Data Skills: Sampling Techniques and Inflation Rates Analysis

This report on data skills covers the importance of data analysis for businesses and discusses sampling techniques, including random and systematic sampling. It also analyzes the fluctuations in inflation rates over the past 24 months and their impact on employee payrolls. The report recommends that companies increase employee payrolls according to inflation rates to improve worker satisfaction and efficiency.

Data skills

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
1. Determine the main reasons behind using sampling techniques at the time maintaining huge
data also discuss various types of methodologies of sampling..............................................3
2. Measure the fluctuations in the inflation rates during the past 24 months with the help of
graphical presentation.............................................................................................................4
CONCLUSION................................................................................................................................5
RECOMMENDATION...................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Data skills refers the knowledge of any individual to analyse and inter-prate large amount
of data and provide suggestions to the management of the company (Adamchik, Hyclak and
Sedlak, 2019). It is an important aspect for the employees as well as any business to operate their
operations with the help of advance technology and software. In this report, business and its
related financial activities are analysed. Sampling methodologies are discussed which is helpful
for the organisation to make effective decisions. This report highlight the concerns of the
employees and workers who is willing to increase its payrolls during the time of COVID
pandemic. It includes concern related to the increase in cost of production due to increase in
inflation rates and it also influence the cost of essential products in the market.
MAIN BODY
1. Determine the main reasons behind using sampling techniques at the time maintaining huge
data also discuss various types of methodologies of sampling
Population refers to the group of persons from that a sample is drawn for a examination.
In other words assortment of individuals grouped for a common purpose is also called as
population. A sample refers to the process used in statistical examination in that predetermined
quantity of outcomes are taken from the large number of people or larger population. Sampling is
always based on a specific purpose of the report or researcher (Bahr, Chen, and Columbus,
2022). Many organisation use this technique as marketing tool which is helpful for organisation
to determine the needs and wants of the consumers. There are two type of methods of sampling
which are explained below:
1. Random sampling: This sampling methodology provide equal importance to every item
which has equal probability of being chosen. For example, in random sampling opting 50
employee out of a total employee which is 300. All 300 employee have equal opportunity
to be selected for the process because there is no human involvement is included during
the sampling.
2. Systematic sampling: It is starts at a simple starting point within the population and ii
uses a fixed period time interval to opt a product for a sample. This time interval is
computed as size of population divide by the size of sample.

2. Measure the fluctuations in the inflation rates during the past 24 months with the help of
graphical presentation
Inflation rate refers to the rate which increase the prices of goods and services over a period of
time. In other words, it is a overall increase in the commodity prices which increase the cost of
living of a nation. As per the last 24 months inflation is at their higher point or degree. It create a
negative impact over the cost of productions of the companies and also decrease the investing
power of the company. Last 24 month is not easy for the countries and peoples because of
spreading COVID virus. It negatively influence the economy of all nations and also damages the
operations of every business sector. It is analysed in the last few years that wages of employee is
increasing comparatively lower than the increase in the inflation. Inflation in the country increase
the cost of living by increasing the essential items for the life like food. It also increase the cost
of various products and services like parking, petrol or diesel and transportation which create
difficulties for the worker and employees to manage their expenses (Chester, Richdale, and
McGillivray, 2019).
Figure 1CPI of UK

Figure 2Anuual Pay Growth of UK
Employees of the company Walmart is desire to increase their salary or wages because
their purchasing power and living cost is increased during the inflation in the market. They need
pay more amount for the products which are cheaper before Covid pandemic. Company also
facing many issues during COVID which as transportation, distribution problems and others.
Sale of Walmart is at their peak due to increase in the demand of essential products. People
purchase excess amount of products in order to store in the houses with the fear of shortage
which is beneficial for the company (Chester, Richdale and McGillivray, 2019). Company
generate huge profits in the last 24 months. Walmart is in the condition to increase the wages of
their employee which increase the trust of the employees over the company. It is a very
important for the company to build the trust of the employee in order to run their operations
efficiently. Employee and workers also want some increment in their wages or salaries. Their
survival is costly due to inflation.
CONCLUSION
From the above report it can be concluded that data skills is a very important aspect for
the business to operate business operations. Sampling is the most effective method which is used

by various organisations for marketing purpose. It provide important information related to the
consumers needs and wants. Sampling has two methods which provide effective knowledge to
the companies. Population is a representative sample of a larger group of individuals which is
grouped for a common purpose. Inflation is a quantitative measure of a rate of change in cost of
commodity for a period of time. Growth in the payrolls of the of the employee is beneficial for
the company because higher pay satisfy their needs and they work more efficiently.
RECOMMENDATION
It is analysed from the above report that organisations related to essential services and
product generate huge profits at the time of COVID pandemic. Inflation rates are increasing
continuously from last 24 moths which influence the life cycle of the businesses as well as
individuals. Inflation rates are increasing but salaries and wages of the employees are not able to
increase as compared to the inflation rates. It is suggested for the companies to increase the
payrolls of their workers according to the inflation. It is also beneficial for the companies
because higher wages increase the interest of the workers and they perform more efficiently and
effectively

REFERENCES
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Characteristics, Behaviors, and Outcomes of Successful Non-Completing Students
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