TABLE OF CONTENTS INTRODUCTION...........................................................................................................................3 MAIN BODY..................................................................................................................................3 TASK 1............................................................................................................................................3 A. Difference between earnings of men and women in public sector by testing of hypothesis. .3 B. Difference in the earnings of men and women in private sector through testing of hypothesis....................................................................................................................................4 C. Earnings- Time Chart from 2009 to 2016...............................................................................5 D. Annual growth rate in earnings...............................................................................................7 TASK 2............................................................................................................................................8 Analysis and evaluation of hourly pay rates in different regions of UK.....................................8 TASK 3..........................................................................................................................................11 Section A...................................................................................................................................11 Section B....................................................................................................................................13 TASK 4..........................................................................................................................................13 Charts and Tables......................................................................................................................13 Relationship between the number of bedrooms and the price of houses in all the three streets16 CONCLUSION..............................................................................................................................17 REFERENCES................................................................................................................................1 Table 1:Public Sector Earnings of Men and Women................................................................4 Table 2:Earning in Private Sector...............................................................................................5 Table 3:Earnings in Public Sector...............................................................................................6 Table 4:Earnings in Private Sector.............................................................................................7 Table 5: Annual Growth Rate in Public Sector..........................................................................8 Table 6: Annual Growth Rate in Private Sector.........................................................................9 Table 7: Median Calculation of Hourly Earnings......................................................................9 Table 8: Calculation of Quartile Range.....................................................................................10 Table 9: Calculation of Arithmetic Mean..................................................................................11 Table 10: Calculation of Standard Deviation............................................................................11
Table 11: Comparison between Manchester and London.......................................................12 Table 12:Statistical Tables for Normal Distribution...............................................................13 Table 13: Economic Order Quantity.........................................................................................14 Table 14: Green Street Bedrooms..............................................................................................14 Table 15: Church Lane...............................................................................................................15 Table 16: Eton Avenue................................................................................................................16 Table 17: Percentage Change in Cost........................................................................................17 Figure 1: Normal Distribution Curve........................................................................................13 Figure 2: Cost of 2 and 3 Bedroom Houses in different Streets..............................................18
INTRODUCTION Statistics for managementcan be defined as those statistical tools and measures that have been used in order to manage the business in a better manner and assists in formulating better decisions. In this report, the comparison using different statistical tools will be made between the earnings of men and women in both public as well as private sector businesses. Further in this report, measures of central tendencies will be applied on the earnings of staff workers in order to formulate correct interpretations. This is followed by the concept of Z score and normal distribution curve and economic order quantity has also been discussed. Lastly, in this report, various pie charts depicting the number of bedrooms will be presented followed by a graph showing relationship between the number of bedrooms and the cost of these houses in different streets. MAIN BODY TASK 1 A. Difference between earnings of men and women in public sector by testing of hypothesis As per the question, the hypothesis that earnings of men and women do not exhibit any significant difference needs to be tested(De Beer, Rothmann and Pienaar, 2016). Therefore, Null Hypothesis (H0): The earnings of men and women working in public sector do not possess any significant difference between them. Alternate Hypothesis (H1): The earnings of men and women employed in public sector have significant difference between them. Table1:Public Sector Earnings of Men and Women t-Test of Two- Sample Assumption: Equal Variance Men's Earning in Public SectorWomen's Earning in public sector Mean32276.62526933.25 Variance1449962.268975692.5 Number of Years88 Pooled Variance1212827.384
