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Statistics For Management - Assignment
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Added on 2020-10-23
Statistics For Management - Assignment
Added on 2020-10-23
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Statistics forManagement
Table of ContentsINTRODUCTION...........................................................................................................................1ACTIVITY 1....................................................................................................................................1a Collection of data from National statistics related with price indices.....................................1b Representing the changes in indices from 2007 to 2017 in form of tables, charts and graphs.....................................................................................................................................................2c Presenting the differenced between above indices..................................................................3d Presentation of data annual inflation with the data collected above......................................3e. Presenting the importance on why knowledge of rate of indices is essential.........................4ACTIVITY 2 ...................................................................................................................................41. Determination of hourly pay rates for Client B in Different regions of UK...........................4A(i). Presenting median hourly earnings and thee quartiles by using ogive estimates.............4A(ii) Calculation of the mean and standard deviation for hourly earning.................................6b. Identical survey of leisure central staff in Manchestar and London and its comparison ......7ACTIVITY 3....................................................................................................................................71. Analysis the difference between new and old system for client E regarding processingbetter insurance claim.................................................................................................................7a. Determination of paired T-teat at 5% of significant level......................................................8b. Presenting the general condition for a paired T-test...............................................................8ACTIVITY 4....................................................................................................................................9a. Presentation of the differences between indices form the data collected from office ofnational statistics.........................................................................................................................9b. Presentation of Ogive for cumulative % of staff versus hourly earnings............................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONThe business operations of an organisation are controlled and operated by themanagement of the firm. Various tools and techniques are used by the managers to evaluatedperformance of the entity in terms financial and non financial terms. With use and application ofstatistical tools the performance are analyzed and along with this the forthcoming threats andopportunist are also determined so that timely actions can be taken to overcome or handle thesituation. In the present report interpretation and evaluation of different data related with variousclients is carried out which is collected through reliable resources. Data from National statisticsis also gathered and along with this, statistical tools such a mean, median and mode, quartile andstandard deviation are calculated. Data is presented in way of pictures and graphs that aids indetermination of changes in variables.ACTIVITY 1a Collection of data from National statistics related with price indicesIn the present activity data from National statistical website is collected from consumerprice index and Retail price index for a period of 10 years. With collection of data and analysisof the current and past position is carried out. YearCPIHRPI20072.44.320083.54.020092.0-0.520102.54.620113.85.220122.63.220132.33.020141.52.420150.41.020161.01.820172.63.6Consumer price index: The consumer price index is a measure that examines the changes in price level of marketbasket of consumer goods and services (Consumer price inflation, 2018). This is computed bytaking price changes for each item in the basket of goods and then averaging them. Same1
procedure is carried out for services as well. The CPI are asses the price changes with cost ofliving of the consumers.Retail price index:The retail price index is one of the two measure to of consumer price inflation. This indexanalyses changes in the cost of fixed basket of goods over a given period. In another words it canbe explained as a measure to compute changes in the cost of a representative sample of retailgoods.Interpretation:The above table represent the annual data of consumer price and retail price index fromthe period 2007 to 2017 (Retail Price Index, 2018). The CPI index have seen many fluctuationswith up and down. The lowest CPI was in year 2015 with 0.4 and highest was in year 2011 at3.8. This reflects that CPI outcomes are reflating between scale of 1-4%.On the other hand RPI have also seen sudden fluctuation with reaching of negative at 0.5in year 2009 from 4 in the previous years. With this it can be interpreted that RPI outcomes arereflating in between scale of -0.5 to 5.5%.b Representing the changes in indices from 2007 to 2017 in form of tables, charts and graphsInterpretation:The above diagram is the graphical representation of consumer price index and retailprice index in the context of UK which reflects the fluctuation in both price indexes. Fromperiod 2007 to 2011 both have seen major fluctuation and they do not related with each other1
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