Statistics for Management: Analysis and Evaluation of Qualitative and Quantitative Raw Business Data

Unit 31 Statistics for
Management

Table of Contents
INTRODUCTION...........................................................................................................................2
MAIN BODY..................................................................................................................................2
P1.................................................................................................................................................2
P2.................................................................................................................................................4
M1................................................................................................................................................5
D1................................................................................................................................................5
P3 Analysis and evaluation of qualitative and quantitative raw business data using appropriate
statistical method.........................................................................................................................6
M2................................................................................................................................................8
P4 Application of different range of statistical method in Morrison’s business planning..........9
P5 Communicating findings for a number of variables using appropriate charts or tables.......12
M3..............................................................................................................................................14
M4..............................................................................................................................................15
D3..............................................................................................................................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17
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INTRODUCTION
The statistical for management is referred as analysis of data and it helps in provide the
frameworks for analysing the data, organizing data as well as also helps in examine the business
problems in the systematic and logical way. Morrison company is the largest supermarket chain
in the United Kingdom and retailer company serves to the customers across the United Kingdom.
It operates with the many stores under the company brands and associated activities. The report
will discuss the natures and process of economic and business data as well as elaborate the
variety of sources using the many methods of data analysis. This report will also evaluate the
quantitative and qualitative raw business data as well as apply the statistical methods which are
used in the business planning for inventory, quality and capacity management (Levin and Rubin,
2021). This will also elaborate the communicate finding with the tables and charts as well as
differentiate between the inferential and descriptive statistics.
MAIN BODY
P1
Natures of economic data
The economics data is measures the well-beings and financial health of company and
within the individual markets. The economics data can measure with the past measures. There
are various types of economic data such as cross-sectional data and time series data as well as
panel data which can be used for the estimate the business and economic data. There are various
nature of economic and business data such as data, wisdom, knowledge and information.
 Data: The data are important and useful in the qualitative and quantitative analysis. It is
the piece of informational record and it used for the purpose of analysis on the basis of
quantitative and qualitative information. The purpose of the data in business with the
different types of data is analysed, collected, interpreted and presentation (Castillo-
Atoche, 2021). There are two process of data analysis such as presentation and
interpretations.
 Wisdom: The wisdom are most important for the business data in the statistical methods
because it is the ability to combine the mathematical, methodological and domain
knowledge with the helps of understanding, experience, good judgements and experience
in order to make decision based on the data in the business and economics.
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 Knowledge: It helps in collect the relevant data with the proper methods as well as helps
in analysis the data in the correct ways and this helps in effectively present the correct
results. It is important in the economic and business data to collect the relevant
information through the knowledge.
 Information: It is the data which has been classified, recorded, organized, interpreted
and related with the frameworks. It also includes the various process such as gather,
review, analysis and draw from data with the helps of knowledge in the business and
economic data.
Process
There are the process of information in the statistical on the basis of knowledge and data.
There are various steps which follows as:
 Planning: The first process is planning which are mots important for the business to
evaluate the economic and business data. The company should plan about that how to
evaluate the data and information.
 Data collection: It is the process of collect and gather data information which helps in
evaluate the outcomes of business data of company. It is the research components with
including the humanities, business, physical, etc. there are two types of data collection
such as qualitative and quantitative data (Szelągowski and Berniak‐Woźny, 2022). The
data can be collect on the basis of the data collection types. In the context of qualitative
data collection methods are involves the non-numerical data which can be collect and
analysis. In terms of quantitative data collection which are based on the numerical data
and it can be collect with the helps of surveys, questionnaires, polls, etc.
 Data verification: It is the process of checking the collected data and ensure that data
must be accurate and minimize the errors in the business and economic data. There are
various types of data verification in the statistical such as sampling verification, full
verification. The all data are verified in the organisation for the economic and business
data.
 Data Audit: It is the process of analysis the data with the whole plan and it helps in
ensure that the misrepresentative in the finance musts be maximized so, the organisation
not make the decisions on the based on wrong financial statements in the business data.
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