Impact of Business Statistics on Organizational Performance

Discuss about the Impact of Business Statistics on Organizational Performance.

Introduction:

Business statistics are important for the development of the organizational goals to meet the challenges of the organization. Here the Australian-based organization is chosen named AMP capital (Ampcapital.com.au. 2016) where the business statistics takes a vital role in making the business analysis. In this way, the development of the production, as well as the profitability, is measured in a proper manner. Hence, the decision-making process can be measured in a systematic format. Herein the topic is about the impact of the business statistics through which the organizational performances are judged in the global market scenario. In this way, the statistics take an important role in the organization to make the proper decision at a right time and in a right manner.

Problem statement:

The study is based upon business statistics through which the organization can able to make the increased rate of productivity in the global market scenario (Gill & Johnson, 2010). With the help of the statistical tools, methods, techniques the organizational performances are judged. In this way, the data are collected and the effective skills, knowledge are applied in a proper manner.

Here, in this case, the Australian financial services named AMP capital is chosen here through which basically it follows the business statistics tools and techniques for the improvement of the products and the investment schemes to attract the customers (Eriksson & Kovalainen, 2015).

It can also be said that if the business statistics are not used in a business context then the data cannot be collected in a proper manner and hence it will affect the entire financial application of the organization (Collis & Hussey, 2013).

Research aims and objectives:

Aims:

The aim of the research is to apply business statistics in  a proper manner for developing AMP capital in a successful manner.

Objectives:

  • To analyze the factors driving organizational performance
  • To assess the ways in which business statistics enhances the organizational performance
  • To measure the current use of business statistics for firm development of AMP capital
  • To suggest suitable recommendations to making advanced use of business statistics for organizational performance building of AMP capital

Research questions:

  • What are the factors driving organizational performance?
  • How the statistical factors are helpful for making the organizational performances?
  • How the current business statistics are helpful for making the development of the AMP capital?
  • How can business statistics help in developing organizational performance?

Research hypothesis:

H1: Business statistics helps the organization positively for making the organizational performances.

H0: Business statistics makes a negative impact on organizational performance when it will not be maintained in a proper manner.

Methods of business statistics:

The business statistics are of different types such as Accounting, Finance, Management, and Marketing. In the case of the accounting scenario, the business statistics are helpful for the organization to calculate with the help of the costing aspects (Hair et al. 2014). The Finance is helpful for the organization to calculate the financial aspects for the portfolio management systems to increase the productivity and the profitability in the global market.

The management is helpful in the organization to make the manufacturing of the goods and services within a certain period of time (Lambert & Davidson, 2013).

At last, the marketing is helpful for making the development of the product and also to make the effective business strategy with the help of business statistics (Boons & Lüdeke-Freund, 2013)

Factors driving Organizational Performance:

Effective monitoring approach: the effective monitoring and screening approach is helpful for the organization to meet the challenges and the goals in a proper manner (Hair et al. 2014).

Appraisal methods: the appraisal methods are helpful to judge the employees according to their knowledge, skills, abilities in the organization for which the performance analysis are helpful (Lambert & Davidson, 2013).

Performance evaluation: employee performances are helpful for evaluating the organizational success in a systematic manner. 

Impact of business statistics on Firm performance:

Business statistics gives a positive impact on the organization by making the appropriate decisions. For this reason, the development of the production and the profitability are calculated in a systematic format. In this way, the services are developed in a proper way with the help of the organizational statistical analysis (Lambert & Davidson, 2013). Hence, in this way the auditing, financing, accounting and also the economic development can be made in the organization (Collis & Hussey, 2013). These are the factors through which the firm’s performance can be measured and the statistical analysis becomes fruitful in nature.

Conceptual framework:

Conceptual framework

Figure 1: Conceptual framework

(Source: Created by Author)

Research methodology

Research design:

Research designs are mainly descriptive, exploratory and explanatory. Here, descriptive methods will be used for the development of the organizational performance.

The descriptive research will be used here for making a positive impact in the organization with the help of the statistical tools and techniques. AMP capital will make a positive impact in the global market with the help of the statistical data collection methods (Hair, 2015). In this way, the managers and the employees are also helpful for developing organizational performance.

The positivism philosophy will be used here for gaining the knowledge related to statistics through which the research objectives can be fulfilled.

The deductive approach will be helpful to make the appropriate conclusion of the quantitative research. It is more descriptive in nature unlike other approaches thus helping in arriving at an authentic inference upon the necessity of business statistics for organizational performance.

Sampling technique:

In the case of the sampling technique, the effective probability method will be used to analyze the statistical observations in the organization to fulfill the goals and the objectives. The individuals of the organization also take an important role in the calculation of the statistical techniques for the organizational development (Jackson, 2015). 5 accounting managers, 7 finance managers, and 3 marketing managers will be selected for the quantitative analysis. The samples will be chosen with the help of the probability sampling technique. In this way, the accuracy level can be judged and also maintained in a proper manner to meet the challenges of the AMP capital.

Data analysis:

The data analysis can be calculated with the help of the analytical as well as the statistical techniques. Such as mean, median, mode, standard deviations are helpful for making the effective application of the data. In this way, the organization will be able to judge the result of the hypothesis test that whether it will be rejected or declined.

Conclusion:

H1: hypothesis would be accepted here in the study. Here it can be said that the statistical analysis is helpful for making the organizational performance in a proper manner. The firm’s performance is based upon the statistical factors and the methods through which the organization can able to meet their challenges in the global market.

For the further research, it can be said that the organization can able to make the quick decision about the tools and the methods based upon the statistics through which the future development can be made in a proper manner. In this way, it can also be concluded that the more emphasis need to be given upon the strengths of the statistical use through which the organization can make its improvement in their business process.

Reference:

Collis, J., & Hussey, R. (2013). Business research: A practical guide for undergraduate and postgraduate students. UK: Palgrave macmillan.

Eriksson, P., & Kovalainen, A. (2015). Qualitative Methods in Business Research: A Practical Guide to Social Research. UK: Sage.

Gill, J., & Johnson, P. (2010). Research methods for managers. UK: Sage.

Hair, J. F. (2015). Essentials of business research methods. US: ME Sharpe.

Jackson, S. L. (2015). Research methods and statistics: A critical thinking approach. US: Cengage Learning.

Boons, F., & Lüdeke-Freund, F. (2013). Business models for sustainable innovation: state-of-the-art and steps towards a research agenda. Journal of Cleaner Production, 45, 9-19.

Hair,F. Jr, J., Sarstedt, M., Hopkins, L., & G. Kuppelwieser, V. (2014). Partial least squares structural equation modeling (PLS-SEM) An emerging tool in business research. European Business Review, 26(2), 106-121.

Lambert, S. C., & Davidson, R. A. (2013). Applications of the business model in studies of enterprise success, innovation and classification: An analysis of empirical research from 1996 to 2010. European Management Journal, 31(6), 668-681.

Ampcapital.com.au. (2016). AMP Capital – Leading investment manager – Managed funds – Investment solutions. [online] Available at: http://www.ampcapital.com.au [Accessed 18 Aug. 2016].

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