Business - Decision Making Essay Example | Topics and Well Written Essays - 1000 words

Business - Decision Making - Essay Example For example, the depreciation in the value of a car as time passes and the distance it is driven is done by simple regression. But this type of situation rarely exists since there are many complex factors or variables that exist in the real world. If we want to calculate the future earning of a person taking only his years in school is simple regression, but it is not accurate since other factors like age, qualification, industry, experience are not taken into account. If we take all these factors into account the situation becomes more complex and hence multiple regressions would have to be used. Linear regression is used in similar circumstances as a simple regression. A relationship between height and weight of adults can be presented in a linear regression. The heights and weights are marked on a graph and a straight line is drawn through the middle. On the other hand nonlinear regression (NLREG) is used in more complex situations. "NLREG is a powerful statistical analysis program that performs linear and nonlinear regression analysis, surface and curve fitting." (NLREG). After the taking over of Company W, WidgeCorp is supposed to be one of the leading industries under marketing of snack foods and beverages. Their style of management and business decision-making was different from the company W. The WidgeCoThe WidgeCorp wanted their employees to collect relevant information's by doing statistical analysis and make use of the information gathered for decision making and further action, unlike the company W which actually relied on experience and judgment of their managers. (Problem, 2008). By the next year, within the industry, the sale of snacks and cold beverages are supposed to be the largest product segments, and these 2 categories will become driving force of the industry. The cold beverages are acquiring space in almost all shops with a high proportion in hotel groups and restaurants. Cold storage machines grew at an even more impressive 42% in 1999, with this growth coming at the expense of shelf-stable products. According to the National Restaurant Association, revenues from restaurants as far as cold beverages are concerned are expected to reach $321 billion in 1999. This cold beverages industry is concerned as a large and healthy industry in our economy, and suppliers to this industry are expected to benefit from this growth. The chances of progress of a industry which is fast moving and innovative which can introduce enhanced products to the restaurants and other needy customers stand to gain significant market share in a relatively short time span. The company can market its cold beverages to three distinct market segments including; distributors, branded sandwich and juice manufacturers, and end users, whose main focus will be on restaurants and hotels. (Vending services business plan, 1996-2008). According to AC Neilson figures, in the cold beverage industry there has been a continuous increase in sales figures. The market saw considerable growth in , rising by 214% in 2002 and 2003, A survey commissioned by the company Squeeze last year showed that 53% of Irish people drink fruit juice almost daily. Sales figures intimated that Britain now consumes 2.2 billion