Business

Business Research Method III
After reviewing Riordan Manufacturing Inventory Management System,   it was noticed that the current inventory system needs improvement.   There are flaws with how the inventory is received, updated in the inventory system and the time factor when the inventory can be viewed in the system. This paper will discuss the current processes and the changes that are necessary to improve the efficiency of the process for the success of the company.   The data collected is further analyze, the necessary five step hypothesis testing is applied and the challenges are reviewed and resolved.
Statistical analysis
The management at Riordan manufacturing wants to identify the defects in the critical areas of business operations. Statistical analysis of the sample data collected from different business operation is one of the most accurate ways to identifying the defects in the process. Several statistical tools and techniques allow business to measure the efficiency in the business process. Riordan Manufacturing is trying to bring the efficiency to the several areas of business operations. Team A has decided to evaluate the efficiency of raw material arrival time. Team has collected random sample of raw material arrival time from each quarter of the year 2008.   Sample data listed in table 1.
Table 1: Four random sample data collected for raw materials receiving process for each quarter of the year 2008.
Quarter Samples Arrival time Variation
Quarter 1 Sample 1 90% (10%)
Sample 2 88% (12%)
Sample 3 92% (8%)
Sample 4 89% (11%)
Quarter 2 Sample 1 91% (9%)
Sample 2 90% (10%)
Sample 3 92% (8%)
Sample 4 89% (11%)
Quarter 3 Sample 1 94% (6%)
Sample 2 91% (9%)
Sample 3 90% (10%)
Sample 4 91% (9%)
Quarter 3 Sample 1 88% (12%)
Sample 2 89% (11%)
Sample 3 93% (7%)
Sample 4 95% (5%)

Note: Data presented in this table shows significant variation in arrival time for every sample data listed for each quarter.
The statistical analysis based...