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Problem Solution: USA World Bank
Introduction
USA World Bank (UWB) is a major bank that enjoys lucrative return of investment both internationally and domestically from its large consumer and small business bases. Traditionally, successful organizations would continuously re-define themselves and introduce innovative products to increase market share, profit margin, and competitive edge, and UWB follows the same direction. This paper will outline a problem solution for UWB to launch new product that would fulfill its goals. The problem solution entails recommendations for UWB to continuously enjoy being the leader of the banking industry by re-defining itself and introduce innovative products to increase market share, profit margin and competitive edge. This paper will focus on the statistical aspects of business research in order to assist UWB to facilitate business decision making and solve business problems. Statistical concepts such as probability, standard normal distribution, confidence intervals, descriptive statistics, inferential statistics, validity and reliability will be included in the discussion.
Situation Analysis
Presently, USA World Bank has two proposals: the Instant Reward Program proposed by President of New Product Development for USA World Bank Brian Allen that focuses on individual consumers, and a similar program that focuses on small business called the Small Business Instant Reward Program proposed by Vice President of New Product Development Jim Wilson. After first round of the presentation to the board by Brian, the result of UWB’s business research was heavily criticized by new board member Dr. Bea Hanson, who has in-depth knowledge at statistics (University of Phoeni ...