Statistics for Management in Business
22 Pages2951 Words69 Views
Added on 2021-02-19
Statistics for Management in Business
Added on 2021-02-19
ShareRelated Documents
STATISTICS FORMANAGEMENT
INTRODUCTIONStatistical analysis refers to a tool which helps the managers to make large quantitativedata into the understandable number to take effective and efficient decision on the basis of thedata. Statistical method are divided in two categories such as description method and inferencemethod. The report highlights the difference in the income of different sector employees. Theincome growth rate explains the income structure across the different time period. It explains theuse central tendency method to compare the earning of different regions. The Ogive chart helpsto explain the relation in median and quartiles. It also explains the different statistical methodand their usage in business planning of the organization. It highlights the use of economic orderquantity for the effective production. The report also highlights the usage of charts forcommunicating effective and efficient information.LO 1P 1 Differenteconomic data and their presentation in graph and table formatA) Differences in the income structure of different sector employees from the differentpublished dataNull Hypothesis H0: There is no significance variances in the earning of men and women whowork in Public sector organization.Alternative Hypothesis H1: There is significance variances in the earning of both men andwomen sector who work in Public sector organization.Table 1: Significancein the income of public sector employeesInterpretation: A hypothesis is used to create relation between two variables. The mainpurpose of creating hypothesis is to identify the answers of different questions. According to the
calculation it can be summarized that the P value of the series is 1.35 which is larger than .05value. It indicates that there is no significance difference in the variables or the income of theemployees who work in public sector (Gries, 2017). So, it doesn't require the alternativehypothesis. The government provide various facilities to both men and women to equalize theirearning. The different laws and regulation force the public sector organization to pay equalwages to same post employees that's why there is no significance difference in their earnings.B) Comparison in the income of the employees of private sector organization from thevarious source of dataNull hypothesis H0: There is no significance variances in the earning of private sectoremployees.Alternative hypothesis H1: There is significance variances in the earning of private sectoremployees.Table 2: Significance difference in the earning in private sector employeesInterpretation: According to the given data or calculation it can be summarized that Pvalue of the collected data or information is 2.16 which is greater than .05 value. It indicates thatnull hypothesis should be accepted rather than the alternative hypothesis. The private sectororganization pay the employees on the basis of skills, knowledge, job role and their performancerather than to pay the employees on the basis of gender or sex (Demirci and et.al., 2016). Itequalizes their earning and minimize the variance in their income. The equality act, employmentlaw also force them to pay equally to both men and women who work on the same post.
P 2 Different sector earnings by time chart methodTable 3: Annual income in public sectorAccording to the given data or information the income of public sector employees variesas per the passage of time. It helps to identify the annual earning and the trend in income growth.The annual earning of public sector employees is growing with no significance difference. Table 4: Annual income in private sector12345678010000200003000040000Men and women income in public sector
As per the given data it can be concluded that the income of private sector employeesvaries according to the time period. It is used to identify the trend in their earning from the year2009 to 2016. It helps to compare the income of the employees in different year and measure thetrend.12345678010000200003000040000Men and women in private sectorMen private sectorWomen private sector
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Statistics for Management Assignment (pdf)lg...
|19
|2579
|147
Statistics Financial in UKlg...
|28
|4065
|51
Statics Financial Induced Decisionlg...
|20
|3378
|379
Doc Statistics for Managementlg...
|15
|2665
|465
Statistics for Management- Doclg...
|16
|2754
|486
Statistics Solution Assignmentlg...
|21
|2421
|84