(PDF) Statistics for management | Assignment Sample

Added on - 01 Jan 2021

  • 15

    pages

  • 2703

    Words

  • 13

    Views

  • 0

    Downloads

Showing pages 1 to 4 of 15 pages
STATISTICS FORMANAGEMENT
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1ACTIVITY 1....................................................................................................................................1A. Locating CPI, CPIH with reference to Office of National Statistics......................................1B. Representing charts, table and graph for reflecting indices of year 2007 to 2017..................2C. Retail price Index vs Consumer Price Index...........................................................................3D. Extracting annual inflation with use of Consumer Price Index..............................................4E. Reason about importance of inflation rate...............................................................................4ACTIVITY 2....................................................................................................................................5A.1 Ogive for estimating median and quartile of hourly earnings..............................................5A.2 Standard deviation and mean for hourly earnings................................................................6......................................................................................................................................................7B. Comparing London and Manchester's earning........................................................................8ACTIVITY 3....................................................................................................................................8A. Carrying paired t test with 5% significance level...................................................................8B. Usual conditions for paired t test.............................................................................................9C. Constructing 99% confidence interval....................................................................................9ACTIVITY 4..................................................................................................................................11A. Indicating charts with CPI, CPIH and RPI from year 2007 to 2017.....................................11B. Ogive for cumulative % of staff vs hourly earnings.............................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONStatistics are replicated as numerical statements of facts with reference to any departmentof enquiry which is placed in relation to other. It refers to body of methodology and techniquewhich is developed for presentation, collection and analysis of quantitative data with applicationof these data in context of decision making. There will be application different statistical toolsthrough management with context of showing outcome and aim of financial analysis, qualityassurance along with different operations of business areas. The present report will give briefdiscussion about activities which are required for resolving research and business planningissues. It will reflect CPI and RPI on basis of Office of National statistics website with tabularand graphical format as well. Furthermore, it will show variations in these indices with methodof calculating annual inflation with its importance. This report will show proper analysis andevaluation of hourly pay rates in different regions of UK with appropriate statistics such as mean,median, quartile and standard deviation. In the similar aspect, it will be investigating mean with ttest at 5% significance and represent ogive chart for indices and staff% vs hourly earnings.ACTIVITY 1A. Locating CPI, CPIH with reference to Office of National Statistics(CPI) Consumer Price Index:It is measure of average alteration over time in paymentof prices through urban consumers for market basket of consumer services and goods. Itaccounts rising and falling prices as it is used as inflation measure with effectiveness ofeconomic policy of government. It provides businesses, citizens and government as idea relatedto price alterations in economy as guide for taking informed decisions (O’Neill, Ralph andSmith, 2017).(RPI) Retail Price Index:It is also and particular measure of inflation which ispublished through office of National Statistics as it reflects alteration in cost of representativesample about retail services and goods. It considers items like housing, bus fares, householdgoods and petrol as it weighs highly to food and housing and tobacco like products are lowerweighting.CPIH:These indices considers owner occupier's housing cost and considers as leadmeasure about inflation. It is replicated as comprehensive measure of UK and comprises owneroccupier's housing costs along with council tax as well. It uses approach referred as rentalequivalence for measuring OOH.1
Year20072008200920102011201220132014201520162017CPI2.33.62.23.34.52.82.61.500.72.7CPIH2.43.522.53.82.62.31.50.412.6RPI4.34-0.54.65.23.232.411.83.6Interpretation:The above table is showing multiple indices of consecutive 10 years from2007 to 2017. It has been observed that in year 2015 it was having 0 inflation as it showsmultiple fluctuations which was highest in year 2011 as 4.5. It perhaps as the best method forgauging inflation amount in economy of UK. In the similar aspect, CPIH has been traced whichhas considered owner's occupier's housing cost with range of 0.4 to 3.8 but on contrary, RPI hasabnormal changes with -0.5 in 2009 and sudden raise of 4.6 in 2010 as from year 2007 to 2017 itdecreased from 4.3 to 3.6 respectively. It is showing consumer purchasing power with trade ofUnited Kingdom.B. Representing charts, table and graph for reflecting indices of year 2007 to 2017Interpretation:The above graph is showing graphical format for indices with percentagechange from year 2007 to 2017. All indices have various fluctuations as there trend is approxsimilar but in RPI there is drastic change from year 2009 to 2010 as it was negative and suddenlyit raised to 4.6 and started raising but it decreased till 2015 and raised till 2017 (James, 2018).Individual trend of each indice is plotted above and in UK, appropriate growth and stability with2
desklib-logo
You’re reading a preview
card-image

To View Complete Document

Become a Desklib Library Member.
Subscribe to our plans

Download This Document