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Benchmarking - Assignment Example

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Summary
Benchmarking, according to Andersen and Pettersen (1996), is a common process through which organizations measure particular aspects of performance against established group norms, previous performance or future performance. Such comparisons are often made to generate reports…
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Benchmarking
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Download file to see previous pages kinds of statistical data such as sales records and stock inventory management data in order to reflect what is really happening within a certain business, and, consequently, to assist those who have invested in the business or run the business to make important decisions regarding the business.
The measure of central tendency chosen for this work is the statistical or sample mean. The sample mean is very useful in determining the likelihood of an outcome such as predicting sales patterns, this is very important in guiding the management at Books R Us in decision making. Some of the decisions to be made may pertain to investing in new technologies, reducing or increasing the resources allocated to the sales team at Books R Us
Considering the data set provided pertaining to Books R Us and the need to know if the sales performance at Books R Us is good or not, the average sales made by the business in every schools in district, the average number of students per district, the average family incomes in every district, the average amount spent per pupil and the average percentage of families receiving welfare are some of the highly significant variables that ought to be brought into perspective.
The measure of central tendency chosen (the sample mean) will be calculated for each of the variables identified above as critical in assessing the sales performance at Books R Us. The total values for each variable will be added first, and then divided with the total number of items recorded for each variable. The resulting means (for each variable) will then be used in sales assessment in at Books R Us through constant comparison in the following ways:
Can help determine the purchasing power families have .Compared with the first two variables, this can be used to assess sales performance with regard to pricing of books and can be used to guide decisions on how books are priced in particular districts
Can help determine the purchasing power families have .Compared with ...Download file to see next pagesRead More
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