measures in statistics.
The central tendency is stated as the statistical measure that represents the single value of the entire distribution or a dataset. It aims to provide an accurate description of the entire data in the distribution.
Measures of Central Tendency
The central tendency of the dataset can be found out using the three important measures namely mean, median and mode.
3. (a) Explain the following with examples: (2×8=16)
1) Mutually Exclusive Events.
-> In statistics and probability theory, two events are mutually exclusive if they cannot occur at the same time. The simplest example of mutually exclusive events is a coin toss. A tossed coin outcome can be either head or tails, but both outcomes cannot occur simultaneously.
Mutually exclusive events are commonly confused with independent events . However, they are two distinct concepts. Unlike mutually exclusive events, independent events can occur simultaneously. The independence of the events indicates that the outcome probability of one event does not influence the outcome probability of another event.
Mutually Exclusive Events Probability Rules
In probability theory, two events are mutually exclusive or disjoint if they do not occur at the same time. A clear case is the set of results of a single coin toss, which can end in either heads or tails, but not for both. While tossing the coin, both outcomes are collectively exhaustive, which suggests that at least one of the consequences must happen, so these two possibilities collectively exhaust all the possibilities. Though, not all mutually exclusive events are commonly exhaustive. For example, the outcomes 1 and 4 of a six-sided die, when we throw it, are mutually exclusive (both 1 and 4 cannot come as result at the same time) but not collectively exhaustive (it can result to distinct outcomes such as 2, 3, 5, 6).
From the definition of mutually exclusive events, certain rules for the probability are concluded.
Addition Rule: P (A + B) = 1
Subtraction Rule: P (A U B)^{’} = 0
Multiplication Rule: P (A ∩ B) = 0
There are different varieties of events also. For instance, think a coin that has a Head on both the sides of the coin or a Tail on both sides. It doesn’t matter how many times you flip it, it will always occur Head (for the first coin) and Tail (for the second coin). If we check the sample space of such experiment, it will be either {H} for the first coin and { T } for the second one. Such events have single point in the sample space and are called “Simple Events”. Such kind of two sample events is always mutually exclusive.
2) Independent and Dependent Events.
-> In mathematics, specifically statistics , events are often classified as dependent or independent. As a basic rule of thumb, the existence or absence of an event can provide clues about other events. Read on to find out more about dependent events vs independent events.
In general, an event is deemed dependent if it provides information about another event. An event is deemed independent if it offers no information about other events.
Dependent Events-
For events to be considered dependent, one must have an influence over how probable another is. In other words, a dependent event can only occur if another event occurs first.
While this is a mathematic/statistical term, speaking specifically to the subject of probabilities, the same is true of dependent events as they occur in the real world.
For example, say you’d like to go on vacation at the end of next month, but that depends on having enough money to cover the trip. You may be counting on a bonus, a commission , or an advance on your paycheck. It also most likely depends on you being given the last week of the month off to make the trip.
The primary focus when analyzing dependent events is probability. The occurrence of one event exerts an effect on the probability of another event. Consider the following examples:
Simple examples of dependent events:
· Robbing a bank and going to jail.
· Not paying your power bill on time and having your power cut off.
· Boarding a plane first and finding a good seat.
· Parking illegally and getting a parking ticket. Parking illegally increases your odds of getting a ticket.
· Buying ten lottery tickets and winning the lottery. The more tickets you buy, the greater your odds of winning.
· Driving a car and getting in a traffic accident.
Independent Events-
An event is deemed independent when it isn’t connected to another event, or its probability of happening, or conversely, of not happening. This is true of events in terms of probability, as well as in real life, which, as mentioned above, is true of dependent events as well.
For example, the color of your hair has absolutely no effect on where you work. The two events of “having black hair” and “working in Allentown” are completely independent of one another.
Independent events don’t influence one another or have any effect on how probable another event is.
Other examples of pairs of independent events include:
Simple examples of independent events:
· Owning a dog and growing your own herb garden.
· Paying off your mortgage early and owning a Chevy Cavalier.
