Assignment Statistics for Management
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Added on 2020-06-06
Assignment Statistics for Management
Added on 2020-06-06
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STATISTICS FOR MANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1a. Assessing whether significant difference takes place in the earnings of men and womenworking in public sector.........................................................................................................1(B) Difference in income level in private sector between male and female..........................2© Earning time chart for year 2009 to 2016...........................................................................3D) Using chart of c and determines annual growth rate in earning of the four groups..........3TASK 2............................................................................................................................................5Section A..........................................................................................................................................52.1 Graphical presentation of the data....................................................................................52.2 Analysis of the data..........................................................................................................6B Measure of the dispersion...................................................................................................82.2 Preparation of the report and interpret the results............................................................9Section B........................................................................................................................................102.4 Line of the best fit...........................................................................................................10TASK 3..........................................................................................................................................12(a) Number of deliveries made currently every year............................................................12(b) Number of bottles of olive oil are delivered currently every year..................................12(c) Economic order quantity (EOQ).....................................................................................12TASK 4..........................................................................................................................................144.1 Bar and Pie charts...........................................................................................................144.2 Relationship between bedroom and their prices in varied streets..................................16CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................19
INTRODUCTION In the recent times, business units lay high level of emphasis on undertaking statisticaltools and techniques with the motive to summarize large data set for decision making. Statisticaltechniques enable management team to analyse and present gathered data set in a meaningfulway. Now, statistical tools are widely used by the firm for making suitable decisions that makescontribution in the attainment of goals. Moreover, without using statistical techniques it is notpossible for the management team to take profitable decision from the large data set consideredfor evaluation. The present report is based on different case scenarios that will provide deeperinsight about the manner which statistical test helps in presenting meaningful results. It alsodevelops understanding about measures of dispersion along with its strengths and weaknesses.Further, report also depicts how graphical presentation facilitates better understanding in relationto data set and thereby helps in making appropriate decision about near future. TASK 1a. Assessing whether significant difference takes place in the earnings of men and womenworking in public sector On the basis of given scenario, T test has been applied and following hypothesis has beenformulated: H0: There is no significant difference in mean values of earnings generated by men and womenin the public sector. H1: There is a significant difference in mean values of earnings generated by men and women inthe public sector.T test calculation and evaluation Male PublicsectorFemale PublicsectorMean32276.62526929.875Variance1449962.268977868.4107Observations88Hypothesized Mean Difference0df13t Stat9.705673424P(T<=t) one-tail1.2709E-07t Critical one-tail1.770933396P(T<=t) two-tail2.54179E-07t Critical two-tail2.1603686561
Interpretation: By applying statistical tool on data set, it has assessed that mean incomeof male and females working in public sector accounts for £32276.62 & £26929.87 respectively.This aspect clearly exhibits that average income earned by males, in the context of public sector,are higher over females but not with the higher level. Further, it has assessed from evaluationthat p>0.05 which in turn indicates that null hypothesis is true and other one rejected.Considering the results of such evaluation, it can be depicted that there is no significantdifference takes place in the average income of men and women working in public sector. Inother words, it can be said that both men and women are receiving similar salary during theperiod considered for investigation. e in the average income of men and women working in public sector. In other words, itcan be said that both men and women are receiving similar salary during the period consideredfor investigation. (B) Difference in income level in private sector between male and femaleTable 1T test for male and female income in private sectorMale Private sectorFemale PrivatesectorMean28062.87520541.25Variance840242.6964988729.9286Observations88Hypothesized Mean Difference0df14t Stat15.73088181P(T<=t) one-tail1.35387E-10t Critical one-tail1.761310136P(T<=t) two-tail2.70773E-10t Critical two-tail2.144786688InterpretationOn basis of facts it can be identified that value of level of significance is 1.76>0.05 whichmeans that there is no significant mean difference between male and female in private sector interms of income level. 2
© Earning time chart for year 2009 to 2016Figure 1 Earning time chart from year 2009 to 2016InterpretationIn case of public sector there is high income level for male and female relative to private sector. Same trend is observed in case of females in both sectors. Overall it can be said that people receive more pay in public then private sector.D) Using chart of c and determines annual growth rate in earning of the four groups In the above table, percentage changes in the income level of public and private sectorpeople in all over the market among female and male:2010201120122013201420152016Public sector male2.0%0.4%1.4%2.3%1.0%2.5%1.0%Private sector male-1.3%0.9%1.7%1.8%0.9%1.5%2.8%Public sector female3.5%1.4%0.6%2.6%1.3%0.7%0.5%Private sector female-0.1%0.2%3.8%1.9%1.5%1.8%4.0%3
Figure 2 Graphical representation of the variable in percentage changeFrom the above graph, it can be stated that there are male candidates exists that in publicsector is increasing 1 to 2%. Furthermore, on the basis of different year’s growth rate remainsalso change around 1.5% to 2.5%. Beside this, there are most of the years in which primatesector and public sector growth remains same. In the public sector female’s variable growth ratewill be seen around 3.5 to 0.5%. Hence, it can be stated that trends of the female and maledetermines in the public and private both kinds of sector. In the case of the male, goodpercentage observed that is around high. Therefore, it can be stated that slow growth in theincome level consisting in the public sector then the private. Further, trends are inversely impacton the growth rate of the income level. Therefore, income for both male and female in privateand public sector exist. TASK 2Section A4
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