Question

Write a paragraph that describes some important decision you have made that was based primarily on the classical method or on empirical data.

Answer 1

Decision making based on the classical method or mostly empirical data is an important and frequent task in an organization of small, mid or large level. Empirical data helps business owners or senior management to take futuristic decisions for the organization based on hierarchy, behavior, and statistical representation of the past sales, service or marketing related information or data. For example,

1. Sales related data helps them know the growth in the sales of a product or the region in which the sale of the product is maximum.
2. Sales related data also helps them to know the rise in the consumption of the goods.
3. Production-related data helps them to know the increase in the production cost of the product and the factors due to which the cost has been increased.
4. Customer service related data helps them to know about the type of issues in the product, customer grievances and the frequency at which the customer faces the issue.
5. Marketing related data helps them to know the cost of investment they had made in the marketing of the product.