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Statistics for Management

TABLE OF CONTENTS

INTRODUCTION...........................................................................................................................1

TASK 1 EVALUATION OF ECONOMIC DATA AND BUSINESS DATA...............................1

b) Gap between male and female annual earning...................................................................4

TASK 2 ANALYSE AND EVALUATE RAW BUSINESS DATA USING NUMBER OF

STATISTICAL METHODS............................................................................................................6

A. (i) Use an Ogive to estimate the median hourly earnings..................................................6

A. (ii) Calculate the mean and standard deviation for hourly earnings..................................8

B. Comparative analysis.........................................................................................................9

A) Scatter diagram..................................................................................................................9

(B). Line of best fit...............................................................................................................11

(C) Calculation of turnover at a size of 30 sqm....................................................................11

(D). Calculation of correlation coefficient...........................................................................11

(E). Statistical validity of prediction and discussion of two factors that affect turnover.....12

TASK 3 APPLICABILITY OF STATISTICAL METHODS IN BUSINESS PLANNING........12

A. Number of delivery in a current year...............................................................................13

B. Number of bottles delivery delivered with each delivery................................................13

C. Economic Order Quantity calculation.............................................................................13

D. Comparison between current operating model and economic order quantity................14

TASK 4 COMMUNICATE APPROPRIATE FINDINGS...........................................................15

a) Scatter diagram.................................................................................................................15

C. Ogive graph......................................................................................................................17

CONCLUSION..............................................................................................................................17

REFERENCES..............................................................................................................................18

INTRODUCTION...........................................................................................................................1

TASK 1 EVALUATION OF ECONOMIC DATA AND BUSINESS DATA...............................1

b) Gap between male and female annual earning...................................................................4

TASK 2 ANALYSE AND EVALUATE RAW BUSINESS DATA USING NUMBER OF

STATISTICAL METHODS............................................................................................................6

A. (i) Use an Ogive to estimate the median hourly earnings..................................................6

A. (ii) Calculate the mean and standard deviation for hourly earnings..................................8

B. Comparative analysis.........................................................................................................9

A) Scatter diagram..................................................................................................................9

(B). Line of best fit...............................................................................................................11

(C) Calculation of turnover at a size of 30 sqm....................................................................11

(D). Calculation of correlation coefficient...........................................................................11

(E). Statistical validity of prediction and discussion of two factors that affect turnover.....12

TASK 3 APPLICABILITY OF STATISTICAL METHODS IN BUSINESS PLANNING........12

A. Number of delivery in a current year...............................................................................13

B. Number of bottles delivery delivered with each delivery................................................13

C. Economic Order Quantity calculation.............................................................................13

D. Comparison between current operating model and economic order quantity................14

TASK 4 COMMUNICATE APPROPRIATE FINDINGS...........................................................15

a) Scatter diagram.................................................................................................................15

C. Ogive graph......................................................................................................................17

CONCLUSION..............................................................................................................................17

REFERENCES..............................................................................................................................18

Index of Figures

Figure 1 Gross annual earnings of male..........................................................................................2

Figure 2 Gross annual earnings of female.......................................................................................3

Figure 3 Gross annual earnings of male and female in public sector..............................................4

Figure 4 Gross annual earnings of male and female people in private sector.................................5

Figure 5 Ogive graph showing relative cumulative frequency........................................................7

Figure 6 Scatter diagram................................................................................................................10

Figure 7 Scatter diagram with line of best fit................................................................................11

Figure 8 Scatter diagram between floor space and turnover.........................................................15

Figure 9 Male gross annual earnings in public sector...................................................................16

Figure 10 Ogive graph...................................................................................................................17

Index of Tables

Table 1 Change in gross annual earnings of male...........................................................................1

Table 2 Change in gross annual earnings of female........................................................................3

Table 3 Gap between male and female annual earnings in public sector........................................4

Table 4 Gap between male and female annual earnings in public sector........................................5

Table 5 Calculation of cumulative frequency..................................................................................6

Table 6 calculation of mean.............................................................................................................8

Table 7 Calculation of standard deviation.......................................................................................8

Table 8 calculation of correlation coefficient................................................................................11

Figure 1 Gross annual earnings of male..........................................................................................2

Figure 2 Gross annual earnings of female.......................................................................................3

Figure 3 Gross annual earnings of male and female in public sector..............................................4

Figure 4 Gross annual earnings of male and female people in private sector.................................5

Figure 5 Ogive graph showing relative cumulative frequency........................................................7

Figure 6 Scatter diagram................................................................................................................10

Figure 7 Scatter diagram with line of best fit................................................................................11

Figure 8 Scatter diagram between floor space and turnover.........................................................15

Figure 9 Male gross annual earnings in public sector...................................................................16

Figure 10 Ogive graph...................................................................................................................17

Index of Tables

Table 1 Change in gross annual earnings of male...........................................................................1

Table 2 Change in gross annual earnings of female........................................................................3

Table 3 Gap between male and female annual earnings in public sector........................................4

Table 4 Gap between male and female annual earnings in public sector........................................5

Table 5 Calculation of cumulative frequency..................................................................................6

Table 6 calculation of mean.............................................................................................................8

Table 7 Calculation of standard deviation.......................................................................................8

Table 8 calculation of correlation coefficient................................................................................11

INTRODUCTION

In corporate sector, business managers need to devise multitude of plans, policies and

strategies which require comparative evaluation of multiple of alternatives and thereby choose

the most appropriate ones which fuel business growth. Statistics plays a key role in the science of

decision making process wherein top authority uses various statistical tools and methods i.e.

descriptive and inferential statistics to examine their progress (Beardwell and Thompson,

2014).This report aims at examining business results through applying various statistical

methods so as to make appropriate decision making. Moreover, on the basis of various charts,

graphs and tables, necessary findings will be figure out properly.

