Data Driven Decisions Making Task 2.docx C207 Data-Driven Decision Making College of Business Information, Western Governors University C207 Data-Driven Decision Making “Data-decision making is the process of
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Data Driven Decisions Making Task 2.docx C207 Data-Driven Decision Making College of Business Information, Western Governors University C207 Data-Driven Decision Making “Data-decision making is the process of making organizational decisions based on actual data rather than intuition or observation alone. The importance of data in decisions lies in consistency and continual growth. It enables companies to create new business opportunities, generate more revenue, predict future trends, optimize current operational efforts, and produce actionable insightsâ€. (Durcevic, 2019) A. Real-World Business Situation If you want to expand your business into different states but have to decide which States would be most economical, collecting and analyzing the wage estimates between Management Occupations and Financial Operations would allow you to select the best States to employ your new branches appropriately. By determining if there is a significant difference between the two occupations wage estimate averages from all 50 states, the company can formulate their decision based on statistical data instead of mere speculation. B. Data Relevant to Business Situation B.1. Relevant Data Collected To produce statistics specific to the companys needs, I used secondary data that I had collected from the U.S. Bureau of Labor Statistics. I collected a population size of 50 wage estimates for Management Occupations and a population size of 50 wage estimates for Financial Operations. B.2. Graphical Display 14:20:18 GMT -. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. .. . . . . . . . . . . . . . . . . . .. . . . .
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