· Winning the lottery and running out of milk.
· Buying a lottery ticket and finding a penny on the floor (your odds of finding a penny does not depend on you buying a lottery ticket).
· Taking a cab home and finding your favorite movie on cable.
· Getting a parking ticket and playing craps at the casino.
3) Equally Likely Events.
4) Classical Approach.
5) Relative Approach.
6) Subjective Approach.
-> Subjective probability is a type of probability derived from an individual’s personal judgment or own experience about whether a specific outcome is likely to occur. It contains no formal calculations and only reflects the subject’s opinions and past experience. An example of subjective probability is a “gut instinct” when making a trade.
Subjective probabilities differ from person to person and contain a high degree of personal bias. Subjective probability can be contrasted with objective probability , which is the computed probability that an event will occur based on an analysis in which each measure is based on a recorded observation or a long history of collected data.
The probability of an event is based on the likelihood of that event occurring. In most forms of probability, quantitative information is gathered and interpreted to help determine this likelihood through a mathematical mechanism, normally relating to the mathematical field of statistics. The percentage chance of a flipped coin landing on heads or tails can be interpreted as a probability, expressed as a 50% chance that it will land heads up, and a 50% chance it will land tails up.
Subjective probability, on the other hand, is highly flexible, even in terms of one individual’s belief. While an individual may believe the chance of a specified event occurring is 25%, they could have a different belief when given a specific range from which to choose, such as 25% to 30%. This can occur even if no additional hard data is behind the change.
Subjective probability can be affected by a variety of personal beliefs held by an individual. These could relate back to upbringing as well as other events the person has witnessed throughout his life. Even if the individual’s belief can be rationally explained, it does not make the prediction an actual fact. It is often based on how each individual interprets the information presented to him.
Other Types of Probabilities
Apart from subjective probabilities, there are two other main types of probabilities:
1. Empirical probability
Empirical probability refers to a probability that is based on historical data. For example, if three coin tosses yielded a head, the empirical probability of getting a head in a coin toss is 100%.
2. Classical probability
Classical probability refers to a probability that is based on formal reasoning. For example, the classical probability of getting a head in a coin toss is 50%.
Subjective probability is the only type of probability that incorporates personal beliefs. Empirical and classical probabilities are objective probabilities.
7) Addition Theorem.
8) Multiplication Theorem.
Or
(b) Eight coins are tossed at a time 256 times. Number of heads observed at each throw is recorded and the results are given below. Find the expected frequencies. What are theoretical values of mean and standard deviation? 16
No. of heads at a throw | Frequency |
0 1 2 3 4 5 6 7 8 | 2 6 30 52 67 56 32 10 1 |
4. (a) The Medical Administration Test taken by two groups of boys and girls gave the following information:
Mean score | SD | Number | |
Girls: Boys: | 75 70 | 10 12 | 100 200 |
On the basis of the above information, would you conclude that mean scores of boys and girls are statistically significant? [Tabulated value of Z at 1% level of significance is 2.58] 16
(b) Describe the five steps of hypothesis testing and write a note on point estimation and interval estimation. (10+6=16)
-> Hypothesis testing is a formal procedure for investigating our ideas about the world using statistics. It is most often used by scientists to test specific predictions, called hypotheses that arise from theories.
There are 5 main steps in hypothesis testing:
1. State your research hypothesis as a null (H_{o}) and alternate (H_{a}) hypothesis.
2. Collect data in a way designed to test the hypothesis.
3. Perform an appropriate statistical test .
4. Decide whether the null hypothesis is supported or refuted.
5. Present the findings in yourresults and discussion section.
Though the specific details might vary the procedure you will use when testing a hypothesis will always follow some version of these steps.
Step 1: State your null and alternate hypothesis
After developing your initial research hypothesis (the prediction that you want to investigate), it is important to restate it as a null (H_{o}) and alternate (H_{a}) hypothesis so that you can test it mathematically.
The alternate hypothesis is usually your initial hypothesis that predicts a relationship between variables . The null hypothesis is a prediction of no relationship between the variables you are interested in.
