Statistics for Management Assignment Solved

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STATISTICS FORMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Methods of data analysis:.....................................................................................................1TASK 2............................................................................................................................................4P2 Evaluation of data from qualitative and quantitative.............................................................4P3 Evaluation of raw business data.............................................................................................6TASK 4............................................................................................................................................8P4 Statistical methods used in business planning.......................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONBusiness and economic data analysis is basically collection and organization of data so thata researcher can come to a conclusion (Anderson and et. al., 2014). Data analysis allows theperson to answer various questions, derive important information and solve problems to come ata conclusion.TASK 1P1.Methods of data analysis:Qualitative Research:This research involves the data and focuses on describingcharacteristics. This research does not use numbers. A better way to remember it is that it usesquality.Quantitative Research:This research involves numerical data. It focuses on study offinancial statements such as balance sheet, profit and loss account, cash flow statement etc toderive on some results.Interpreting data from a variety of sourcesusing different methods of analysis:descriptive, exploratory and confirmatory:Descriptive analysis:This is a preliminary stage of processing the data that uses summary ofhistorical data to find useful information and possibly prepare the data for further analysis.Descriptive analysis of data is necessary as it helps to determine the normality of the distribution.Descriptive analysis is used to analyse the basic features of the data in the study.Exploratory data Analysis:Thisis an approach for the analysis of the data that employs avariety of techniques to maximize insight into a data set, uncover the underlyingstructure,extractimportant variables, detection of outliers and anomalies, testing underlying assumptionsetc. EDA is precisely an approach and not a technique on how to carry the analysis of data. EDAis a philosophy as to how we dissect thedata,what we look, how we look, and how to interpretthe data (Dey, MüIler and Sinha, 2012).TECHNIQUES OF EXPLORATORY DATA ANALYSIS:EDA techniques are graphical in nature which also includes quantitative techniques. EDA isheavily reliant because it gives graphical insight into the data which allows the analysts to openmindedexplore and entice the data to reveal structural secrets.
The particular graphical techniques involved in EDA are quite simple, which consists varioustechniques:1.Plotting the raw data: 1) data traces 2) histograms 3) Bi-histograms 4) Lag plots2.plotting simplestatistics suchas meanplots,standard deviation etc.3.Positioning such plots to maximize our natural pattern-recognition abilities.Confirmatory data Analysis:Confirmatory data analysis and exploratory data analysis issomewhat similar techniques but in confirmatory analysis researchers can specify the number offactors that is required in the data and which measures are related to which latent variable.Confirmatory data analysis is a tool that is used for the confirmation or rejection of measurementtheory. The advantage of confirmatory research is that results are more meaningful, the reasonbehind it is that in confirmatory research, one ideally strives to reduce the probability of falselyreporting a coincidental result as meaningful. This is called the probability of a type 1 error.DESCRIPTIVE STATISTICS:Descriptive statistics is used to describe the basic features of the data in a study. Itprovides simple summaries about the sample and the measures.Descriptive statisticsis the briefof coefficients that summarises a given data set. Descriptive statistics is broken down intomeasures of central tendencies such as (mean, median and mode) and measures of variabilitysuch as standard deviation and variance (Horton, Baumer and Wickham, 2015).MEASURES OF CENTRAL TENDENCIES:Mean: The mean or average is the most common of the central tendencies that is used todescribe the data. The mean is calculated by adding all the values in a population or mean anddividing it by the total number of the values. Forexample,the mean or average of numbersscored by the students in an examination is calculated by adding all the marks scored by thestudents and then dividing it by the number of students. Forexample,consider the following testnumbers scored by the students:15, 21, 34, 24, 19, 32, 27, 38
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