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Statistical Management - Assignment

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Statistical Management
Table of ContentsINTRODUCTION...........................................................................................................................1ACTIVITY 1....................................................................................................................................1P1 Evaluation of business and economic data........................................................................1P2 Data from variety of sources using various methods of analysis......................................4M1 Analysis of price indices other than Office of National Statistics...................................6D1 Differentiation between the exploratory, confirmatory and descriptive analysis withexamples.................................................................................................................................6ACTIVITY 2....................................................................................................................................7P3 Evaluation of raw business data using a number of statistical methods...........................7M2 Assessment of different statistical application...............................................................11ACTIVITY 3..................................................................................................................................12P4 Application of statistical methods in business planning.................................................12M3 Justification and use of statistical methods....................................................................13D2 Explanation and recommendation for activity 3.............................................................13ACTIVITY 4..................................................................................................................................14P5 Using of appropriate charts finding communicate..........................................................14M4 Graphical representation assessed in activity one and second.......................................18D3 Use of tables and graphical representations in activity 1 and 2......................................18CONLUSION................................................................................................................................18REFERENCES..............................................................................................................................20
INTRODUCTIONStatistical management is the process of formulating right decisions so that uncertaintiescan be faced appropriately in future. It is used in financial analysis, auditing, production,econometrics and operations that are performed to modify services and market research. Theprocedure of statistical management involves collection and scrutinisation of business data.Managers of the organisations need to collect quantitative history of occurrence elements onoptimal repairs and procedures. It helps to forecast the use of material in every sector of thebusiness so that the shortage can be ignored. It is very important for a business entity as it canhelp to ensure quality, make connections and for provide effective judgements.This report covers various topics such as evaluation of business, economic data, rawbusiness data by using a number of statistical methods, application of statistical methods inbusiness planning, communication of findings by using appropriate charts and tables.ACTIVITY 1P1 Evaluation of business and economic dataNature of data and information can help to manipulate them by different techniques ofstatistical analysis. There are two different types of data these are qualitative and quantitative.First one is qualitative that includes characteristics and the another type contain the data innumeric format. Data can be turned into information and information in to knowledge (Carlsonand Wu, 2012). Data is unprocessed facts and figures that are recorded without interpretationwhen the recorded data get interpreted than it will become information. Knowledge is thecombination of different type of information.A. & B. CPI, CPIH and RPI by using office of national statistics website andappropriate tables and graphs for all of them:CPI and CPIH:Consumer price index is used to measure the changes ion the price levelof the market and CPIH is a new addition in the CPI in which housing cost of owneroccupiers is measured. CPIH rate was 2.2% in September 2018 which has been decreasedas compare to 2.4% which is for August 2018 (Chen and et. al., 2012). consumer priceindex rate was 2.4% in September 2018 which has been decreased as compare to Augustwhich is 2.7%. the rate has been decreased because prices of food, non alcoholic1
beverage, transport, recreation, culture and clothing sector has declined between themonth of August and September.CPI:From the above chart it can be summarised that there is frequent fluctuation in the CPI ofUK as in year 2007 it was 4.3% and now after 10 years has reduced up to 3% which is related toyear 2017 (Office of national statistics,2018).RPI:Retail price index is a measure of inflations that are monthly published by Officefor national statistics. It represents the changes in the cost of retail goods and services. RPI ratehas been decreased in month of September in year 2018. it was 3.5% in August month anddeclined up to 3.3% in September (Dezső, Ross and Uribe, 2016).2
C.Difference between CPI, CPIH and RPI:CPICPIHRPIIt is consumer price index.It is consumer pricing indexfor housing.It is retail price index.It is used to measure thechanges in prices of themarket.It is a new measure which isused to measure housing costof owner occupiers.It is used to measure theinflations that are publishedmonthly by Office for NationalStatistics.It is government preferredmeasure of inflations.It represents the changes inaverage residential rates.It helps to analyse the changesin the cost of retail goods orservices.D. Calculation of inflation rate with the help of consumer price index:Inflation rate is calculated with the help of consumer price index which is shown byOffice of national statistics on monthly basis. If the CPI is continuously decreasing than it will3
affect the inflation rate of the nation and will also result in fluctuation of inflation rates. Thechanged rate is converted to the percentage to calculate inflation (Easterby-Smith, Thorpe andJackson, 2012).For example, as CPI of year 2017 has increased up to 132 from 129 which is foryear 2016. The total difference is 2% which has resulted in the increment of inflation rate.E. Why it is important to have information of Inflation:For every organisation it is very important top have information of inflation rate as itdirectly affect the efficiency of executing business operations. It helps to plan for upcomingyear's activities so that, this may not result adversely. If the managers of the companies arehaving proper information of inflation than they may formulate effective strategies to performtheir operational activities efficiently at the time of increased or decreased inflation rate. Inflationrate of UK is 2% that affects the purchasing power of customers and also affect the CPI and RPIbecause it changes with the fluctuation in inflation.P2 Data from variety of sources using various methods of analysisCPI:YearTotal200710520081082009111201011420111202012124201312620141282015128201612920171324
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