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Statistics for Management
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1. Evaluating the nature and the process of business and economic information...............1P2. Evaluating the data from several sources by using the method of analysis.....................2P3. Analyzing and evaluating the qualitative as well as the quantitative business data with theuse of the statistical methods.................................................................................................6M2. Evaluating the difference between the descriptive and inferential statistics.................9LO 3...............................................................................................................................................11P 4. Statistical methods in business planning for quality, inventory and capacity management...............................................................................................................................................11LO4...............................................................................................................................................13P5&M4&D3. Communicating and evaluating the findings for the number of the givenvariables by using the charts and tables..............................................................................13CONCLUSION.............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONStatistics is considered as set of mathematical equation which is used for analysing thingsand it is very important in present scenario and information is identified mathematically throughhelp of statistics. It signifies that informed correct data along with concepts of statics arenecessary. The present report will evaluate business and economic information gained withpublished sources with critical evaluation and analyses as well. It will reflect variations with useof methods among descriptive, confirmatory and exploratory analysis of economic and businessdata. The application of range of statistical methods implied in business planning for inventory,quality along with capacity management. Furthermore, it will provide evaluation andjustification of appropriate statistical methods supported through appropriate organizationalexamples along with their pros and cons.LO1P1. Evaluating the nature and the process of business and economic information.As per theMagdaleno, Duboc and Betz, (2016),it is viewed that, Business and theeconomic information relates with the application of the economic theories and the methodologyfor making effective decisions. Business processes involves the data regarding the collection ofthe structured task by the people or the equipment which produces the product in a particularsequence. According to theKorshikova and et.al., (2016), it is viewed that the nature of thebusiness and the economics is developed on the basis of two theory that is positive andnormative approach. Positive approach focuses on the description that includes the ways inwhich the system of the economic operates without the function of staffing ans the manner inwhich they need to be operate. On the other hand, normative approach emphasize on theprescriptive statements and enables in developing the rules that aims at the achievement of thespecific goal of the organization. However, it is also viewed by thevom Brocke, Zelt andSchmiedel, (2016)that normative approach better suits to the business and economic informationas it results in the goal achievement. In accordance with theSuurmond, (2018)it is stated that,business and economic data helps the firm in knowing the expenses and the income in terms ofthe changing market conditions. This enables the enterprise in ascertaining the financialperformance and position of its business in the overall economy. On the other side,e Souza,Dias and Sabino, (2019)viewed that this information helps in making valid decisions and ruleswith proper understanding of the environment. It involves the study of the analysis of the1
demand, forecasting, production and the cost analysis, decisions regarding the prices, policiesand the procedures are made. It also ensures the management of the profit and the capitalmanagement in the firm. In addition to thisRostami and et.al., (2019),specified that, using thestatistical tools in the business and the economic information suitable decisions can be taken as itpresents quantifiable results. With the evaluation of such data manger of an enterprise can makeeffective strategies in relation to the promotional and the selling aspect. This leads to increase inthe sales with improvement in the sales processes.P2. Evaluating the data from several sources by using the method of analysis.There are various tools for making the statistical analysis which helps in evaluating the incomeand the expenses of the business (Machiwal and et.al., 2018). It helps in analyzing the data in thequantifiable terms and results can be summarized in effective way. A better understanding isbeen developed by using these tools.Mean- It refers to the average which is utilized for deriving the central tendency in theanalysis of the data. It is computed by adding all the points in the data in the overall populationand then this sum is divided by the total number of the points in the data. In other words, it isdefined as the summation of the scores present in the data divided by the total scores. It is calledas the mathematical average. The mean of the random variable is known as the expected value ofthat variable.Median- It is the simplest measure of the central tendency. It is calculated by arrangingthe observations in terms of the smallest to the largest value. If the observation contains the oddnumber then the mid value is considered as the median (Hara and et.al, 2018). In case theobservation resulted as even number then the average of the two middle values is considered asthe median.Mode-Trend analysis- This tool of statistical analysis aims towards finding the pattern in thedata. IT shows the upward and the downward shift in the set of the data over the time. It is thestatistical procedure that is performed for evaluating the hypothesized non-linear and the linearrelationship between the two qualitative statistical variables. It is executed in the analysis of thevariances or as the regression analysis. It is applied or used in the situations where the collectionof the data is based on the different level of the variables. It is the technique which includes thetime series data analysis.2
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