Quantitative Methods Business Essay

300 Word Business Essay This week we’ll further explore the following two important areas for analysis: what to measure and how to measure. What will your AIE term project be? There are lots of great topics that you can choose from: 1) A cost-saving project (for example, remote access for meetings versus driving to work, implementation of new technologies, etc.) 2) A process improvement at home or at work (key outcome variables might include costs, capacity utilization, throughput, time (remember, time is money, and if you can save time, you can save money) 3) Profits (e.g., via Simulation) 4) Net present value 5) Customer retention (Note: If you create a survey, remember, every question is a variable that you can use in regression. Make sure that you can code responses numerically – so, don’t ask open-ended questions. Also, you can use variables in contingency tables or regression models, so variables can be “dependent” variables or “independent” variables. Finally, if you do a survey, keep it short – say 10 questions or so. Make sure that you get at least 10 to 50 responses, and don’t forget what Hubbard says about the power of small samples.) 6) Employee retention 7) Customer satisfaction 8) Employee satisfaction 9) Forecasting 10) Firm and/or project valuation Or any other topic and/or outcome that is dependent upon multiple uncertain variables that have consequences for our businesses and/or homes. Note: Tools you can use range from contingency tables, regression analysis (check out my MS Excel regression example and notes), simulation, etc. Or you can use a “before” process map and an “after” process map. Show me where you save time or money. What measurements were taken. Finally, all projects will have a “current state” or “before” and a “target state” or “after.” Go through the AIE process.

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