Statistics Financial in UK

Added on - 21 Feb 2021

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Statistics Financial
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3TASK 1............................................................................................................................................3A) Comparison of the earnings of women and men in public sector...........................................3B) Comparison of the earnings of women and men in private sector..........................................4C) Presentation of earnings of different sector by Time chart method........................................5D) Determination of annual earning growth rate.........................................................................6TASK 2............................................................................................................................................7A)................................................................................................................................................71) Estimation of median hourly earning and quartiles by ogive method.....................................72) Calculation for mean and standard deviation..........................................................................9B) Comparison of the earnings..................................................................................................10TASK 3.........................................................................................................................................11Section A....................................................................................................................................11Section B....................................................................................................................................11TASK 4..........................................................................................................................................124.1...............................................................................................................................................121. Bar chart.................................................................................................................................122. Pie chart.................................................................................................................................15....................................................................................................................................................174.2 Relationship between the number of bedrooms and the house price of bedrooms in all ofthe three streets..........................................................................................................................18CONCLUSION..............................................................................................................................24REFERENCES..............................................................................................................................25
INTRODUCTIONThe term financial statistics is related with all the numerical figures, data and valueswhich helps in summarizing relevant as well as appropriate information. Data as gathered withthe help of different statistical means is required to be evaluated with the help of the best toolsand methods for deriving proper interpretation from it. The present report is related with the useof different statistical tools for assessing results out of it. This report will help in assessingearnings of both the men and women of public & private sector with the help of hypothesismade. Also, various charts and graphs will be presented for supporting such table made.Furthermore, analysis of hourly pay rate in different region of UK will be provided. Also,explanation related to economic order quantity along with requisite calculations made. At last thereport will also shed light on designing of both the bar and pie chart for supporting data ofdifferent streets.MAIN BODYTASK 1A) Comparison of the earnings of women and men in public sectorNull hypothesis H0 :There is no significance difference in the earning of both women and menwho work in public sector.Alternative Hypothesis H1 :There is significance difference in the earnings of both women andmen who work in public sector.Table1: Significance in the earning of men and women in public sectorT-Test: Two-Sample Assuming Equal VariancesMen public sectorWomen public sectorMean32276.6226933.25Variance1449962.26975692.5Observations88Pooled Variance1212827.38Hypothesized Mean Difference0df14t Stat9.70P(T<=t) one-tail6.76t Critical one-tail1.76
P(T<=t) two-tail1.35t Critical two-tail2.14Interpretation :It can be interpreted from the above table that the p value of two tail are1.35 which is greater than the value of .05. It indicates that there is no significance difference inthe earnings of men and women in public sector. So they did not require to take the alternativehypothesis. There is no significance difference in earnings of two genders because of the variousreasons such as government support, legislative support, different policies etc. In public sectorgovernment provide various facilities and equal opportunities to both men and women whichreduce the difference in their incomes (Peters, 2016). The t-test helps to determine the differencein the annual income of men and women in public sector.B) Comparison of the earnings of women and men in private sectorNull hypothesis H0 :There is no significance difference in the earning of both women and menwho work in private sector.Alternative Hypothesis H1 :There is significance difference in the earnings of both women andmen who work in private sector.Table2: Significance difference ion the earning of men and women in private sectorT-Test: Two-Sample Assuming Equal VariancesMen private sectorWomen private sectorMean28096.6220541.25Variance795287.69988729.928Observations88Pooled Variance892008.81Hypothesized Mean Difference0df14t Stat15.99P(T<=t) one-tail1.08t Critical one-tail1.76P(T<=t) two-tail2.16t Critical two-tail2.14Interpretation :As per the above hypothesis it can be concluded that there is nosignificance difference in the earnings of men and women in private sector. The p value of 2 tailis 2.16 which is greater than .05 value. It shows no significance difference in the two variables of
men and women. In private sector, companies provide equal opportunities to their employees touse their skills and knowledges and perform according to their job role. They also follow thedifferent legislation such as equal pay act, employment act etc. which help to provide equalincome to the men and women who work in their companies. The t-rest help to confirm the resultby providing the different hypothesis and test them to get accurate and reliable result.C) Presentation of earnings of different sector by Time chart methodTable3: Annual income in public sectorYearMen public sectorWomen public sector2009306382522420103126426113201131380264702012318162666320133254127338201432878277052015336852790020163401128053
Table4: Annual income in private sectorYearMen private sectorWomen private sector200927632195512010270001953220112723319565201227705203132013282012069820142844221017201528881214032016296792225112345678010000200003000040000Men and women in private sectorMen private sectorWomen private sectorIllustration1: Presentation of earning of Private sector by time chartD) Determination of annual earning growth rateAnnual growth rate in the earnings of the men and women in private and public sectorYearMenYOYGrowthrateWomenYOYGrowthrateMenYOYGrowthrateWomenYOYGrowthratePublic sector annual incomePrivate sector annual income2009306382522427632195512010312642%261134%27000-2%195320%
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