Statistics for Management : Assignment

Added on - 21 Jul 2020

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STATISTICS FORMANAGEMENT
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1(A) Hypothesis Testing based on income level in public industry........................................2B) Presenting income level of man and women in the workplace in private industry...........3C) Presenting Earnings – Time chart for each of the group..................................................4D) Producing annual growth rate..........................................................................................4TASK 2............................................................................................................................................62.1 Presentation of data through graph...................................................................................62.2 Presentation of data analysis...........................................................................................7B) Dispersion..........................................................................................................................92.3 Presenting report and interpretation.................................................................................9SECTION B...................................................................................................................................102.4 Best fit line.....................................................................................................................10TASK 3..........................................................................................................................................13A) Presenting number of deliveries made in a particular period..........................................13B) Outlining deliveries made in each round.........................................................................13C) Defining EOQ..................................................................................................................13D) Outlining comparison between EOQ and cost................................................................14TASK 4..........................................................................................................................................164.1 Presentation of bar chart and pie chart by using data analysis.......................................164.2 Outlining relationship between number of bedrooms and different prices in Green street,Church lane and Eton avenue...............................................................................................18CONCLUSION..............................................................................................................................19REFERENCES..............................................................................................................................20
INTRODUCTIONStatistics is a useful branch to show relations among variables to understand differencewith much ease by the statisticians. The present report deals with statistics in management andhighlights importance of statistical computation in various spheres of calculations by thestatistician. It discusses testing of hypothesis between two different sets of data to drawmeaningful conclusion with much ease. Moreover, calculations related to central tendencies suchas mean, mode is also done. Apart from this, standard deviation is also computed. ANOVAtechnique is also drawn out to measure variability and EOQ model is also described to show howstock should be purchased by the company to minimise overall cost.TASK 11
(A) Hypothesis Testing based on income level in public industryH 0: No difference between income level of men in public industry and income level of womenin public industry.H 1: Difference between income level of men in public industry and income level of women inpublic industryTable 1 – T table showing difference between income level of men and women at public industryMen PublicindustryWomen PublicindustryMean value32276.62526929.875Variance value1449962.268977868.4107Observations from industry88Hypothesized Difference in mean0df13t Stat9.705673424P(T<=t) one-tail1.27E-007t Critical one-tail1.770933396P(T<=t) two-tail2.54E-007t Critical two-tail2.160368656Interpretation -From the above table, the difference between male and female in the public industry canbe analysed. For highlighting this difference, T test is used. This is the important technique toassess the difference between mean value and variable one. It can be interpreted from the abovetable that value of level of significant difference is 1.27 > 0.05 which shows that there is nomuch difference between income level of male and female in public industry in totality. This isclearly identified from the calculation of T test with much ease. This means that both man andwomen in the workplace gets same amount of salaries at same job position. Same salaries aredrawn by man as well as women at the workplace in public sector. This clearly shows that nogender inequality is being found out in the organisation as same salaries are provided to both ofthem.The T test is highly useful technique to shows the significant difference betweenvariables and mean value of them. This is evident from the above calculation that income levelof male employees in public industry is around 32276 while in addition to this, female workershave 26929 income value at the same workplace. This shows that income value of man atworkplace is more than of female as there is difference of 5347 but this difference is not highly2|P a g e
deviated. On the other hand, variance value of male is much than that of female which is1449962 and 977868 of male and female respectively. Thus, income level of male is muchdeviating than that of female at the workplace.B) Presenting income level of man and women in the workplace in private industryTable – 2 Income level of man and women in private industryMen Private industryWomen PrivateindustryValue of mean28062.87520541.25Variance value840242.6964988729.9286Observations drawn from industry88Hypothesized difference in mean0df14t Stat15.73088181P(T<=t) one-tail1.35387E-10t Critical one-tail1.761310136P(T<=t) two-tail2.70773E-10t Critical two-tail2.144786688Interpretation -From the table, significant difference between income level of men and women at privateworkplace may be clearly analysed quite effectively. The value of level of significance ashighlighted by the table is 1.35 > 0.05 which clearly reflects that there is no significant differencebetween income level of men and women at the private workplace. This is evident from theabove table that mean value of income of man is 28062 and that of women is 20541. Similarly,the variance value of man is 840242 and of women is 988729 from the above calculation. Thisreflects that income level of women is much deviated than that of men in the calculation. Asthere difference between income level of men and women (Rivera, 2017). Thus, in private aswell as public industries, same salaries are provided to male and female employees. This clearlyshows that government is not demotivating females and as such, gender inequality is notobserved from both tables of private and public ones. Only minor difference is observed in thescenario regarding paying of salaries to both classes. This is provided by T test which is muchhelpful to statisticians to draw meaningful results and as such, meaningful conclusions can bemade by interpreting both the tables. As a result, T test is quite useful technique for statisticiansto produce relevant results with much ease.3|P a g e
C) Presenting Earnings – Time chart for each of the groupFrom the above chart, it can be analysed the difference between income level of men andwomen in private as well as public sectors. The chart provides that in public sector, income levelof men is increasing from 2009 to 2016 year. It was 30638 in 2009 which roused to 34011 at theend of 2016 financial year. On the other hand, income level of men in private sector also rousedup to greater extent from 2009 to 2016 financial year. In 2009, income in private sector was27632 and in 2016, it was 29679. This shows that income in private as well as public sectors isincreased rapidly. On the other hand, income level of women in private sector is also increasedas in 2009 was 19551 and at the end of 2016 was 22251. While, in public industry, in 2009income level was 25224 and at the end of 2016 was 28053. This means that women income levelis much increased in public industry than that of private one. Besides this, income level of menin public sector is much than that of private sector.D) Producing annual growth rateTable 3 – Showing percentage change in income level in private and public industry of men andwomen in recent years4|P a g eIllustration1: Earnings chart
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