1. Correlation: Correlation Does Not Mean Causation One of the major misconceptions about correlation is that a relationship between two variables means causation; that is, one variable causes changes in the other variable. There is a particular tendency to make this causal error, when the two variables seem to be related to each other.
What is one instance where you have seen correlation misinterpreted as causation? Please describe. OR 2. Linear Regression
Linear regression is used to predict the value of one variable from another variable. Since it is based on correlation, it cannot provide causation. In addition, the strength of the relationship between the two variables affects the ability to predict one variable from the other variable; that is, the stronger the relationship between the two variables, the better the ability to do prediction.
What is one instance where you think linear regression would be useful to you in your workplace or chosen major? Please describe including why and how it would be used.
Ryanair Business Strategy: Internal and External Analysis Distributed: fifteenth June, 2018 Last Edited: fifteenth June, 2018 Disclaimer: This paper has been presented by an understudy. This isn't a case of the work composed by our expert article authors. You can see tests of our expert work here. Any assessments, discoveries, conclusions or proposals communicated in this material are those of the writers and don't really mirror the perspectives of UK Essays. Ryanair: Case Analysis Report Presentation Ryanair, built up in 1985, is viewed as the fundamental instigators of the "minimal effort " aircraft transporters, making another specialty in a market already commanded by previous national carriers, for example, BA. The organization has developed to a position where in 2005 it has 15 bases and 150 flying machine working all through Europe, conveying thirty million travelers (see figure 1), with a multi year focus to expand this to seventy million (Ryanair 2007). This position has been accomplished by making a "nitty gritty" approach on value (Pettigrew et al 2002), which gave it an upper hand over the set up carriers (Porter 2004, p.207 and Kotler et al 2004, p.407), in spite of the fact that endeavors to stretch out this to incorporate charging for ice utilized as a part of in-flight drinks (Creaton 2004, p.169) was cancelled after client grumblings. The target of the business is to wind up Europe's driving "ease" carrier and first for client benefit, the last position which was first come to in 2002 as indicated by free sources (see supplement A, figure 3). Essentially, the organization additionally looks to keep up esteem development for investors. Outside Analysis Advancement of the aircraft business in the 1970's opened up the business to new contestants and another plan of action. Being one of the "principal movers" in this new part (Faulkner and Campbell 2006) Ryanair has exploited the development openings offered by making an "ease" show in view of the effective Southwest Airline (2007) technique. This move has been in part in charge of increment in traveler numbers utilizing UK airplane terminals over the most recent three decades (see table 1), with desires for a triple increment by 2030. Table 1 Airline travelers Year Travelers (m) 1980 50 1990 90 2000 180 With previous eastern coalition nations changing over from radical to law based political structures this development is set to keep, furnishing the business with facilitate openings (see reference section A, figure 4). A significant number of these previous Baltic States have now joined the EU, which additionally gives Ryanair the chance of growing its goal arrange. Nonetheless, the industry development has additionally observed new contenders enter this specialty showcase, including EasyJet, BMI, Virgin express and Aer Lingus. To keep up its upper hand the two noteworthy players have tried to combine their situation by key acquisitions. Here Ryanair, with its fruitful obtaining and joining of the "Buzz" lo-cost transporter, has been more effective that EasyJet's experience when procuring "Go." Although the real carriers, for example, BA have reacted to dangers from Ryanair, to date these have not demonstrated effective. The making of this specialty industry division has additionally prompted noteworthy changes in the customer's recognition (O'Connell, J., and G. Williams 2005). Requests for less expensive tolls has expanded as costs have fallen, and the buyer observation and way of life has changed as to sorts of occasions has extended quickly, with end of the week breaks and some time ago obscure goals expanding in prevalence. Ryanair has additionally made full utilization of the advances in innovation and computerized forms inside its "ease" plan of action. It was one of the principal "minimal effort" carriers to perceive the adjustments in the customer purchasing propensities coming about because of these innovative advances, utilizing this dispersion to enhance its administrations, energize facilitate buyer change and proceed with cost lessening points of interest (Johnson et al 2007, p.481). Proof of this can be found in the business move to paperless tickets, with more appointments being made through the Internet and, all the more as of late, a move towards robotized booking– in systems at the air terminal, diminishing the requirement for extension of HR to take care of demand increment. In the meantime, this innovation utilize additionally encourages Ryanair to keep up one of its key corporate goals, which is to return achievement and incentive to the investors. There are two other outer variables that effect upon the business and influence the assurance of procedure. The first is ecological issues., which incorporates the worries communicated by shoppers and governments identifying with the effect that air travel development has upon the nearby networks and framework and the second is the indigenous habitat, where organizations are presently required to consider the effect that their activities have upon issues, for example, environmental change. The second issue is in the expansion of enactment, especially from the EU. In this regard Ryanair tasks need to agree to controls as far as reasonable rivalry, which influences mergers and acquisitions and out of line practices, and targets set by the EU in connection to discharge decreases required to address atmosphere change.