Statistics And Problem Solving In Business Essay

955 words - 4 pages

IntroductionCommercial air travel is a competitive industry that requires business managers to effectively collect, organize, analyze, and interpret industry and market statistical data on a continuous basis. Airlines today are constantly faced with business problems relating to maintaining a constant situational awareness on industry trends and activities. Increasing the speed of interpretation of these industry trends and activities is at the heart of many airlines corporate management strategies. Business managers in the airline industry are constantly faced with having to adapt to new market dynamics and, as such, are constantly faced with adjusting pricing and negotiating strategies in order to stay competitive. By analyzing quantitative and qualitative industry statistics, in a timely and efficient manner, airlines can make better-informed business decisions that will positively impact company profits. This paper will discuss these business related problems in the airline industry and discuss how Continental Airlines has effectively implemented research strategies which analyze quantitative and qualitative market statistics, in a timely way, to counter these business challenges. As a result, the company has improved cost savings measures and improved company profits.Problem DescriptionToday, business managers in the airline industry attempt to interpret quantitative and qualitative industry statistical data in an effort to make better-informed business decisions. Managers in the airline industry face very common business related problems. These problems include having to maintain a constant awareness of the global and regional trends in the industry, identifying potential future market opportunities, the need for benchmarking standards of performance, the need to effectively leverage service advantages, and finally the need to adapt purchasing, planning, and negotiating strategies that are affected by consumer and market trends. Continental Airlines has recently implemented a research strategy that focuses on collecting and interpreting trend and market statistical data in a timely way in an attempt to improve the speed and accuracy of business decision-making. The cost of failing to address these problems meant declining profits for the airline.Research MethodologyIn 2004, Continental Airlines incorporated speech analytic technologies into its research methodology of collecting statistical data. This data has proven essential in making timely and effective business decisions. This new technology allowed the company to better interpret industry trends in a timelier manner, which improved the cost savings for the company. Continental's new "CallMiner" system replaced its outdated process of collecting statistical data manually and improved its "Call Mix Survey" process, which collected and tabulated detailed information on incoming calls to reservation agents. CallMiner automation allowed management the ability to review a much larger...

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