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Statistics for Management and Economic Doc

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Added on  2020-10-22

Statistics for Management and Economic Doc

   Added on 2020-10-22

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Statistics for Management
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3LO 1.................................................................................................................................................3P1. Evaluating nature & process of business and economic information from publishedsources..........................................................................................................................................3P2. Data evaluation from a variety of sources with the help of different methods of analysis.. .5M1. Evaluating methods used to analyse business information .................................................8P4. Applying a range of the statistical methods used in the planning for the inventory, capacityand the quality..............................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES .............................................................................................................................11
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INTRODUCTIONStatistics is considered as branch of mathematics which directly deal with organization,data collection, interpretation and presentation. In the present scenario, to ensure effectivemanagement business lays focus on high level to undertake different statistical techniques andtools. The present report will give brief discussion about statistics, key features and benefits tostatistical data for purpose of attaining business objectives. It would give brief discussion aboutsources and types of data along with information of business could access. It will evaluateeconomic and business data information through published sources as in this appropriateevaluation of process and nature of economic data and information with various ranges.Moreover, it will apply numerous range of statistical methods implied in business planning forcapacity, quality and inventory management. Therefore, it will also give evaluation andjustification with application of statistical methods supported through different organizationalexamples. Lastly, it will provide critical evaluation of differences in use of descriptive,confirmatory and explanatory analysis of economic and business data.MAIN BODYLO 1P1. Evaluating nature & process of business and economic information from published sources.As per the Legner, C., and et.al., (2017) point of view, every company is required to havesound and effective business strategies and business plans for smooth functioning of businessoperations. Business information helps the management of the company in formulation ofdifferent business policies, frameworks, concepts which assist the management in decisionmaking process. Information related to statistical and financial data helps in understanding thecurrent business position of the company in comparison with other competitors. Informationshould have characteristics of timely, correctly, accuracy, relevancy, reliability and cost friendly.With the availability of accurate and correct information, not only the management getsbenefited but it also helps stakeholders as well as the shareholders of the company. On this Chang (2016), identifies as well as argued that the information related to businessand business management creates impact on the market position as well as the performancelevel. Positive information brings changes in company market position in form of increase inshare market prices, creation of brand image or goodwill, high profit returns etc. But on the same
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time, if any rumours or negative information is prevailing in the market then it will create anadverse effect on the business operations and performance functions of the company. Thisnegative news or information leads to fall in the market price of share, loss of customer, lowprofitability and customer retention.As per the evaluation of Cassidy (2016), the information related to business andeconomics can come in form of data, articles, references, and internal records. This can be use bybusiness in developing business related planning, operations, concepts. Such information can becollected by conducting general surveys, questionnaire, books, search-engines or from friends,customers, business associates, suppliers and vendors. Business related information can begathered with the help of interview process, conducted with the employees or other businessprofessionals.As per the assessment of Wiersema, and León (2016), information related to theeconomics is considered as the branch of micro economic theory which helps in studying theeffect relationship between how information and information systems has been creating impacton economy and economic decisions as a whole. The economic information helps company inmaking changes in the business processes, procedures or operations as per the changes in theeconomy as a whole. Business information gets influenced with the economic information. Thecurrent economic conditions of the country affects the business operations, plans to a largeextent. The constant changes in the government policies and plans, new taxation policies,reforms, monetary and fiscal policies or changes in the interest rate lays emphasis on thefunctioning of business operations.As per the monitoring of Ball and Pratt (2018), economic and business relatedinformation if utilised properly contributes towards the attainment of business goals andobjectives effectively and efficiently. Whatever the type of information it is, it assists companyin taking decision related to improvement in quality of service and products, sales process,marketing, cost control etc. According to the views of Ballas (2018), for making sound decision collection of dataand its correct interpretation is very significant process. As Data collected is raw in nature andcontains figures which is required to be further analysed and evaluated. By making use of properand correct statistical data analysis techniques, the company can interpret available data formaking decision related to investment or any business project. Different types of statistical tools
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