Assignment on Statistics Management

Added on - 11 Jan 2021

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STATISTICS MANAGEMENT
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1ACTIVITY 1....................................................................................................................................1A. Locate data on basis of ONS related to 10 years data for CPI and RPI..................................1B. Produce graph and table for above information......................................................................2C. Retail Price Index vs Consumer price Index...........................................................................3D. Application of CPI for extracting annual inflation.................................................................4E. Rate of inflation with its significance......................................................................................4ACTIVITY 2....................................................................................................................................5A. Hourly Pay rates......................................................................................................................51. Quartile and Median hourly earning with ogive......................................................................52. Mean and standard deviation of hourly earning......................................................................7B. Comparison among earnings of London and Manchester.......................................................8ACTIVITY 3....................................................................................................................................9A. Paired t test with 5% significance level..................................................................................9B. Normal conditions of paired t test...........................................................................................9C. 99% confidence interval with objective of mean reduction..................................................10ACTIVITY 4..................................................................................................................................11A. Line or bar charts with alteration in RPI and CPI for 10 years till 2017..............................11B. Ogive chart of cumulative% of staff versus hourly earnings................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14
INTRODUCTIONStatistics is known as data science as it is set of numerous mathematical equation whichare used for analysing different things in quantitative format. It helps in giving appropriateinformation about present happenings. In the present scenario, it is very important becauseinformation on basis of world is identified with context of statistics only. On a very importantnote, it is used through management with objective of giving quality assurance, operations,financial analysis and production in multiple business areas. There is development of confidencein manager to deal with uncertainty and for effective decision making to give huge reliance ofstaff and stable leadership. The present report will provide brief analysis on basis of Consumerprice Index and retail price Index from Office of National Statistics website as it will showvariations among these indices in clear perspective. This report will directly analysis andevaluate different raw business data on basis of multiple statistic method. Furthermore, It willrepresent statistical method on context of business planning and its finding and outcome will beshown in presentable format such as graph and tables will be drawn.ACTIVITY 1A. Locate data on basis of ONS related to 10 years data for CPI and RPIRetail Price index:This is measure of inflation which is always published in monthlybasis through Office of National Statistics. It tracks alteration in cost of fixed basket of goodsover fixed duration. The services or goods which are used such as food, household goods,heating, petrols and bus fares (Song and Wang, 2018).The weighing of goods has been whereitems like housing are highly weighted and items such as tobacco are of lower weight.Consumer price Index:This price indices is majorly used through national statisticalagencies as yearly percentage change in CPI is considered as particular inflation measure. Insimple words, it is measure of alteration in price for collecting goods and services liketransportation, medicine and groceries as appropriate benchmark for gauging inflation cost alongwith living. CPI is recorded with objective of observing consumer's purchasing power or to staywith it.1
Interpretation: There is representation of retail price and consumer price indices from2007 to 2017 from ONS website. It could be observed that there are numerous fluctuations inthis particular data base as it shows purchasing power of consumer along with trade of UnitedKingdom. The CPI's highest rate is 3.8 where its minimum is 0.4. However, RPI's minimum is -0.5 and maximum is 5.2 in past 10 years from 2007 to year 2017.B. Produce graph and table for above informationIllustration1: Percentage change in RPI (bar chart)Illustration2: Percentage change in CPI (bar chart)2
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