Statistics for Management Assignment - Solved

Added on - 11 Jan 2021

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STATISTICSMANAGEMENT
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1ACTIVITY 1....................................................................................................................................1A. Locating data on basis of consumer price indices and retail price index through Office ofNational statistics.........................................................................................................................1B. Producing tables, graphs and charts to reflect changes in above indices from year 2007 to2017..............................................................................................................................................2C. Explaining differences among these indices...........................................................................2D. Explaining application for calculating annual inflation.........................................................4E. Specifying reason about importance of inflation rate..............................................................4ACTIVITY 2 (1 Client B)................................................................................................................5Hourly pay rates in different UK regions....................................................................................5A.1 Using ogive for estimating median hourly earnings and quartiles........................................5A.2 Calculating mean and standard deviation for purpose of hourly earnings............................6B. Providing comparison among earnings in two regions...........................................................8ACTIVITY 3 (2 Client E)................................................................................................................9A. Carrying paired t test at 5% significance level.......................................................................9B. Stating usual conditions for paired t test.................................................................................9C. Constructing 99% confidence interval for mean reduction.....................................................9ACTIVITY 4..................................................................................................................................10A. Producing bar charts for reflecting change in CPI, CPIH and RPI with duration of 2007 to2017............................................................................................................................................10B. Producing ogive for cumulative % of staff vs hourly earnings along with scatter diagram ofhot drink sales vs average weekly temperature..........................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONStatistics is replicated as term which is used for summarizing any process for featuring aspecific data set. In case data base is highly depended on sample of huge population then it willhelp for developing interpretations on basis of population with context of statistical outcomethrough sample. It helps business for raising international competition which mandates variousmanagers fr purpose of addressing uncertainty with application of scientific methods and mainobjective for decision makers as well. The activities of planning, forecasting, decision makingand organizing helps manager for intending fruitful future with context of business. The presentreport will give brief discussion about evaluation of numerous business and economic data alongwith information through published sources.In the similar aspect, it will reflect analysis and evaluation of raw business data withapplication of number of statistical methods which is represented in tabular and graphical format.This report will provide statistical methods for planning business and its outcome should bearticulated in better presentation formation. For evaluating this report, data would be consideredfrom Office of National statistics website about consumer price index and retail price index.Further, it will show proper comparison about hourly earning of London and Manchester withreference to descriptive statistics.ACTIVITY 1A. Locating data on basis of consumer price indices and retail price index through Office ofNational statisticsRetail price Index (RPI):It is replicated as measure of inflation where people spendshighly on staple services and goods. It is initial tool for identifying that how people areexperience about inflation.Consumer price Indices (CPIH):It is measure which helps in examining weightedaverage price of consumer services and goods like food and medical care along withtransportation (Nica and et.al., 2017).Year20072008200920102011201220132014201520162017RPI4.34-0.54.65.23.232.411.83.6CPIH2.43.522.53.82.62.31.50.412.6Interpretation: The above table is specifying annual data of consumer and retail priceindex for 10 years (2007 to 2017) which is gathered through data set from Office of National1
statistics which is used for extracting proper analysis and issue. It represents trade andpurchasing power of UK economy's buyers. The proportionate result has been selected whichdirectly pertain presence of huge fluctuations with data base. The range of outcome of CPI hasbeen reflected between 1% to 4%. Simultaneously, RPI has shown drastic alteration in itsoutcome as it was negative in year 2009 whose total range was -0.5% to 5%.B. Producing tables, graphs and charts to reflect changes in above indices from year 2007 to2017The below graph will reflect changes in graphical (line) format about changes in CPI andRPI in statistics of UK with presentation of proportionate fluctuations.Interpretation: It had been extracted from pictorial representation that prior phase ofCPIH has presence of numerous fluctuation in its results which are not showing properinformation and result with context of specific data base. Hence, by comparing it from RPIwhich has shown specific and clear percentage as it has high outcome percentage. In 2009, it wasreflecting negative outcome but in 2010, it attained growth to 4.6 which is drastic change. Fromyear 2011 it was decreasing by year to year and this trend continued till 2015 then it was raisingtill 2017. From this analysis, it could be suggested that RPI of UK is growing strongly withcapability of gathering proper outcomes (D'Costa and et.al., 2017).C. Explaining differences among these indicesParameterRetail Price IndexConsumer price IndexFormed (year andIn year 1956 in United Kingdom.In year 1996 in Europe.2
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