Operations management professionals are often relied upon to make decisions regarding operational processes. Those who utilize a data-driven, structured approach have a clear advantage over those offering decisions based solely on intuition. You will be provided with a scenario often encountered by an operations manager. Your task is to review the "A-Cat Corp.: Forecasting " scenario, "the addendum" and the accompanying data in the case scenario and addendum; outline the appropriate analysis strategy; select a suitable statistical tool; and use the data analysis to ultimately drive the decision. Once this has been completed, you will be challenged to present your data, data analysis strategy,l and overall decision in a concise report, justifying you analysis.
Identify statistical tools and methods to collect data:
A. Identify the appropriate family of statistical tools that you will use to perform you analysis. What are your statistical assumptions concerning the data that led you to selecting this family of tools? In other words, why did you select this family of tools for statistical analysis?
B. Determine the category of the provided data in the given case study. Be sure to justify why the data fits into this category type. What is the relationship between the type of data and the tools?
C. From the identified family of statistical tools, select the most appropriate tools for analyzing the data provided in the given case study.
D. Justify why you chose this tool to analyze the data. Be sure to include how this tool will help predict the use of the data in driving decisions.
E. Describe the quantitative method that will best inform data-driven decisions. Be sure to include how this method will point out the relationships between the data. How will this method allow for the most reliable data?