Statistics for Management: Doc
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Added on 2020-10-04
Statistics for Management: Doc
Added on 2020-10-04
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STATISTICS FORMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1ACTIVITY 1....................................................................................................................................1P1 Nature and process of business and economic data information......................................1P2 Evaluation of data form different analysis methods..........................................................1M1 Evaluation of sources other than the NSO with regard to the gender pay gap................5ACTIVITY 2....................................................................................................................................6P3 Analysis of qualitative and quantitative data form raw business with statistical methods6M2 Differences in statistical application in activity 2..........................................................10D1 Difference between descriptive, exploratory and confirmatory analysis with examples 10ACTIVITY 3..................................................................................................................................10P4 Use of range of statistical methods used in planning for quality, inventory and capacitymanagement..........................................................................................................................10M3 the use of the statistical methods used in activity 3.......................................................12D2 Recommendation and judgements made in activity 3....................................................12ACTIVITY 4..................................................................................................................................12P5 Charts and tables on the basis of office of national statistics produce line.....................12M4 Justification regarding graphical representations used in activity 1 and 2....................15D3 Use of graphical and tabular representations used in 1 and 2 activities.........................15CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17
INTRODUCTIONStatistical analysis is a type of analysis that represents the information and data ingraphical and numeric form. Various type of statistical tools and methods are used for efficientmanagement and operation (Embrechts and Hofert, 2014). The report contains the report relatedto statistical analysis of national statistics of consumer price index and retail price index. Natureand process of business and economic data are presented on the basis of the above sources.Qualitative and quantitative analysis of raw business data form range of appropriate statisticalmethods are defined in this report. Charts and tables are presented regarding appropriate resultsand numbers and variables.ACTIVITY 1P1 Nature and process of business and economic data informationConsumer Price IndicesThe CPI is utilized by market analysts, organizations, government and huge businesshouses. This index estimates the value changes in some authoritative accumulation of productsand services bought by clients with an efficient result. Essentially this estimates the adjustmentin the normal products and ventures which is devoured by customers (Haimes, 2015). Thecustomary products and enterprises like family merchandise, basic needs, transportation,therapeutic and so on. With the assistance of this it measures the typical cost for basic items andexpansion. The business analyst utilizes CPI to ascertain value change in bread, drain and otheressential products to see whether is there any adjustment in acquiring power or not. Asdependent on this discovering business analyst exhort on expansionary and contractionaryfinancial arrangement to address the adjustments in costs. The purchaser value list is a vitalapparatus for government and organizations as it is useful in the estimating swelling andemptying. What's more, than as indicated by changes the administration decide.P2 Evaluation of data form different analysis methodsCPIYear CPI2007104.72008108.48332009110.83332010114.4751
2011119.60832012123.74172013126.1252014127.96672015128.0252016128.8752017132.3As per the above mentioned table of CPI presents the data of consumer price index from2007 to 2017. there is a separate variations and counts are taken form office national statistics. Itis seen that price index increased regularly with the significant rate of 3.5% (approximate). Thereis a scattered diagram is presented in terms of defining the plotted areas and fluctuation pointsbelow.According to the above chart, the line showing on it is growing more steadily from theyear 2007 to 2017. This would results in the overall growth and development of the customerperception. It is an essential measure that can examines the weighted average price of a basket ofconsumer products. This will results in overall growth of the nation as well as development ofthe economy.RPIRetail Price Index is recognised to list the distinctive costs and salaries whichincorporates the benefits provided form government, pension and allowances (Wheeler andBarr, 2013). It presents position of costs of living index in respect of changing the rate of2
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