Data Skills in Business and Finance: Sampling Methods, Inflation and Wages, Business Operations

This report discusses the importance of data skills in business and finance, particularly in dealing with large data through sampling methods. It also analyzes inflation and wage trends over the past 24 months and evaluates the increase or fall in business operations. The report concludes with recommendations for businesses to maintain sustainability and stability in a dynamic environment.

Data Skills

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
1. State the reason behind using sample while dealing with the large data. Explain and identify
the methods of selecting sample..................................................................................................3
2. Analyse and evaluate the inflation and wage of the past 24 months by using graph..............3
3. Evaluate and examine increase/fall in the business operating in business and finance...........5
Summary and Conclusion................................................................................................................6
Recommendations............................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Data skills have been in so much demand in the recent times, it is useful in number of fields
which helps managing accounts by using technology (Asmal and et.al., 2020). In the below
report, the topic selected is business and finance. It states about the how to deal with the large
data and identify the two methods which help in selection of data. In the second part it explains
about the increasing price of the daily products and how coronavirus affected the wages paid to
the employees. It studies about the increase and decrease in inflation by using graphs diagrams
and tables.
MAIN BODY
1. State the reason behind using sample while dealing with the large data. Explain and identify
the methods of selecting sample.
Population in statistics means the thing which is under study, that may be an object, person
or procedure. Population is the aggregate of the things, creatures and so on. In case the data
under study is huge, then the statistician uses sample methods in order to reach on a result. A
sample is data collected from the specific group. In sample the data is comparatively less than
the total population under the study.
There are two types of sampling method:
Probability sampling which involves random selection of data that will help in reaching
on a conclusion. It is also known as ‘random sampling’.
Non- probability sampling is the selection of data according to the need of the research
(Ebadi and Rahimi, 2018).
2. Analyse and evaluate the inflation and wage of the past 24 months by using graph.
Inflation is the increase in the prices over a specific period of time. Inflation is a broader
concept which includes overall increase in the prices in cost of living of the country. In the
following case the rate of inflation has increased over every quarter and remained positive. This
increase will cause increase in the cost of product and services prevailing in the market. The
change in the inflation also affects the wages and salaries of the employees, with the increase in
prices they have to pay more for the same product. Thus the salaries and wages of the employees
needs to be increased. In the following case the inflation has increased by 55% over the period of

time but the increase in the wages and salaries is only 22%. It suggests the inflation has increase
more than double the increase in the wages and salaries (Heilmann, 2020).
In case of percentage change in wages and salaries, it can be seen that the salary has
increased mostly in every quarter except the two quarter where the change in the salary was
negative.
In case of percentage change in inflation, it has increased in every quarter irrespective of
any other factor effecting the increase in the price of the commodity. The concept of inflation
cannot be irradiated from the economy. It is the part of the living and has to be bear by every
person living in the country. It can be seen that the increase in the wages have remained low as
compared to the increase in the rate of inflation.

3. Evaluate and examine increase/fall in the business operating in business and finance.
The price of the basic food, parking, diesel/petrol have increase over the period of time
which has caused in increase in the prices of the business operation. It studies about the changes
in the revenue, expenses and cash balances of various firms to identify the changes in the
variables over the specific period of time. It provides the detailed health report of the company
by comparing with the previous record of the company. Profits of the organisation working in the
retail has fallen because of the increase in the cost of the product and also other factors
(Khalifian and et.al., 2019).

Cost of maintaining the stores and keeping the environment secure from various organisms.
The firm sales have increased in the pandemic due to increased demand from the general public.
The demand of groceries has increased as everyone remained in their homes. During the period
the sale of TESCO has increased by 7% excluding the fuel. At the start of the pandemic, which
hit the U.K. in March 2020, the government offered all types of businesses financial support but
some, particularly those in food retailing, gave the money back given that their sales grew during
the series of lockdowns in the country (Smith, 2018).
Summary and Conclusion
From the above prepared report, it can be asserted that increasing costs would be having a
negative impact on employees of company, it further helps to find ways that would prove that
rise in level of salaries and wages would be having a positive effect on earning power of
company. It helps to have a better understanding of terms such as inflation rate, wages earned,
decline or rise in earnings which are experienced by business enterprise within chosen sector.
The report will further serve as a guidance for having a view where the business is lacking and
lagging behind.
Recommendations
It has been observed that Inflation rate has increased whereas wages have reduced over a
time span of 24 months presented with the help of graphs. It has also been noticed that there is a
rise in earning experience by business enterprises which are operating in related sectors during
pandemic situation as well which would be serve as a competitive advantage over other
companies to maintain sustainability and stability in dynamic environment. Decline in level of
wages would be a tough situation as employees would face difficulties and complexities when
inflation and prices of goods and services would increase.

REFERENCES
Books and Journals
Asmal, Z. and et.al., 2020. Skills supply and demand in South Africa. Labour Market
Intelligence Programme.
Ebadi, S. and Rahimi, M., 2018. An exploration into the impact of WebQuest-based classroom
on EFL learners’ critical thinking and academic writing skills: A mixed-methods
study. Computer Assisted Language Learning, 31(5-6), pp.617-651.
Heilmann, L., 2020. Health and numeracy: The role of numeracy skills in health satisfaction and
health-related behaviour. ZDM, 52(3), pp.407-418.
Khalifian, C.E. and et.al., 2019. Skills for healthy adult relationships at the University of
Maryland, Baltimore County: Program development and preliminary data. Journal of
interpersonal violence, 34(12), pp.2551-2572.
Smith, G., 2018. The intelligent solution: automation, the skills shortage and cyber-
security. Computer Fraud & Security, 2018(8), pp.6-9.