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Statistics For Management Doc

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Added on  2020-10-05

Statistics For Management Doc

   Added on 2020-10-05

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Statistics For Management
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Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3(a) Testing Hypothesis for mean earning in public sector..........................................................3(b) Testing hypothesis for mean earning in private sector:.........................................................4(c) Earnings-Time Chart for each group by using excel:............................................................5(d) Calculation of Annual Growth Rate:.....................................................................................7TASK 2............................................................................................................................................9a) Use of ogive to estimate the median hourly earnings and the quartiles..................................9b) Calculation of Mean and Standard Deviation of hourly earning:.........................................11TASK 3..........................................................................................................................................13a) Calculation of Economic order quantity:..............................................................................13b) Calculation of re order duration of Tee Shirts......................................................................14c) Calculation of Inventory Policy Cost:...................................................................................14d) Calculation of current level service to the customers:..........................................................15e) Calculation of Re order level................................................................................................15TASK 4 .........................................................................................................................................16(a) Graphical representation to show changes in price index as per CPI, CPIH and RPI:........16(b) Creating Ogive using table 1...............................................................................................17CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................19
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INTRODUCTIONBusiness statistics simply implies use of various techniques and tools of statistics inbusiness to solve organisational problems which helps organisation to take vital decisions. Itincludes application of such techniques and tools with respect to areas like finance, marketing,research and development, employee management etc. in order to derive relevant and signifiantinformation for decision-making activities (Steinberg, 2016). It provide a framework for analysisof growth and performance of business organisation. This report covers practical use of suchtools and techniques such as ogive, EOQ, reorder level, mean, median, mode etc., and graphicalrepresentation to analyse and interpret information and data. TASK 1Hypothesis is an critical explanation or approach that is temporarily followed to interpretor analyse any event or circumstance and to give a proper guideline for further examination orcritical analysis. It generally applied by entities to evaluate the inter-relationship among differentvariables. It provide assistance to managerial personnels to take actions towards achievement oforganisation's objectives. In order to measure hypothesis some major methods like dispersion,central tendency etc. are used (Tran, Lester and Sobin, 2014). It is applied to asses the validityand correctness of statement and evaluation of assumptions or explanation that is used for aspecific set of information and data. It provide outcomes in form of hypothesis accepted orrejected. For validation of particular statement null hypothesis(H0) and alternative hypothesis(H1)are generally used. (a) Testing Hypothesis for mean earning in public sector.Under given case study and scenario random sample is selected from 1000 personsearning which is classified as gender: Men and Women, For this following hypothesis isconsidered: Null Hypothesis (H0) :- Here, Earning of men related to public sector is not substantially higherthan women's earning in public sector.Alternative Hypothesis (H1) :- Here, Earning of men related to public sector is substantiallyhigher than women's earning in public sector.
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As per above table it is evaluated that in 2009 there was a pay gap of £5,414 betweenearning of Men and Women. Although such gap has been reduced to £ 5173 till year 2014 butthese is a an increase reported in 2015 and 2016. As per observation of above table it is clear thatin 2010 a maximum percentage change is reported. So from overall analysis it has beenconcluded that overall earning of men related to public sector is not substantially higher thanwomen's earning in public sector which refers that H0 or null hypothesis is acceptable and onother side H1 or alternative hypothesis is rejected (George, Haas and Pentland, 2014).(b) Testing hypothesis for mean earning in private sector:In this case scenario also 1000 persons are selected from whole population and, dividedin earning of men and women. For these following hypothesis are considered:Null Hypothesis(H0)::- Here, Earning of men related to private sector is not substantially higherthan women's earning in private sector.Accepted Hypothesis(H1): Here, Earning of men related to private sector is substantially higherthan women's earning in private sector.
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