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Statistical Methods for Management InTRODUCTION 1 TASK 11

   

Added on  2021-02-20

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Data Science and Big DataTest PrepStatistics and Probability
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Statistics for Management
Statistical Methods for Management InTRODUCTION 1 TASK 11_1

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11. Meaning, characteristic and benefit of statistical data in business objective...........................12. The different source and types of data.....................................................................................23. Value of employing statistical methods in meeting business objective..................................34. Analysis of deductive and inductive approach and their implication......................................45. Providing example of analysis of the sample set of data that can be used by theorganization.................................................................................................................................46. Evaluating suitability of one type of data analysis with another.............................................8TASK 2............................................................................................................................................9(Covered in PPT).........................................................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTIONStatistics are the set of data which provides the useful information to the users. The dataare collected in large quantity and statistics help in converting the data in small no. through thedifferent method, so they can be easily understood. The report is divide in 2 parts. In 1 part ithighlights the characteristic of statistical data and the benefits to the organization. It explains thesource and types of data to collect the information. It also helps in understood the deductive andinductive approach and their implication in business intelligence. In second part the reporthighlights the difference in the descriptive and inferential data and the presentation of the data indifferent forms like histogram, correlation, trend forecasting etc. It helps to understand thestatistical data in business and the ways to achieve the objective of the organization through thestatistical data. TASK 11. Meaning, characteristic and benefit of statistical data in business objectiveStatistics : Statistics is used for drawing the conclusion from the set of data from thedifferent samples (Amrhein, Trafimow, and Greenland, 2018). Statistics is derived from the wordstatus which mean the group of figures and number which present some useful information forconcluding the result and reach on the final decision.Tesco use the statistical data to implementtheir strategy and simplify the large set of data in systematical manner to get the requiredinformation from the data.Characteristic of statisticsStatistics present the various numerical facts to reach the final result. The characteristics ofstatistics are as follows : Aggregate of facts : Statistic present the aggregate of numerous data by collecting,analyzing and evaluating them. Tesco aggregate the data for the measure of the final result. Byaggregating the fact it simplifies the process of data collection (Connelly, and et.al., 2016). It should be numerically expressed : the collected data should be numericallyexpressed, it helps in measurement and counting of the data to get the result. The measurementof data help Tesco to analyze their financial condition and improve their performance.Systematic manner : The data should be collected in systematic manner so the user canunderstand the meaning of the data in a real sense. A proper plan and trained investigation helpthe organization to get the accurate information from the data in proper time and cost.1
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Benefits of statistics data for meeting the objective of organizationEvaluating the performance : statistical data help in evaluating the performance of theemployees by collecting employee productivity data. By evaluating the performance they boosttheir employees toward the organizational objective (Croce, Savo, and Lenzerini, 2018). Evaluating the alternatives : Statistical data help in evaluating the alternative and theirresult and choose the best alternative which give the higher outcomes. Research and development : The statistical data help in research and development ofthe organization. The collection of data from the different sources help in research anddevelopment of the organization and achieving the objective through fulfilling the need of thecustomer. Tesco use the statistical data in research and development program to evaluate thedifferent data collected in their research and choose the best alternative to improve theirperformance and develop the new product to increase their sales which ultimately help inachieving the objective (Eisenhardt, Graebner, and Sonenshein, 2016).2. The different source and types of dataTypes of data There are normally two types of data qualitative and quantitative data in the organization.The quantitative data are in numerical form which can be counted, quantified and use themathematical concept to analyze the fact. The example of quantitative data are no. of employeesin the organization, the budget and financial statement of the organization etc. Quantitative datacan be easily present in the form of different graphs, charts and diagram so the user can easilyget the information on from the charts. The qualitative data are in non- numerical form to provide the meaning andunderstanding of the data to the business. Qualitative data are also known as categorized databecause some time they are present in different categories. Qualitative data are used to expressthe meaning of the facts to the organization (McCuen, 2016). For example the gender, color,traits etc. they are used by Tesco to evaluate their performance, volume of the organization, sizeand dimension of the objectives. Sources of dataThe data can be collected from the different source to get the information and evaluating theresult. The source of collecting the data are : 2
Statistical Methods for Management InTRODUCTION 1 TASK 11_4

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