Question 1
The video discusses the concept of descriptive statistics and a histogram. A histogram is a tool that counts the number of data points and creates evenly distributed bins between the maximum and minimum input data values. One business application for excel in business-critical thinking strategy is in decision-making. For instance, a service or retail organization can look at the data in a bar chart to analyze its performance at different parts of the year. The data can then be applied for business decision-making by estimating sales projections. The effects of sales on the business will enable it to improve its budgeting.
Response Nneka discussion
The discussion provides the application of tools like excel in a business for contract commodities futures. Excel tools can be used by speculators to create charts and make directional price bets on commodities. While the response offers a business application, it fails to provide a specific example of an excel tool. For commodity exchange, speculators use various charts such as a bar chart to project sale prices in weeks, months, and years in advance.
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Question 2
Graphic tools provide various functionalities that can be applied for process improvement and problem-solving. The graphic tools include histograms, bar charts, process mapping, statistical process control, scatter diagrams, and matrix analysis. Histograms can be applied in process improvement. The histogram provides a central value of the process and shows the dispersion on either side of the central value. The size and shape of the dispersion can identify hidden sources of variation and help in process improvement. Scatter diagrams are an example of a graphical tool that can be applied in problem-solving. When analyzing a cause-effect relationship, the scatter diagram can determine whether effects appear related and if they have the same cause.
Response to Robin
The discussion identifies a flow-chart as a process-improvement tool and a cause and effect analysis used with a hypothesis test as a problem-solving tool. The flow chart provides a detailed breakdown of various processes and activities and is one of the best process improvement tools. The cause and effect analysis can be applied in problem-solving as it identifies all the possible causes of a problem and then identifies its possible effect. However, the discussion would have included additional details on applying the cause and effect analysis in problem-solving.
