Week 2-510 Essay Example | Topics and Well Written Essays - 3000 words

Week 2-510 - Essay Example needed information, and when they receive the inputs, they should process it and take the correct decision for the proper functioning of the organization. One of the important inputs or aids that will surely help an organization in the decision making process is the research and statistics component. That is, components like descriptive statistics and probability concepts with good hypothesis and research will go a long way in aiding the management to come up with correct decisions. In the case to be analyzed, USA World Bank (UWB) is on the threshold of launching a new product, with the board already initiating the decision making process. And the component that is aiding this decision making process is the statistics work done by the respective department. So, this paper by using the research and statistical concepts will analyze the UWB’s issue or problem, opportunities, stakeholders’ view, end state vision, available solutions and the results. USA World Bank is facing some important issues, which needs quick and appropriate attention. The first issue is USA World Bank’s track record in introducing new products, which cannot be considered successful. Brian Allen, President of New Product Development for USA Word Bank, agrees with this fact, â€Å"Our new products have pretty much tanked in the past couple of years. We’re under a lot of pressure† (Scenario). So, the issue or challenge is to break this trend and introduce a truly workable product. The next issue that is plaguing USA World Bank is the need to select a product to launch using faulty statistical results. That is, a survey was done to find which product out of two, a consumer credit card or a credit card for small business owners will work optimally. Even though, the survey clearly favored the normal consumer credit card, the issue with that result is that a statistics specialist found faults with the statistical analysis particularly the me thod used to collect the data. As the product