Step 2: Collect data
For a statistical test to be valid, it is important to perform sampling and collect data in a way that is designed to test your hypothesis. If your data are not representative, then you cannot make statistical inferences about the population you are interested in.
Step 3: Perform a statistical test
There are a variety of statistical tests available, but they are all based on the comparison of within-group variance (how spread out the data is within a category) versus between-group variance (how different the categories are from one another).
If the between-group variance is large enough that there is little or no overlap between groups, then your statistical test will reflect that by showing a low p-value. This means it is unlikely that the differences between these groups came about by chance.
Alternatively, if there is high within-group variance and low between-group variance, then your statistical test will reflect that with a high p-value. This means it is likely that any difference you measure between groups is due to chance.
Your choice of statistical test will be based on the type of data you collected.
Step 4: Decide whether the null hypothesis is supported or refuted
Based on the outcome of your statistical test, you will have to decide whether your null hypothesis is supported or refuted.
In most cases you will use the p-value generated by your statistical test to guide your decision. And in most cases, your cutoff for refuting the null hypothesis will be 0.05 – that is, when there is a less than 5% chance that you would see these results if the null hypothesis were true.
Step 5: Present your findings
The results of hypothesis testing will be presented in the results and discussion sections of your research paper.
In the results section you should give a brief summary of the data and a summary of the results of your statistical test (for example, the estimated difference between group means and associated p-value). In the discussion, you can discuss whether your initial hypothesis was supported or refuted.
In the formal language of hypothesis testing, we talk about refuting or accepting the null hypothesis.
Point estimation-
· Basically point estimators are known to be functions that are used to find an approximate or an estimated value of a population parameter from various random samples of the population.
· To calculate a point estimate point estimators generally use the sample data of a population or they use a statistic that serves as the best estimate of an unknown parameter of a given population.
Properties of Point Estimators
The following are the important characteristics of point estimators:
· Bias
We can define the bias of a point estimator as the difference between the expected value of the estimator as well as the value of the parameter being estimated. When the estimated value of the parameter as well as the value of the parameter being estimated is equal, then we can say that the estimator is unbiased.
Also, the closer is the expected value of a parameter to the value of the parameter that is to be measured, the lesser is the bias.
· Consistency
Generally, consistency tells us how close the point estimator stays to the value of the parameter as it grows in size. The point estimator generally requires a huge sample size for it to be more consistent and for it to be more accurate.
We can also check whether a point estimator is consistent or not by looking at its corresponding expected value as well as its variance. A point estimator is said to be consistent, the value that is expected should move towards the true or actual value of the parameter.
· Most Efficient or Unbiased
The most efficient point estimator is the one with the smallest variance of all the unbiased as well as consistent estimators. Generally, the variance measures the level of dispersion from the estimate, as well as the smallest variance, which should vary the least from one sample to the other.
Generally, the efficiency of the estimator is said to be dependent on the distribution of the population.
Point Estimate Formulas
Four different point estimate formulas can be used:
1. Maximum Likelihood Estimation (MLE)
2. Wilson Estimation, Laplace Estimation
3. Jeffrey Estimation
To Calculate the Point Estimate, You Will Need the Following Values That are Listed below:
1. The number of successes, denoted by S: for example, the number of heads you got while tossing the coin.
2. The number of trials denoted by T: in the coin example, it’s the total number of tosses.
· Confidence interval: that is the probability that your best point estimate is correct (within the margin of error).
3. Z-score, denoted by z: it will be calculated automatically from the confidence interval.
Once You Know All the Values Listed Above, You Can Start Calculating the Point Estimate According to the Following Given Equations:
- Maximum Likelihood Estimation: MLE = S / T
- Laplace Estimation: Laplace equals (S + 1) / (T + 2)
- Jeffrey Estimation: Jeffrey equals (S + 0.5) / (T + 1)
- Wilson Estimation: Wilson equals (S + z²/2) / (T + z²)
Once All Four Values have been Calculated, You Need to Choose the Most Accurate One. This should be done According to the Following Rules Listed below:
· If the value of MLE ≤ 0.5, the Wilson Estimation is the most accurate.
