Statistics for Management Assignment Sample

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STATISTICS FORMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1ACTIVITY 1....................................................................................................................................1a) Situation of data from Office of National Statistics web site.................................................1b) Graphical and tabular representation of data acquired form Office of National Statistics.....2c) The differences the indices.....................................................................................................4d) Use of data collected form CPI subject to evaluate the annual inflation................................5e) Importance of rate of inflation and requirement.....................................................................5ACTIVITY 2....................................................................................................................................6a) Use of ogive and median hourly earnings and the quartiles, mean and standard deviation...6b) comparison of earnings...........................................................................................................8b) Analysis of comparative results of survey............................................................................10ACTIVITY 3..................................................................................................................................10a) Evaluation of economic order quantity.................................................................................11b) Assessment of requirement of re-ordering T-Shirts.............................................................12c) The inventory policy cost......................................................................................................12d) Current service level to the customers..................................................................................12e) Work out for the reorder level to accomplishment of desired service level.........................13ACTIVITY 4..................................................................................................................................13a) The Office of the National Statistics produce line................................................................13b) Data used form activity 2 to produce an ogive for cumulative % of staff vs hourly earnings...................................................................................................................................................16CONSLUSION..............................................................................................................................17REFERENCES..............................................................................................................................18
INTRODUCTIONStatistics for management refers to the analysis of data and application of businessinformation for understanding the dynamics of management in business operations (Al-Omari,2016). A statistical analysis with appropriate statistical methods helps to make strategies andplans for sustainable structure of business. This report covers the analysis of business economicdata form national statistics. Data from various sources using various methods are analysed witheffective and clear manner. Analysis of qualitative and quantitative raw business planning forquality inventory and management are considered in this report. Charts and graphs are preparedon the basis of supplied variables.ACTIVITY 1a) Situation of data from Office of National Statistics web siteConsumer Price IndicesCPI:A detailed measure utilized for calculation of value changes in a bulk of servicesand goods of enterprises utilization subject to cost an economy is called Consumer price Indices.It measures alterations after some time when the levels of costs of goods and services brought forconsumption. Enterprises that family units get with the end goal of utilization. It is an essentialstatical analysis amongst other prices indices because it analyse economy on the basis ofweighted average price of goods (Armstrong and Taylor, 2014). It gives a thought of the typicalcost for basic components. CPI utilises insights for bifurcating the products and segments withbetter scale. It also determines the amount of allowances provided to employees due to increasein inflation rate and cost.CPIH:It is one of the activity that analyse the consumer price inflation containing theoccupancies for housing cost (Qiu, Qin and Zhou, 2016). It indicates towards the ConsumerPrice Index Housing based measures. The comprehensive evaluations that comprises theevaluation process of consumer inflation and the management process for better determinationand transactions. There are type of inflation rate and analysis for determining the case forunderstanding the budgets are considered effective better evaluation.Retail Price IndexThis pricing index mainly defines the level of inflation as reflected in according to theretail price of goods and services. This is one of the essential aspect in terms of managing the1
consumer inflation produced by Office for national statistics. It normally analyse the annual ratepublished on the basis of salaries, wages and the tax allowances. The RPI mainly used formanaging various requirements occurs due to different RPI s'. It presents position of expenses ofliving record in regard of changing the rate of product and services. which shows how much thenormal expense for primary products get changes time to time. These are circularized by eachmonth.b) Graphical and tabular representation of data acquired form Office of National StatisticsCPIYearCPI2007104.72008108.48332009110.83332010114.4752011119.60832012123.74172013126.1252014127.96672015128.0252016128.8752017132.3The above column chart defines the CPI fluctuation for last ten years form 2007 to 2017.the above data are counted it is analysed that the CPI increased with a stable rate of 3.5% for2
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