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Problem Solution: Usa World Bank

Running head: PROBLEM SOLUTION: USA WORLD BANK

Problem Solution: USA World Bank
Tim Reid
University of Phoenix

Problem Solution: USA World Bank
USA World Bank, a major industry leader in the domestic and international market, has the opportunity to introduce two new programs intended to retain current customers and attract prospective clients. Statistical data has been acquired that supports both the Consumer Rewards Program and the Small Business Rewards Program. Due to statistical discrepancies, the data accumulated has the potential to be slightly skewed. However, an optimal solution minimizes the risk of launching both new products, breaking historical company culture, and also introduces a standard operating procedure to alleviate future statistical indiscrepancies.
Situation Analysis
Issue and Opportunity Identification
The employees charged with accumulating data at USA World Bank used poor sampling methods in order to support the potential new Consumer Reward products. A majority of the consumers surveyed were already existing USA World Bank customers, not only causing a conflict on interest, but also inherently creating flawed data. Furthermore, for the Consumer Rewards Program product, the survey was only sampled via online customers catering to the young, tech savvy population, and generated a huge sample number of 140,000. The figures produced yield major discrepancies and no conclusive information. USA World Bank did not knowingly poll any individuals that were not customers. The online survey was offered only after consumers logged onto the website ensuring that only existing customers completed the survey.
USA World Bank needs to establish and institute a more random sampling technique in order to accurately portray their target consumer base. Often, sampling is more feasible than studying an entire population. However, in order to discover information regarding a population, the sample must be a portion of the population...