Sample Business Studies Discussion Quesions

Question 1

Predicting customers’ behaviors and their trend of buying can be challenging at times thereby leading to the application of data analysis in problem-solving and decision-making in such situations. My experience in the decision-making process involved data analysis for accurate results to be obtained. It is clear that once a firm succeeds in predicting the trends and behaviors of customers, it would be possible to increase the business productivity scales (Ferrell & Fraedrich, 2015). The most preferred way of decision making was the qualitative analysis that involves the use of data which has not been defined by numbers. The advantage of using qualitative study is that it is observed unlike other types of data analysis that are measured (Ferrell & Fraedrich, 2015).

The predominant challenges that were associated with the process included obtaining inaccurate results since the method involved observations and getting data from respondents through conducting oral interviews and issuing questionnaires. The outcome of the analysis was that the future of the firm largely relied on understanding the consumer’s trend and behavior. If the decision were to be reviewed and re-done, it would be better to involve both qualitative and quantitative skills to come up with more accurate results (Ferrell & Fraedrich, 2015). The use of both qualitative and quantitative research designs is referred to as the mixed method approach, and it is important as it provides a complete and comprehensive understanding of the research issue at hand unlike the use of either the qualitative or quantitative approaches on their own.

 

 

Question 2

Super Lotto Plus Lottery Agency (www.calottery.com/play/draw-games/superlotto-plus)

Super Lotto Plus is among America’s biggest jackpot and lottery agencies. The game is a representation of the California-only game that closely resembles the Mega Millions Jackpot. The game was initially identified as the California Super Lotto when it started in 1986. Later on, in 2000, the name was changed to the Super Lotto Plus lottery Company. The lottery agency started with a $7 million as their first jackpot in the industry. Currently, the agency is the most popular lottery company in the United States because it offers huge amounts of jackpots as from $7. For every draw in the game, the cost of Super Lotto is stated to be $1, while individuals are also allowed to select five more quick selections, all chosen from a single payslip. Participants are also able to select and play specific digits up to a maximum of 20 draws.  However, such a process of playing can only be applied by marking the payslips boxes for advanced playing. The players get to select payslips at one of the 19,000 lottery retailer shops in California. The shops are found across California State although individuals may equally decide to play the game online. The biggest jackpot that the agency had ever reached in February 2002 was approximately $193 after the 11 rollovers play. On the result of the game in 2002, three individuals were lucky to get the numbers correctly hence winning close to $32.2 million. Lottery retailer shop is the only place where one can purchase the tickets. The tickets are to be sold strictly to individuals who are over 18 years of age.

It is estimated that around one person in a population of 20 million people has the probability to win the lottery game. To be precise, the chances for a person to win the prize are currently much broader since these figures translate to a significant percentage.  This information is not similar to the observations in the past where the probability of winning the jackpot had been placed at about 1 in every 14 million people. For these reasons, my opinion is that the game is not worth playing as competition is high with low probabilities of winning.

 

Question 3

There are various sampling methods in existence. However, the best sampling method in the case of Excelsior with aim obtaining accurate information would be the single-stage sampling plan. This type of sampling method is best applicable in the university scenario due to institution’s big population. The sampling method indicates that a specific number of individuals should be gotten and set aside for questioning or inspection. The number should at all times depend on the size of the batch, and the figures should also be matching the inspection levels (Fallah & Hosseini, 2011).

When the numbers of the people who have defected are lower than the AQL levels, the researcher should ensure that the results have been passed. The results include all the elements that had been sampled in the research process. In this type of sampling, the total population has to be divided into various groups identified as clusters. A random category of the clusters are picked and analyzed, and the date is equally collected in every single cluster and compared to the results of the isolated cluster. This type of sampling is quite important in the university considering the huge population in the institution. The particular sampling method is equally significant when it comes to marketing research. It is suitable for researching since marketing involves reaching out to a big population of people.

 

References

Ferrell, O. C., & Fraedrich, J. (2015). Business ethics: Ethical decision making & cases. Nelson Education. Retrieved from https://books.google.co.ke/books?id=qXYJAAAAQBAJ&printsec=frontcover&dq=Business+ethics:+Ethical+decision+making+%26+cases&hl=en&sa=X&ved=0ahUKEwj38IuTr7bZAhWjCMAKHe9sA4AQ6AEIJzAA#v=onepage&q=Business%20ethics%3A%20Ethical%20decision%20making%20%26%20cases&f=false

Fallah, N. M. S., & Hosseini, N. H. (2011). Designing a single stage acceptance sampling plan based on the control threshold policy. Retrieved from ijiepr.iust.ac.ir/article-1-316-en.pdf