Assignment : Statistics for Management

Added on - 11 Jan 2021

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STATISTICS FORMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1ACTIVITY 1....................................................................................................................................1a. Collection of data related with CPI and RPI from website of Office of National Statistics...1b. Representation of data in tabular and graphical format to show the changes in indices overa period of 10 years.....................................................................................................................3c. Presenting the differences between CPI and RPI....................................................................3d. Calculation of annual inflation by using the data of consumer price index............................5e. Explaining the Importance of rate of inflations.......................................................................5ACTIVITY 2....................................................................................................................................6a.1 Estimation of median and quartile of hourly earnings..........................................................6a.2 Hourly earning's mean and standard deviation.....................................................................7b. Earnings of London and Manchester with appropriate comparison.......................................8ACTIVITY 3....................................................................................................................................9A. Paired t test (5% significance)................................................................................................9B. Representing usual conditions for paired t test.......................................................................9C. Paired t test with 99% confidence interval.............................................................................9ACTIVITY 4..................................................................................................................................11A. Framing bar chart on basis of CPIH, CPI and RPI for 10 years (2007 to 2017)..................11B. Framing Ogive chart for hourly earnings vs cumulative % staff.........................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13Inflation explained. 2018. [Online]. Available through <https://www.bbc.com/news/business-12196322>.....................................................................................................................................13
INTRODUCTIONStatistical analysis with various tools and techniques are important for management of anorganisation as it assist in decision making process. It is determined as science of taking decisionwith prevailing and upcoming uncertainties. The disciplined used for analysis and evaluation ofthe data and information are financial analysis, econometric, auditing, production and operationinvolving services. The statistical data analysis revolves around collection of data in itsevaluation and presented in interpretative, diagrammatic or graphical presentation. With the dataanalysis interpretations are drawn in quantitative manner which aids the management in decisionmaking process.In the present report, a discussion related with research of business data is done forbusiness planning. Consumer and retail prove index data is collected from website of office ofnational statistics and same is presented in tabular and graphical manners. Along with this, perhour pay rate in the region of UK and Manchester is presented bu using different statistical toolssuch as mean and, median, standard deviation and qartile. In the last section of the report Ogivechart is prepared for comparing the percentage of staff and their hourly earnings.ACTIVITY 1a. Collection of data related with CPI and RPI from website of Office of National StatisticsConsumer price index:The consumer price index (CPI) is a measure rather examines the weighted average ofprice of basket of consumer goods and services(Bachan, 2017). In takes into consideration thechanges on price of each consumer commodities in predetermined basket and them dividing thesame by number of the goods and services in the basket. The fluctuation in the CPI is one of themost used statistics for identification of inflation or deflation.Retail price Index:This index defines the change in the prices of the fixed goods on the basket over a periodof time. This one of the measure of calculation of the consumer price index. This is published onthe site of Office of National statistics. The item in the basket are those which have high weighs.CPIH:This is an additional measure for calculation of consumer price inflation which alsoincludes the measureowner occupiers' housing costs (OOH). This Ooh used to exclude this cost1
and CPIH is developed with including this cos and to fill the gap. The approach used by thismodel is rental equivalence.YearConsumer priceindexRetail price indexCPIH20072.34.32.420083.643.520092.2-0.5220103.34.62.520114.55.23.820122.83.22.620132.632.32014152.41.52015010.420160.71.8120172.73.62.6Interpretation:the above table represent the data of three different indices of CPI, RPIand CIPH for a period of 10 years, 2007-2010. It has been observed CPI was highest in the year2011 with 4.5 index level and was lowest in the year 2015 at 0(Kaminska, Liu, Relleen andVangelista, 2018). This reflects the fact that price fluctuation was highest in 2001 and nochanges were observed in year 2015. The RPI in was negative for year 2009 at -0.5 and highestin 2011 at 5.2. This can be stated that with a higher RPI and CPI was also high in 2011.For theCPIH index it has been interpreted that it was heights in 2011 at 3.8 and lowest in the year 2016at 1. The RPI index shows a sudden increment in year 2010 ans reason behind this can bearticulated as increase in the buying powers of the consumers.2
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