week 5 mat 410 respond to duscussion question and one peer in apa format

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Reflection to Date

  • In the second half of the quarter, we will extend our statistical thinking concepts to practical applications. We will discuss using tools (such as, Excel) for the execution.
  • Watch Descriptive Statistics Using “Data Analysis” Tool in Excel.
  • Next, speculate on the overall manner in which you would use tools, such as Excel, to apply a business-critical thinking strategy. Include one example of such application to support your response
  • Kara Bailey this the student response
  • RE: Week 5 Discusson

    As we have learned throughout the past 4 weeks, businesses need to regularly evaluate their work process to limit non-value added work, reduce cycle time, and increase standardization. Establishing data points on the process is vital to this evaluation.Tools, such as Excel, are necessary to be able to analyze the data points a business has gathered, with speed, accuracy, and the ability to duplicate the analysis on a regular basis. Without relying on computer software and platforms, a business would have to rely on handwritten calculations. Manual calculations bring additional variability into the process of analyzing data, human error and miscalculations are part of the potential risks.One of the ways I use Excel in my business role is with contract negotiation. I negotiate deals with nationwide building owners, allowing my company to put equipment on unused rooftops of the landlord’s buildings. Early in the negotiation, I receive a list of property locations from the landlord, and I run that through my internal tools to see how many of these locations I need to put my equipment on. Utilizing Excel, I am able to look at the total number of locations as well as the percentage of sites I need to mount equipment. This analysis gives me insight into the potential value of the deal to my company and also provides a range of acceptable rental rates that my company is willing to secure roof access.

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