[PL1] Inward Analysis As Lynch (2006) and Faulkner and Campbell (2005) expressed inside their individual looks into, for association's, for example, Ryanair, who have focused on their technique at a "low-value" item, it is basic that, to keep up upper hand, who presented that to accomplish and keep up low cost in the commercial center, the business itself must be organized in a way that gave a constrained cost base all through all parts of the business, to hold a beneficial outcome. Watchman (2004) recommends that this cost lessening process must be imparted all through the esteem chain (see reference section B, figure 6). Michael O'Leary, and the Ryanair administration group have strived to accomplish this situation through various measures. Utilization of assets Ryanair makes great utilization of its assets. For instance, the greater part of the flying machine are of one outline, the Boeing 737-800 arrangement. This has a few positives. Right off the bat, the organization gets a markdown from Boeing. Furthermore, It lessens costs regarding upkeep and preparing. In the last case, not at all like EasyJet, which needs to prepare pilot and lodge team to work on various diverse air ship plans, Ryanair's staff just need to acquaint themselves with the one. Also, the turnaround of flying machine at goals is snappy and effective, hence diminishing unit cost. HR Notwithstanding the quantity of courses worked and the calculated issues of maintaining a business of the extent of Ryanair, the organization works with a moderate demeanor towards head office, administrator, air ship and support teams and organization staff. Toward the finish of the 2005 monetary year the business utilized around 2,800 work force, a figure which has changed next to no finished a five-year time span. The majority of the Ryanair workers are relied upon to multitask. For instance, lodge group are required to clean lodges and evacuate trash between flights. Innovation As said before, Ryanair modernizes however many administrations as could be allowed. With Internet booking, paperless tickets, robotized booking-in forms and numerous different parts of the tasks being streamlined in this way, this guarantees creation and different expenses stay low. Goals Another imp0ortant part of the Ryanair cost lessening methodology is the centralization of its goals into auxiliary as opposed to essential airplane terminals. Landing expenses and different charges at these air terminals is significantly lower than the fundamental air terminals and, even with the "sweetners" paid by Ryanair, the unit costs per traveler of trip into these goals stays less expensive. Travel design At long last, the item itself has been improved. There is just a single class on a Ryanair flight and no pre-booking of seats. Besides, for all intents and purposes everything except for the seat costs. This incorporates beverages, suppers and the other retail items accessible on board, with even free levels of stuff is constrained. The accomplishment of this methodology can be confirm when contrasting the met overall revenue of Ryanair with different transporters. The accompanying information, taken from the different association's sites and budgetary proclamations demonstrate the differnce (see table 2 underneath): - Table 2 Net benefit rates Organization Rate Ryanair 17.81% EasyJet 7.98% English Airways 7.28% Finding of current difficulties Be that as it may, similar to all organizations, Ryanair isn't resistant from challenges as it moves into what's to come. From the investigation of the business tasks it is obvious that these difficulties and dangers will originate from five fundamental territories (informative supplement A, figure 4). Rivalry As specified before, with the rising vote based systems inside Europe, together with the provincial and worldwide harmonization of rivalry rules, Ryanair is probably going to discover expanded rivalry creating from these territories inside the following couple of years to 10 years. With the expanded commercial center and, as can be seen from the offer of the market that ease carriers have (see figure 2), there is abundant extension for new rivalry. The exchanges about the "open skies" assention between the EU and US (Milmo and Gow 2007), if these work out as intended, will likewise represent a danger as it makes a potential for US carriers to enter the business segment. These activities could antagonistically influence the business proceeded with monetary achievement. Union and development There has just been some union inside the part. It is likely that this will proceed for years to come, and this could represent a danger to Ryanair's prevailing position. Besides, the companies claim development example could affect contrarily upon productivity. In spite of development a>GET ANSWER