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Hypothesized Mean Difference0 df14 t Stat9.703896433 P(T<=t) one-tail6.77E-08 t Critical one-tail1.761310136 P(T<=t) two-tail1.35E-07 t Critical two-tail2.144786688 It can be clearly interpreted form the above table that since P is 1.35 i.e. it is greater than or equal to 0.05, it can be concluded that the null hypothesis holds true. Therefore, it can be concluded that there is no significant difference in the earnings of men and women in the public sector. This can be further supported by observing the pay scale of male and female employees employed in public sector in real life as well. The various acts and policies such as Equal Pay Act, 1970 etc. also play a major role in ensuring that the balance between male-female payment ratios is maintained. B. Difference in the earnings of men and women in private sector through testing of hypothesis This part of the question analyses the gender gap between wage payment to men and women working in private sector. Again, hypothesis testing will be done in order to identify whether any significant difference exists or not(Price and et.al., 2018). Null Hypothesis (H0): There is no discrimination between wage payment to men and women employed in private sector. Alternative Hypothesis (H1): There exists a significant difference between the earnings of men and women employed in private sector. Table2:Earning in Private Sector t-Test of Two- Sample Assumption: Equal Variances Male's earning in Private SectorFemale's earning in Private Sector
Mean28096.62520541.25 Variance795287.6964988729.9286 Number of Years88 Pooled Variance892008.8125 Hypothesized Mean Difference0 df14 t Stat15.99931717 P(T<=t) one-tail1.08E-10 t Critical one-tail1.761310136 P(T<=t) two-tail2.16E-10 t Critical two-tail2.144786688 Again, it can be logically interpreted from the table prepared above that since the P is 2.16, which is again greater that 0.05, it can be significantly concluded that the null hypothesis i.e. there is not any significant difference in the earnings of men and women working in the private sector(Weakliem, 2016). Since the wage payment of employees has become highly regulated and further, there is establishment of trade unions which are very active in supporting and solving the grievances of the employees, private companies also ensure that they promote the equal payment which improves their corporate image and assists them in refraining from getting involved in any legal troubles ((Mankar,Shahand Lease, 2017)). C. Earnings- Time Chart from 2009 to 2016 In this question, a graphical representation of the growth in earning of the male and female employees from year 2019-16 has been presented for both public and private sector. Table3:Earnings in Public Sector YearMale's EarningsFemale's Earnings 20093063825224 20103126426113 20113138026470 20123181626663 20133254127338 20143287827705 20153368527900 20163401128053
It can be adequately concluded that the growth rate in earnigns of both men and women is similar over the period of 8 years in public sector but earnings of females is lower than that of men. Table4:Earnings in Private Sector YearMale's EarningsFemale's Earnings 20092763219551 20102700019532 20112723319565 20122770520313 20132820120698 20142844221017 20152888121403 20162967922251
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The above graph and table help in concluding that although the earnings of the female have experineced a slight growth in the past years from 2009- 16, earnings of male have been more or less constnt swirling in the same income group but still the gap between earnigns of men and women is higher is private sector as compared to public sector(Baek, 2016). D. Annual growth rate in earnings Annual growth ratecan be defined as the average growth in the assets, investments made or the returns garnered by an individual over a defined term period of one year(Levineand McPhaden, 2015). In this part, the growth rate of earnings of both males and females in public as well as private sector has been studied and the yearly growth rate in such earnings has been analysed over a period of 8 years from 2009- 16. Table5: Annual Growth Rate in Public Sector YearMalesAnnual Growth RateFemalesAnnual Growth rate 20093063825224 2010312642%261134% 2011313800%264701% 2012318161%266631% 2013325412%273383% 2014328781%277051% 2015336852%279001% 2016340111%280531%
