answer all the qustions

1. Cash flow management is one of the most critical activities in the day-to-day operation of many companies. Ensuring sufficient incoming cash to meet both current and ongoing debt obligations can mean the difference between business success and failure. A critical factor in cash flow management is the analysis and control of accounts receivable. By measuring the average age and dollar value of outstanding invoices, management can predict cash availability and monitor changes in the status of accounts receivable. For example, a company can set the following goals for cash flow management: The average age for outstanding invoices should not exceed 45 days, and the dollar value of invoices more than 60 days old should not exceed 5% of the dollar value of all accounts receivable. One of your friends who know you are taking a statistics course, tells you that she is very skeptical about the use of statistics. Instead, your friend states that she relies upon her own personal judgment, based on her many years of experience, and she has found this approach to be more effective in making business decisions than relying on the use of statistics, or "the numbers". Your friend has been operating a successful small business for many years now. FOR EACH OF THE SUB-TOPICS BELOW SUCH AS A, B, C, ETC., PLEASE BE SURE TO INCLUDE 6 - 8 SENTENCES TO ADEQUATELY ADDRESS EACH SUBTOPIC.

a. Illustrate how you would agree with your friend's position, from a statistical analysis perspective.

b. Illustrate how you would disagree with your friend's position, from a statistical analysis perspective.

c. How does the fact that your friend is successful affect the relationship you believe exists between business success and statistical analysis? Speculate on the apparent contradiction and the possible reasons.

d. Nevertheless, your friend is interested in any advice you can give her. In Chapter 3, Descriptive Statistics, many numerical measures are listed. If you only had twenty minutes to explain several of the measures listed in the chapter, which measures would you choose to explain to your friend and explain why those measures would have the most effect on your friend's bottom line as a small business owner. What precautions should your friend consider if she decided to rely on the measures you suggested? Use the following article to support your choice.

Descriptive Data Analysis.pdf Download Descriptive Data Analysis.pdf

e. You have another friend who owns a large restaurant and who describes the lunch and dinner hours as very chaotic. He has asked you to create a data dashboard with key performance indicators (KPIs) that both the staff and guests of the restaurant can see. Describe the KPIs that you would display on the data dashboard and explain the reasons for your choices. Be sure to consider the type of business and what the staff AND guests would consider to be important.

2. Numerical measures of location, dispersion, shape, and association are introduced in Chapter 3. If the measures are computed for data from a sample, they are called sample statistics. If the measures are computed for data from a population, they are called population parameters. In statistical inference, a sample statistic is referred to as the point estimator of the corresponding population parameter. This week, we are looking at some of the measures which can be computed from a sample, including the mean, range, variance, etc. The assumption is that the data is derived from a random sample. FOR EACH OF THE SUB-TOPICS BELOW SUCH AS A, B, C, ETC., PLEASE BE SURE TO INCLUDE 6 - 8 SENTENCES TO ADEQUATELY ADDRESS EACH SUBTOPIC.

a. What difference does it make, whether a sample is random or not? Evaluate the consequences of not using a random sample.

b. How does a researcher actually get a random sample?

c. In your judgment, is it usually easy or difficult to get a random sample and why?

d. If you wanted to get a random sample of the residents of the city of Newport News about their views on raising property taxes to build additional public schools, how would you actually go about producing the sample and how would you ensure that the sample was indeed a random sample? Please explain. If you wanted a sample size of 1000 residents, state how you would construct a plan to obtain the sample of 1000 residents.

e. What are the drawbacks to your method above and what alternative would you suggest for the method you stated above?

f. Identify and describe the circumstances when you would consider measuring an entire population (parameters) instead of taking and measuring samples (statistics).

PLEASE REPEAT THE QUESTIONS IN YOUR RESPONSE AND PROVIDE VERY DETAILED COMMENTS TO EACH QUESTION.