Financial Analysis Management & Enterprise

Financial Analysis Management
& Enterprise

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
1. Meaning of statistics and its features......................................................................................1
2. Types and the sources of the data information which a business required to access..............2
3. Stating contrast between population and the sample..............................................................2
4. Importance of employing the statistical techniques in achieving business objectives............3
5. Explaining the difference between an inferential and descriptive statistics...........................4
6. Provide a relevant example of the dataset with application or employing of the statistical
methods with graph.....................................................................................................................5
Part 2................................................................................................................................................6
(1) Difference between descriptive and inferential data.............................................................6
(2) Descriptive statistics and inferential statistical data analysis................................................6
(3) Graphical analysis of data...................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
PART 1
1. Meaning of statistics and its features
Statistics means an aggregate of the facts that is been affected to the marked extent
through various causes that is been expressed in numerical terms, estimated and enumerated in
accordance to the reasonable accuracy standards. The data under statistics are been collected in
the systematic manner for the particular purpose and are placed relating to each other (Parihar,
2018). In other words it is stated as the statement of the facts in numerical terms within the
department of an inquiry and seems as the most comprehensive subject that involves each and
every aspect of the statistics. Some of the characteristics of statistics are as follows-
Aggregate of the facts – A single number cannot be indicated as statistics, however,
aggregate of the wide range of data constitutes statistics. For instance- figures of exports, birth,
import etc. These figures are analysed relating to the place, frequency and time.
Numerically expressed – It does not include any type of statement that are been
expressed in qualitative elements. It takes into account only the quantitative statements such as
wheat production resulted as 20 thousand tonnes in the year 1990 as compared to 14 thousand
tonnes during 1985.
pre-determined purpose- The objective and the purpose of inquiry need to be clearly
stated prior to data collection. In statistics it is essential to define concrete and clear objective
terms with appropriate purpose of a inquiry.
systematic manner- A suitable plan must be framed in order to collect data and a work
needs to be carried in the systematic manner.
placed in place of each other- The quantitative data must be comparable, because
statistics are been gathered majorly with an an objective of comparison. For the purpose of
making valid and reliable conclusions, data needs to uniform and homogeneous.
Affected by various causes- Under statistics, numerical data are been affected by the
large number of the causes.
Estimated figures as per reasonable accuracy standards- statistical data might be
reflected either in a way of actual counting and by estimation. The data that are been gathered by
measurement and counting will be said as exact or accurate but estimated figures could not be
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seen as accurate and thus accuracy of an estimated value mainly depends on purpose and the
nature of an inquiry.
There are specifically two main techniques of statistics that is been counted as useful in
assessing the data (Sotirchos, Fitzgerald and Crainiceanu, 2019). It involves inferential that
provides for drawing appropriate conclusions from the data subjected to the random variation
and descriptive statistics that summarizes the data from the sample by making use of the indexes
like standard deviation, median, mean etc.
2. Types and the sources of the data information which a business required to access
The business organization could access mainly two types of the data that includes
primary and the secondary sources of collecting data. Primary data reflects the first-hand data
that is been gathered in direct connection with the respondent through personal investigation,
questionnaire etc. Such data tend to be pure and seen as original for a particular purpose (Sources
and type of data, 2017). On the other hand, secondary data are seen as just opposite to the
primary data as they are been gathered from the already available sources that is from the
published articles, book and journals. Such sources of the data are been used by surveyors fro
collecting the data and in conducting an analysis.
There are two main sources of the data that involves statistical and the non-statistical
sources. Statistical sources are the data that are been gathered for official purposes and involves
surveys that are conducted officially and also include censuses. Non-statistical sources means the
data that is been gathered for an administrative purposes fro private sector.
3. Stating contrast between population and the sample
Population Sample
Under this the measurable quality is referred in
terms of the parameter.
However, In sample, the quality measured is
been stated as the statistic.
It is been counted as the complete dataset for
analysing and drawing the conclusions on an
overall population.
It is considered as the part or subset of
population where as small portion of the
population is taken the data and it is been
assessed.
In this the reports are indicated as the true and
accurate representation of an opinion.
In sample, reports are having margin of the
error and the confidence interval.
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