It can be interpreted that while the growth rate men experiences less fluctuation, it is not similar in the case of female who experience a higher fluctuation. However, the growth rate is consistent over the time duration of 8 years in the time frame of 2009 to 2016. Table6: Annual Growth Rate in Private Sector YearMalesAnnual Growth RateFemalesAnnual Growth Rate 20092763219551 201027000-2%195320% 2011272331%195650% 2012277052%203134% 2013282012%206982% 2014284421%210172% 2015288812%214032% 2016296793%222514% Further from the above table it can be again interpreted that although there is fluctuation in both Men’s as well as Women’s Growth Rate in some particular years, overall the growth rate has remained constant. However, growth rate of women is much lower as compared to women and the difference is more pronounced especially in private sector. TASK 2 Analysis and evaluation of hourly pay rates in different regions of UK In this question, the mean, median and standard deviation of the earnings per hour basis are taken and quartiles are depicted through an ogive chart. Median and Quartile estimation of Hourly earnings: Mediancan be defined as that value which lies exactly in the middle of a range or series of data which have been arranged in ascending or descending order(Daskin and Maass, 2015). When the number of observations is odd, the middle number is selected is median and when observations are even, median is calculated by taking the average of two middle values. Table7: Median Calculation of Hourly Earnings Hourly earningLeisure Centre Staff (f)Cumulative frequency (cf) 0 – 1044 10 – 202327 20 – 301340
30 – 40747 40 – 50350 Median can be calculated through division of the last cumulative frequency by 2 i.e. 50/2 which is25. Therefore, the median of leisure centre staff is 25. Quartileis another measure and under this, data is divided into four intervals and then these sets are compared to draw relevant conclusions. Interquartile range is subtraction of Quartile 1 form Quartile 3 i.e. Q3-Q1(Luoand et.al., 2018). Table8: Calculation of Quartile Range 1 Quartile4 3 Quartile13 Interquartile Range9 Ogiveor Cumulative Frequency Polygon is a chart depicting the various cumulative frequencies as per the different ranges(Jana, Balakrishnanand Hamid,2018). Mean and Standard Deviation for Hourly Earnings: Mean, which is another measure of central tendency is used to calculate the average of all the observations and this is done by dividing the total added data with the number of observations and this is also referred to as arithmetic or average mean(Barnes and et.al.,2018). Table9: Calculation of Arithmetic Mean Hourly EarningsLeisure centre staff (f)Range's mid value (x)fx
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0 – 104520 10 – 202315345 20 – 301325325 30 – 40735245 40 – 50345135 Total501070 Here, arithmetic mean can be calculated as division of total of fx column from f i.e. Σfx/Σf. Therefore, the mean is 1070/ 50= 21.4. It can be concluded from the above data that mean (x̄) which is 21.4 i.e. the hourly earnings of the leisure staff in UK is lying within the range of 20-30. It must be noted that the value of mean is always fixed i.e. it will not change with the changes in staff frequency. Standard Deviationis another measure which can be defined as a tool for measuring and the dispersion or variation of the data from its average(McGrath and et.al., 2019). A lower standard deviation signifies that the dispersion is lower and higher standard deviation shows that the dispersion is more i.e. data is more spread out. Table10: Calculation of Standard Deviation HourlyNumber of leisure centre staff (f) Range's mid value (x) fxX-x̄(X-x̄)2(X-x̄)2*f 0 – 104520-16.4268.961075.84 10 – 202315345-6.440.96942.08 20 – 3013253253.612.96168.48 30 – 4073524513.6184.961294.72 40 – 5034513523.6556.961670.88 5010705152 The formula for calculation of standard deviation is√(X- x̄)2*f /n, where, X= Mid Value x̄= Average f= Frequency n= number of observations Here, standard deviation can be calculated as√5152/50 i.e. 10.13. This shows that the deviation i.e. dispersion is not much when compared to the average which was 21.4. This
signifies that the deviation between earnings of the leisure staff is low when compared to the average earnings. Earnings of leisure staff in Manchester: In this question, a comp0arison has been made on the basis of measures of central tendency pertaining to the data related to the leisure staff in Manchester and London. Table11: Comparison between Manchester and London ParticularsLondonManchester Median14.1314 Interquartile Range97.5 Mean21.416.5 Standard deviation10.137 From the above chart showing comparison of the values, it can be clearly ascertained that the median which depicts the middle value of the earnings is almost similar depicted as 14.13 in London and 14 in Manchester. The mean i.e. the average earnings of Leisure workers in London is higher at 9 when compared to that of Manchester which is 7.5. This can be due to London being a more developed and tourist attracting city. The standard deviation depicting the dispersion or variance of London which is 10.13 is higher than that of Manchester which is 7 and this increase in fluctuation can be due to variation in earnings in the tourist season v/s off season (Ross,2017). TASK 3 Section A Normal Distribution Curveis a continuous probability distribution curve which is often used to represent distribution of random variables with real values(Jana, Balakrishnanand Hamid,2018).
Figure1: Normal Distribution Curve After drawing the normal distribution curve above, all the statistical data related to the normal curve distribution’s value can be indicated and further Z score can be concluded in following manner: Table12:Statistical Tables for Normal Distribution X500 Mean202 ST DEV.2.4 z SCORE124.1666667 Here Z= (x-μ)/ σ where, X= value Μ(μ) = Mean Σ(σ) = Standard Deviation In the above calculation z score was calculated to be 124.166 and when it is looked up in the Z table, the value can be determined as 0.1075 i.e. it can be concluded that there is a 10.75% probability that the bottles might contain less than 202ml.
