Statistics for Management Assignment Solved - (Doc)

STATISTICS
FOR
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
ACTIVITY 1....................................................................................................................................3
P1 The nature and process of business and economic data and information from a range of
different published sources.........................................................................................................3
P2 Evaluate data from a variety of sources after analysing from different methods..................5
M1 Sources of national statistics with regard to the gender pay gap..........................................8
D1 Difference between descriptive, exploratory and confirmatory analysis..............................8
ACTIVITY 2....................................................................................................................................8
P3 Analysis of qualitative and quantitative raw business data using appropriate statistical
methods.......................................................................................................................................8
M2 Assessment of different statistical application...................................................................12
ACTIVITY 3..................................................................................................................................12
P4 Statistical methods used in business planning, inventory management and capacity
management ............................................................................................................................12
M3 Justification and use of Statistical techniques....................................................................13
D2 Explanation and recommend judgement for activity..........................................................14
ACTIVITY 4..................................................................................................................................14
P5 Use of adequate tables and charts to execute the findings for several variables.................14
...................................................................................................................................................16
M4 Graphical representations assessed in activity one and second..........................................18
D3 Use of graphical and table representation in activity one and two......................................18
CONCLUSION..............................................................................................................................18
REFERENCES..............................................................................................................................20

INTRODUCTION
Statistical Analysis is a element of collection of data, investigation, summarisation,
handling and representation of quantitative data to observe its integral reason, relationships,
partners and trends. It is using in management to manage various tools and methods that are
important for operations (Ajiboye, 2014). Statistical analysing helping to management and
individual in representing the data and information in graphical manner. The report consist of
different types activities and these activities are related to consumer price index and retail price
index. Evaluate of business and economic data that are related to published sources. For
statistical methods using raw material data and these methods are applying on business planning.
For showing these information using appropriate charts and tables.
ACTIVITY 1
P1 The nature and process of business and economic data and information from a range of
different published sources
a) Price Indices from the office of National Statistics
Consumer price indices
A CPI is a measures of retail price level of market goods and services used by particular
population group such as food, transportation and medical care. CPI is broadly used as a
macroeconomic indicator for inflation or deflation, as a tool by governments and central banks
for inflation targeting and for monitoring price stability and as deflators in the national accounts.
It is statistical predication conception using for prices of a sample that are representative items
whose prices are clustered period of time. The consumer price index number measures changes
only in one of the factors, prices. Price. This price index is a important economic indicator that
are used for calculate inflation barometer (Caulcutt, 2014). The CPI generally calculated
periodically such as monthly or quarterly. It is used for measure effect of inflation on salaries,
pensions and value of wages. The Consumer prices index including owner occupier's housing
costs (CPIH) become new measuring tool that are helping to measure inflation. CPIH is using as
comprehensive measure of inflation such as council tax, owners occupier's housing costs, which
are not including in CPI.
Statistical data in terms of CPI index

From the above table Consumer price index presents data of changes in inflation from
2007 to 2017. There is taking official national statistics from different variable quantity and
counts. In this shows that price index increasing continuously with rate of 3.5% (approximate).
From the table of total price index from 2007 to 2017 changes are not much more.
Retail price index
It is a measure of inflation that considers what people expend on basic goods and
services. It is measured by taking the normal of modification in price of goods and services
complied by the suitable government authority. RPI shows the changes in cost of living because
it reflects the movement of prices in a range of goods and services used continuously such as
food, bus fares, heating house, petrol and household goods (Dutta, 2016). RPI mostly computed
on monthly basis, but an annual rate is also published which serves as a standard for modify
inflation indexed salaries and wages, tax allowances and pensions. RPI including some