Your manager asks you for a cost estimate to open a new retail outlet and says, "I want you to use statistical analysis, so it will be objective because it is based on real data." How would you respond?
What will be an ideal response?
It is certainly possible that for this example a statistical analysis is best. However, it depends on the goal of the analysis. Good data might not be available. For example, the new outlet might be located in an area in which the company has no operations. In addition, historical data might not be representative of the future. It would be best to use a combination of methods and compare the estimates.
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According to Chester Barnard, which of the following statements is true about a zone of indifference?
A. ?In this zone, managerial requests are not understood. B. ?In this zone, managerial directives are inconsistent with the purpose of an organization. C. ?In this zone, managerial authority is challenged. D. ?In this zone, managerial requests are automatically accepted.
The two components of TV-based direct marketing are _____
a. catalogs and Web-based retailing b. kiosks and shopping networks c. shopping networks and infomercials d. cable television and shopping networks
Price must be greater than cost in order for the firm to generate revenue
Indicate whether the statement is true or false
Garden Gate is a one-location nursery business, selling plants and flowers for home gardeners. The new owners want to grow through either a product development or diversification strategy. What will the owners likely do if they pursue either strategy?
What will be an ideal response?