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Section B In this section,Economic Order Quantity (EOQ)which can be defined as that reorder quantity level at which both the holding cost and the ordering cost for the material i.e. inventory is exactly equal(Aguswahyudi, Cokrodewoand Sin, 2018). Table13: Economic Order Quantity ParticularsAmount Quantity Demanded450000 Delivery Cost20 Value9000000 Ordering cost per order2 Total ordering cost900000 Inventory holding cost112500 Economic order quantity2683.28 From the above table, it can be clearly interpreted that the economic order quantity is 2683.28. The formula for calculation of EOQ is Q=√2Ds/c, where, Q= EOQ units D= Annual Quantity demanded s= Ordering cost per order c= Carrying Cost per order Therefore, currently whenever the stock of inventory reaches the level of 2683.28 units, the store manager knows that it is time to reorder and this ensures that the company does not incur any unnecessary costs and the material is made available as and when it is required (Dobson, Pinker and Yildiz, 2017). TASK 4 Charts and Tables In this part, various streets in Wimbledon and the information regarding number of bedrooms of 100 houses in each street have been analysed and presented in form of charts. Table14: Green Street Bedrooms Number of bedroomGreen street
18 228 337 417 510 Total100 Table15: Church Lane Number of bedroomChurch lane 16 218 324 49 53 Total60
Table16: Eton Avenue Number of bedroomEton avenue 14 220 332 412 512 Total80
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Relationship between the number of bedrooms and the price of houses in all the three streets In this Rosaline can explain the relation between the number of bedrooms and the streets to her clients in two methods that have been detailed below(Bertini, Elmqvistand Wischgoll, 2016). First, she can depict the change in the cost of occupying a house in the streets on the basis of number of bedrooms i.e. shifting from 2 bedroom house to 3 bedroom house will have a impact on the cost which is depicted in the table. Table17: Percentage Change in Cost Number of bedroomGreen street (in millions)Church lane (in millions)Eton avenue (in millions) 2677.5 378.510 % change in cost when shifting from 2 room to 3 room 16.67%21.43%33.33% It can be clearly interpreted form the table above that in all the three streets the increase in cost while shifting from a 2 bedroom house to 3 bedroom house is different. Rosaline can show to her clients that in Green Street, the increased cost of shifting is 16.67% while in Church Lane, the increase in cost is 21.43% and lastly Eton Avenue is the costliest street where the increase in cost of shifting is 33.33%. Rosaline can clearly state that in different streets, their budget and cost for buying a house with 2 bedrooms or 4 bedrooms will vary accordingly. Another way of depicting the relationship is through a graph which will show the cost of 2 and 3 bedroom houses in different lanes.
1.822.22.42.62.833.2 0 200000 400000 600000 800000 1000000 1200000 Green street Church lane Eton avenue Figure2: Cost of 2 and 3 Bedroom Houses in different Streets It can be clearly depicted that the Eton Avenue being the posh street has the highest cost of purchasing a house followed by Church Lane and lastly Green Street. Rosaline can use this chart to demonstrate the positive relationship between the cost of house and number of bedrooms in different streets so that her client can understand in a better manner. CONCLUSION After going through this report, it can be adequately concluded that statistics plays an important role in maintaining the finances of a company and indirectly impact the policies and procedures that have been formulated. In this report, using the hypothesis testing methodology, relationship between the earnings of men and women in public as well as private sector have been studied so that it could be identified if any significant differences existed. Further, in this report, mean, median, standard deviation and quartile range between the hourly earnings of leisure centre staff in London were compared so that appropriate conclusion could be drawn. This report also discussed the normal distribution curve and how it can be calculated and the concept and calculation of EOQ and its concept has been discussed. Lastly in this report, pie charts and graphs regarding the houses in three streets of Wimbledon were presented.
REFERENCES Books and journals Barnes, B. and et.al., 2018. The Proofs of the Arithmetic-Geometric Mean Inequality Through Both the Product and Binomial Inequalities. Daskin, M.S. and Maass, K.L., 2015. The p-median problem. InLocation science(pp. 21-45). Springer, Cham. McGrath and et.al., 2019. Estimating the sample mean and standard deviation from commonly reported quantiles in meta-analysis.arXiv preprint arXiv:1903.10498. De Beer, L.T., Rothmann Jr, S. and Pienaar, J., 2016. Job insecurity, career opportunities, discrimination and turnover intention in post-apartheid South Africa: examples of informative hypothesis testing.The International Journal of Human Resource Management.27(4). pp.427-439. Price, M.A. and et.al., 2018. Sparse Bayesian mass-mapping with uncertainties: hypothesis testing of structure.arXiv preprint arXiv:1812.04014. Weakliem, D.L., 2016.Hypothesis testing and model selection in the social sciences. Guilford Publications. Mankar, A., Shah, R.J. and Lease, M., 2017. Design Activism for Minimum Wage Crowd Work.arXiv preprint arXiv:1706.10097. Baek, C., 2016. Stock prices, dividends, earnings, and investor sentiment.Review of Quantitative Finance and Accounting.47(4). pp.1043-1061. Levine, A.F. and McPhaden, M.J., 2015. The annual cycle in ENSO growth rate as a cause of the spring predictability barrier.Geophysical Research Letters.42(12). pp.5034-5041. 1
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Luo, D. and et.al., 2018. Optimally estimating the sample mean from the sample size, median, mid-range, and/or mid-quartile range.Statistical methods in medical research.27(6).pp.1785- 1805. Online [Online]. Available through: <> 2