Statistics For Management Assignment Sample PDF

STATISTICS FOR
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
(a) Testing Hypothesis for mean earnings in public sector.........................................................1
(b) Testing Hypothesis for mean earnings in private sector.......................................................3
(c) Producing Earnings-Time Chart for each group....................................................................4
In case of Male Workforce of Public Sector:..............................................................................4
In case of Female Workforce of Public Sector:..........................................................................4
In case of Male Workforce of Private Sector:.............................................................................5
In case of Female Workforce of Private Sector:.........................................................................5
(d) Determination of Annual Growth Rate for each segment.....................................................6
TASK 2............................................................................................................................................7
(a) Analysing raw business data using a number of statistical methods:....................................7
(i) Using Ogive to estimate Median and Quartiles for Leisure Centre Staff, London ...............8
(ii) Calculation of Mean and Standard Deviation for hourly earnings......................................10
(b) Comparison of earnings between two regions.....................................................................10
TASK 3..........................................................................................................................................11
(a) Calculating Economic Order Quantity................................................................................11
(b) Calculating Frequency of Orders.........................................................................................12
(c) Ascertaining Inventory Policy Cost.....................................................................................13
TASK 4 .........................................................................................................................................14
(a) Producing Line/Bar Charts for showcasing changes in CPI, CPIH and RPI:.....................14
(b) Creating Ogive using table 1...............................................................................................15
REFERENCES..............................................................................................................................17
APPENDICES...............................................................................................................................18

INTRODUCTION
Statistics is an important part of decision-making done by management. It helps in
creation of various policies and plans that are helpful in achieving the goals and objectives of the
business. Various methods of analysis are formulated on the basis of statistical techniques used
to convert raw data into cooked or meaningful information (Al-Omari, 2016). This report aims to
provide an in-depth knowledge in regards to data collection, ogive, central tendency, dispersion
and variability. Also, it shows how graphical representation of the data is helpful in spotting
trends and patterns in regards to different variables. In addition to this, recommendations
regarding findings are also provided along with each section.
TASK 1
A hypothesis is a proposed statement for a particular phenomenon. Generally, this
statement or explanation is created on the basis of data collected previously and conclusions
drawn thereof. In statistics, this type of method is used in order to check or verify the substance
of a proposed statement. This means that using statistical tools and techniques such as measures
of central tendency, variability and dispersion, the researcher is able to justify whether their
proposed statement held true in regards to a phenomenon or not. This process is known as
'Hypothesis Testing'.
Under this scenario, two events are created by the researcher. One that holds true is called
H0 or H 'naught'. On the other hand, the event considered as 'false' is called 'H1'. It is important to
note that the statements proposed by the researcher must be 'testable' acknowledging the current
situation. Also, these must be 'achievable' and 'verifiable' through the employment of statistical
and analytical tools and methods (Anderson and et.al., 2012).
(a) Testing Hypothesis for mean earnings in public sector
In the given case scenario, a study was conducted that included random sampling of 1000
participants for both women and men. The assumptions used to conduct the statistical techniques
over this study included that the mean annual gross earnings followed a normal distribution. The
study aimed to compare the earnings of men and women. From the given case scenario, the
following hypothesis can be derived:
Statement: Earnings of men is not substantially significant to that of women in Public
Sector.
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H0: Statement is true.
H1: Statement is false.
Year Public Sector
Men (£) Women (£) Gap (in £) Gap (%)
2009 30638 25224 5414
2010 31264 26113 5151 -4.86
2011 31380 26470 4910 -4.68
2012 31816 26663 5153 4.95
2013 32541 27338 5203 0.97
2014 32878 27705 5173 -0.58
2015 33685 27900 5785 11.83
2016 34011 28053 5958 2.99
In order to analyse the significance of aforementioned hypothesis, mean earnings of men
and women paid for the public sector has been extracted from the results of a study. The above
given table shows the annual mean earnings (in £) calculated from samples' data for the period of
2009 to 2016. As can be observed, the earnings for men are not equivalent to that of women. In
order to facilitate simplified understanding of the table, another two columns have been added.
The 'Gap' Column gives the difference between the yearly mean earnings of male and female for
each period spanning between 2009 and 2016. The next column, 'Gap (in percent)', represents the
year-on-year change in the pay gap for both the genders.
As per these calculations, it can be observed that the minimum pay gap between men and
women's earnings is £4,910 recorded for 2011. Furthermore, the maximum pay gap experienced
by Public Sector is recorded in 2016 at £5,958. It is important to note that there has been a
decline in pay gap from 2009 to 2014. In 2009, the gap between the earnings of male and female
was at £5,414 which went down to £5,173 by 2014. Also, the percentage gap decreased between
this period by roughly 4% to 5%.This shows that there have been improvements in the payment
patterns of Public Sector towards women demographic as the rise in their earnings has been
much more monumental than that of their male counterparts. If one looks at 2014 to 2013
earnings for women, they received an increment of almost £1,000 each year. Whereas the male
workforce for the same time-period had a total growth of £1,000. Hence, one can say that the rise
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