Statistics For Management Assignment - (Solved)

Added on - 06 Jan 2021

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Statistics For Management
Table of Contents..........................................................................................................................................................3INTRODUCTION...........................................................................................................................4ACTIVITY 1...................................................................................................................................4a) Ascertaining the earnings of male and female in public sector..............................................4b) Ascertaining the difference between the earnings of males and females in private sector.....5c) Presentation of the earnings of men and women from the period of 2009 to 2016...............5d) Determining the annual growth rate of all four groups..........................................................8ACTIVITY 2....................................................................................................................................9a) Estimating the median hourly earning and quartiles...............................................................9b) Ascertaining the mean and standard deviation in relation to hourly rates............................11Comparison of the statistics of two different regions...............................................................12ACTIVITY 3.................................................................................................................................13a) Calculating economic order quantity (EOQ)........................................................................13b) Occurrence of cost and cost..................................................................................................14c) Calculating inventory policy cost........................................................................................14d) Identifying current service level..........................................................................................14e) Ascertaining the re-order level..............................................................................................14ACTIVITY 4.................................................................................................................................15a) Formation of charts for RPI, CPI and CHIP from 2007- 2017.............................................15b) Presentation of the Ogive chart for the cumulative % of leisure staff and hourly earnings.17CONCLUSION.............................................................................................................................17REFERENCES..............................................................................................................................18Books and Journals...................................................................................................................18
INTRODUCTIONStatistics in business management is of utmost importance because of the fact that abusiness entity works in a dynamic environment in which every move has to be calculated inadvance (Importance of statistics for managers,2013). It is used by managers in for the purposeof quality assurance, production and operations, financial analysis etc. The present project reportis about the evaluation of business and economic data acquired from public sources, analysis andevaluation of raw data by the application of different statistical tools. Further, the assignmentwill highlight the application of statistics on business planning and lastly communicating thefindings by the way of appropriate charts and tables.ACTIVITY 1a)Ascertaining theincomeof male and female in public sectorWorking in Public sectorParticularsMaleFemaleAverage3227626929Variance1449962977868Number of observations88Hypothesized Average Difference0Degree of freedom13t Statistics9.71P(T<=t) One tail1.27t Critical one trial1.77P(T<=t) two tail2.54t Critical two tail2.16Null Hypothesis (H0) :This signifies that there is no significant variation in the income of maleand female in the public sectorAlternative Hypothesis (H1) :This signifies the significant difference between the earnings ofmale and female in the public sector.
Interpretation:From the above data, it can be observed that the value of p is higher than the 0.05 at 95%level of significance, which means that the null hypothesis is accepted (Alan, 2016). This reflectsthat there is no momentous or significant relation or difference between themale and female inthe public sector.b) Ascertaining the difference between theincomeof males and females in private sectorWorking in Private sectorParticularsMaleFemaleAverage28062.8720541.25Variance840242.7988729.93Number of observations88Hypothesized Average Difference0Degree of freedom14t Statistics15.73P(T<=t) One tail1.35t Critical one trial1.76P(T<=t) two tail2.7t Critical two tail2.15Null Hypothesis (H0) :This signifies that there is no critical difference in the income of maleand female in the private sectorAlternative Hypothesis (H1): This signifies the significantvariation between the income ofmen and womenin the private sector.Interpretation: It canbe seen that the numerical quantity of p is higher than 0.05 and t is 1.35which means that null hypothesis is accepted(Calculator, 2015). This shows that theincome ofmale and female bothin the privately held sector does not reflects significant difference in theirearnings respectively.c) Presentation of theincome of female and malefrom the period of 2009 to 2016
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