TASK 1 EVALUATION OF ECONOMIC DATA AND BUSINESS DATA

There are two types of data in which it is collected, analysed and therefore utilised for

specific purposes. Types of data are: Primary Data: Original data that has been collected for a specific purpose from an

original source as raw. Data collected in this way is known as primary data (Embrechts

and Hofert, 2014). These are conducted through regular basis interviews, questionnaire,

surveys conducted by organisation and other various sources. Mostly they are conducted

as feedback for the products or services launched in the market or to know the view

regarding any services or product necessity.

Secondary data: Data that are collected from the other available sources such as firm's

database, via books and journals, from financial statements of firms and internet blogs

are called secondary data. In simple words, the data which is already there in organised

form and thus utilising it for specific concern.

a) Change in gross annual earnings in the public and private sector since 2009

As per Office of National Statistics report, the gross annual earnings in the public and

private sector are fluctuating since 2009.

Table 1 Change in gross annual earnings of male

Particulars

Public

sector

Year on

Year

absolute

change

Year-on-

Year

growth

Private sec-

tor

Year on

Year ab-

solute

change

Year-on-Year

growth

2009 30638 27362

1

In corporate sector, business managers need to devise multitude of plans, policies and

strategies which require comparative evaluation of multiple of alternatives and thereby choose

the most appropriate ones which fuel business growth. Statistics plays a key role in the science of

decision making process wherein top authority uses various statistical tools and methods i.e.

descriptive and inferential statistics to examine their progress (Beardwell and Thompson,

2014).This report aims at examining business results through applying various statistical

methods so as to make appropriate decision making. Moreover, on the basis of various charts,

graphs and tables, necessary findings will be figure out properly.

TASK 1 EVALUATION OF ECONOMIC DATA AND BUSINESS DATA

There are two types of data in which it is collected, analysed and therefore utilised for

specific purposes. Types of data are: Primary Data: Original data that has been collected for a specific purpose from an

original source as raw. Data collected in this way is known as primary data (Embrechts

and Hofert, 2014). These are conducted through regular basis interviews, questionnaire,

surveys conducted by organisation and other various sources. Mostly they are conducted

as feedback for the products or services launched in the market or to know the view

regarding any services or product necessity.

Secondary data: Data that are collected from the other available sources such as firm's

database, via books and journals, from financial statements of firms and internet blogs

are called secondary data. In simple words, the data which is already there in organised

form and thus utilising it for specific concern.

a) Change in gross annual earnings in the public and private sector since 2009

As per Office of National Statistics report, the gross annual earnings in the public and

private sector are fluctuating since 2009.

Table 1 Change in gross annual earnings of male

Particulars

Public

sector

Year on

Year

absolute

change

Year-on-

Year

growth

Private sec-

tor

Year on

Year ab-

solute

change

Year-on-Year

growth

2009 30638 27362

1

2010 31264 626 2.04% 27000 -362 -1.32%

2011 31380 116 0.37% 27233 233 0.86%

2012 31816 436 1.39% 27705 472 1.73%

2013 32541 725 2.28% 28201 496 1.79%

2014 32878 337 1.04% 28442 241 0.85%

2015 33685 807 2.45% 28881 439 1.54%

2016 34011 326 0.97% 29679 798 2.76%

Figure 1 Gross annual earnings of male

On the basis of above table, it can be seen from the public sector data that gross annual

earnings of male shows consistently an increasing trend but at fluctuating rate. In 2010, it shows

a YOY growth of 2.04% thereafter, shows lower increase by 0.37% and 1.39%. In 2012,

earnings have been increased at good percentage to 2.28%, then again at less percentage growth

to 1.04%. Over the given period, earnings show highest growth in the year 2015 by 2.45%

whereas in last year, it was increased by 0.97% only. However, looking to the private sector, in

2010, gross annual earning has been decreased per male from £27,362 to £27,000 by £362

(1.32%) so as to control cost, afterwards, till the end of the 2013, it shows regularly increasing

trend by 0.86%, 1.73% and 1.79% respectively. Afterwards, in next two year, it rose by YOY

2

2011 31380 116 0.37% 27233 233 0.86%

2012 31816 436 1.39% 27705 472 1.73%

2013 32541 725 2.28% 28201 496 1.79%

2014 32878 337 1.04% 28442 241 0.85%

2015 33685 807 2.45% 28881 439 1.54%

2016 34011 326 0.97% 29679 798 2.76%

Figure 1 Gross annual earnings of male

On the basis of above table, it can be seen from the public sector data that gross annual

earnings of male shows consistently an increasing trend but at fluctuating rate. In 2010, it shows

a YOY growth of 2.04% thereafter, shows lower increase by 0.37% and 1.39%. In 2012,

earnings have been increased at good percentage to 2.28%, then again at less percentage growth

to 1.04%. Over the given period, earnings show highest growth in the year 2015 by 2.45%

whereas in last year, it was increased by 0.97% only. However, looking to the private sector, in

2010, gross annual earning has been decreased per male from £27,362 to £27,000 by £362

(1.32%) so as to control cost, afterwards, till the end of the 2013, it shows regularly increasing

trend by 0.86%, 1.73% and 1.79% respectively. Afterwards, in next two year, it rose by YOY

2

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