Management and Mathematics

How can a manager use statistics to determine the financial health of the business?

• Statistics measure the culture of the organization.

• Statistics bring government regulations into clear focus.

• Statistics can illustrate if the organization is meeting established goals.

What does it mean to have a positive variance of $10,000 in the statistics of the business?

• The business earned only $10,000 in the last year.

• The business beat the projected goal by $10,000.

• The business had a $10,000 loss in profit over the year.

Which of the following is an important reason for a manager to review data driven reports about his organization?

• He may find areas where he can improve processes for greater opportunities to increase profit.

• He might motivate the employees by examining any negative statistics and 'sweeping them under rug'.

• He can then manipulate the statistics in order to make his department look stronger.

When developing a report, what should a manager do with negative statistics regarding sales performance?

• subtract them

• examine them

• ignore them

• omit them

Why do some people twist their statistics and leave out the negative parts?

• So their employees won't feel bad.

• So they can fix the negative parts.

• So people will think their company is doing better than it actually is.

Decision Tree Analysis

• A form of diagrammatic analysis used as a tool to help managers to choose between several courses of action.

• A schematic representation of decisions and events alternatives as a tree and its branches-drawn from left to right; analyzed right to left

• They allow an effective and clear structure for presenting options and within decision trees, the probabilities and financial outcomes of these options can be measured

• All of the above

Find the range of this data 8,2,4,1,3

• 4

• 6

• 7

What is the range of this data? 7,2,5,1,3

• 8

• 7

• 6

Find the mean of this data. 7,2,5,1,2,1

• 5

• 3

• 7

What is the median of this data? 3,4,7,6,1

• 4

• 7