(solved) Statistics for Management: PDF

STATISTICS FOR
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
ACTIVITY 1....................................................................................................................................1
A. Representing data with context of retail and consumer price index via Office of National
Statistics.......................................................................................................................................1
B. Framing table, charts and graphs for shoeing alteration in above stated indices (2007 –
2017)............................................................................................................................................2
C. Reflecting variations in RPI and CPI......................................................................................3
D. Application for calculating yearly inflation............................................................................3
E. Explaining reason with significance of rate of inflation.........................................................4
ACTIVITY 2 (Client B)...................................................................................................................4
Hourly pay rates in various region of UK....................................................................................4
A.1 Reflecting Ogive for determining median hourly earnings along with quartiles..................4
A.2 Extracting standard deviation and mean for hourly earnings...............................................6
B. Specifying comparison in earnings of two regions.................................................................7
ACTIVITY 3 (Client E)...................................................................................................................8
A. Paired t test with significance level of 5%..............................................................................8
B. Paired t test with usual conditions...........................................................................................8
C. t test with 99% confidence interval for reducing mean...........................................................8
ACTIVITY 4....................................................................................................................................9
A. Bar chart for showing change in CPI and RPI of year (2007 – 2017)....................................9
B. Ogive for cumulative % of staff vs hourly earnings ............................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Statistics is replicated as form of mathematical analysis which is using various qualified
models, synopses and representations of specified set of experimental data and real life studies.
Usually this term summarizes process with application of charactering data base. In case data set
is highly dependent on larger population sample then the analyst would be developing numerous
interpretations with context of population which were initially on basis of statistical results to
form sample. The statistical analysis comprises process of evaluating and gathering data and then
it is summarised in mathematical aspect. Statistics helps organizations for increasing global
competition as it is necessary for managers with objective of specifying different uncertainties
with use of scientific methods and main aim for decision makers.
The present report will provide brief discussion about appropriate evaluation of raw
business data with analysis of information via published sources. In the same series it will
represent analysis of different statistical method on basis of raw business data which is
articulated in graphical and statistical method. This report will be gathering data from Office of
National statistics website such as Retail and consumer price index.
ACTIVITY 1
A. Representing data with context of retail and consumer price index via Office of National
Statistics
Consumer price index: It is an economic indicator which is used as inflation measure
through proxy along with effectiveness of economic policy of government. In the similar aspect,
it is measure which helps in examining weighted average of price of basket of consumer services
and goods like transportation, food and medical care as well (Koutras and Koutras, 2018).
Retail price Index: This index is termed as measure of inflation which is published on
public platform where it traces change in cost as representatives of sample of various retail goods
and services. In simple words, it reflects alterations in cost of living along with price movement
in range of services and goods like household goods, food, housing, bus fares, housing and
petrol.
Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
CPIH 2.4 3.5 2 2.5 3.8 2.6 2.3 1.5 0.4 1 2.6
RPI 4.3 4 -0.5 4.6 5.2 3.2 3 2.4 1 1.8 3.6
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Interpretation: The above tabular format is reflecting consumer price and retail price
index for year 2010 to 2017 as it is extracted from Office of National Statics website. There is
selection of proportionate outcome which is pertaining the fluctuations of specific data set as it is
presenting purchasing power and trade of United Kingdom. In the above data, range of CPI is in
between 1% to 4% and in case of RPI there is high change in result as it was negative in 2009
with range of -0.5% to 5%.
B. Framing table, charts and graphs for shoeing alteration in above stated indices (2007 – 2017)
Interpretation: The above graph is showing alterations in CPI and RPI statistics of UK
with context of proportionate fluctuations. It had been identified that initial stage of consumer
price index has various ups and down but in nutshell it is not giving adequate information and
outcome of data set. While comparing it from Retail price index, it has reflected clear and
specific percentage with presence of huge outcome. The drastic change has been observed in RPI
from year 2009 as it was -0.5 but suddenly in year 2010 it was positive and high as 4.6. Similarly
in year 2011 it was decreasing on yearly aspect and this continued till year 2015 and in 2016 and
2017 it raised to 1.8 and 3.6 respectively. Hence, it has been evaluated that UK's RPI has attained
growth with ability of collecting specific outcome (Naidu and Sanford, 2017).
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