· If the value of MLE – 0.5 < MLE < 0.9, then the Maximum Likelihood Estimation is the most accurate.
· If 0.9 < MLE, then the smaller of Jeffrey and Laplace Estimations is said to be the most accurate.
Interval estimation
Interval estimation , in statistics , the evaluation of a parameter—for example, the mean (average)—of a population by computing an interval, or range of values, within which the parameter is most likely to be located. Intervals are commonly chosen such that the parameter falls within with a 95 or 99 percent probability, called the confidence coefficient. Hence, the intervals are called confidence intervals ; the end points of such an interval are called upper and lower confidence limits.
The interval containing a population parameter is established by calculating that statistic from values measured on a random sample taken from the population and by applying the knowledge (derived from probability theory ) of the fidelity with which the properties of a sample represent those of the entire population.
The probability tells what percentage of the time the assignment of the interval will be correct but not what the chances are that it is true for any given sample. Of the intervals computed from many samples, a certain percentage will contain the true value of the parameter being sought.
5. (a) Describe the aims and importance of Report writing. (5+11=16)
-> A report is a written account of something that one has observed, heard, done, or investigated. It is a systematic and well-organized presentation of facts and findings of an event that has already taken place somewhere.
Reports are used as a form of written assessment to find out what you have learned from your reading, research, or experience and to give you the experience of an important skill that is widely used in the workplace.
The significance of report writing is:-
Easy Tool for Making Decision
In this modern world, huge companies need a large number of information. The only solution to manage this is to make reports. With the help of report writing, necessary judgments can be made in business. Report writing provides easy, updated and helpful details in a document.
Analysis
Report is very important because whenever any issue occurs, a group of committees try to find the reason for that issue and provide the whole scenario and results with or without the suggestion in the shape of report writing.
Evaluation
A company that is based on a large scale are involved in many different activities. Due to this reason, it is impossible for the management to keep an eye on every one of what everybody is doing. Therefore, the management finds an easy way and writes a report to highlight the acts of every department.
Quick Source
It is a fact that marketing managers require details in order to make a quick decision. In this case, sometimes a senior manager seems to be very busy for many reasons that’s why it requires authentic sources to get information. These types of sources can be in the form of report writing.
Improvement of Skill
Report writing helps you to improve the skills of designing, judgments, and means of communication. Therefore, these skills make a way to promote you.
Explain Facts
Facts can be considered in a way that can be obtained naturally. That is why this type of presentation is verified with the help of a report because it examines and explores, calculates and many other things about any fact.
Professional Improvements
Report writing is very important if we talk about the advancement and
improvement of the professional.
For example, in a company, if anyone is selected for promotion, so before
this, you have to make report writing document in which you will write
about the position, performance satisfaction and level of working, with the
help of all these points you can be able to make a report and submitted to
the manager so that promotion can be given to that particular person
fulfilling all the requirements areas.
Fully Control
No matter, the activities are fully achieved in accordance with the plan or not. That is why in order to control such activities it depends mainly on report writing.
Easy Tool
Many of the reports make an easy way of activities for the managers. In order for planning, promoting, controlling and managing. No doubt report writing plays a vital role to help a manager as the report refers to as a source of information.
Handle Complex Situation
In an organization that is based on a large scale, there might always have a problem of labor which may result in complex conditions. In order to handle this situation, managers make a report.
Or
(b) A firm selling four products is interested in finding out whether the sales are distributed similarly among four general classes of 400 sales records provides the following information:
Products | Total | ||||
Customer’s group Partners Factory workers Businessmen Professionals | 1 25 32 35 28 | 2 10 20 48 22 | 3 30 10 25 15 | 4 15 28 40 17 | 80 90 148 82 400 |
Total | 120 | 100 | 80 | 100 | 400 |
Apply Chi-square test. What conclusion can you draw from the test result.
[Tabulated value of x^{2}_{0.005 }= 16.919 for q= 9]