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Descriptive Statistic, BUSINESS MANAGEMENT TOOLS - Coggle Diagram
Descriptive Statistic
Analyse Data
Summarize data
Median
Middle value in the data
Mode
Value that appears most frequently
Mean
Average value
Quartiles
Divide data into four parts
First quartile : Bottom 25 per cent
Second quartile : Lowest 50 per cent
Upper quartile / 75th percentile : Bottom 75 per cent not the top 25 percent
Standard Deviation
Measure of how spread out numbers are within a set of data
Bar Charts
Show data that are independent of each other
Shown in bars
Pie Charts
Show how a whole is divided into different elements
Shown in a circle
Infographics
Charts or graphs or images that convey information in an easy to understand manner
Visual representations of data
BUSINESS MANAGEMENT TOOLS
Circular Business Model
Concern
Society are becoming more aware of the environmental impact of business activities.
Businesses are becoming more aware of the situation hence the need to adopt the concern into their operations is essential.
How will a business products sold will end up after its use or expiration?
Benefits
Less damage to environment
Use fewer resources and can cut costs
Able to attract staffs that are concerned on environment stance of the business they work for
Able to attract investors that concerns on environment
Avoid media criticism
Can be ahead of other businesses and gain competitive advantage
Elements
Product Life Extension Models
Extending the life products to reduce the need to use resource to produce more. Materials that are disposed are maintained and improved (repairing, upgrading)
Google is developing phones made up of different modules to enable customers repairing, changing and upgrading themselves.
Google can prevent the phones from being thrown away.
Sharing Models
Offering services where people share products rather than own for themselves.
Airbnb enable existing properties to be shared rather than building new hotels or resorts
Bicycle sharing enables sharing resources rather than owning the bicycles hence providing bettter use of resources
Product Service System Models
Leasing or renting products rather than owning the products. Business keeps the ownership.
Michelin sells 'tyres as a service' to business customers where they will pay based on miles driven. Customers do not need to deal with maintenance costs
This encourages Michelin to develop longer-lasting tyres and can be repaired or recycles more easily.
Elements
Circular Supply Models
Replace the use of scarce resources with renewable, recyclable or bio-degradable resources
Resource Recovery Models
Re-use resource outputs and re-process waste materials into new resources
Walt Disney sends its food waste to a digestion facility that is converted into renewable biogas to generate electricity. This can reduce the amount of new resource used
