Overview: A Markov analysis examines a sequence of events and analyzes the tendency of one event to be followed by another. Using this analysis, you can generate a new sequence of random but related events, which will look similar to the original

Overview:A Markov analysis examines a sequence of events and analyzes the tendency of one event to be followed by another. Using this analysis, you can generate a new sequence of random but related events, which will look similar to the original. A Markov process is useful for analyzing dependent random events – that is, events whose likelihood depends on what happened last. This technique has many applications in business including market share analysis, bad debt prediction, university enrollment predictions, and determining whether a machine will break down in the future.Part 2 of this module defines quality and examines the most important statistical methodology for quality management: statistical process control (SPC). SPC does not refer to a particular technique, or procedure. Ultimately, SPC seeks to maximize profit by improving product quality, productivity, and customer service. It can also be focused on streamlining process, reducing wastage, or reducing emissions.Read:Render, B., Stair, Jr., R. M., Hanna, M. E., & Hale, T. S. (2018). Quantitative analysis for management (13th ed.). Pearson. ISBN: 9780134543451. Read Chapters 14 and 15.PLANS Assignment (1000 to 1200 words)Think about an organizational improvement initiative that you would like to make in an organization of your choice. This could be your current or previous work organization, religious institution, community organization or an organization that serves you as a customer.First, briefly describe the problem or opportunity. Then identify specific quantitative analysis techniques that could help you better understand the nature of the problem or opportunity as well as craft appropriate recommendations. What specific quantitative techniques offer the greatest promise in such analysis? What specific hypotheses might be tested? What insights would be sought in these analyses? What are some of the potential threats to validity that should be considered?