Understanding and Managing Data: Analysis and Interpretation

UNDERSTANDING
AND MANAGING
DATA

Table of Contents
PART 1............................................................................................................................................4
TASK 1............................................................................................................................................4
(b) Analyse and interpret standard deviation and mean.........................................................4
TASK 2............................................................................................................................................4
(b) State the reason behind mean and standard deviation of grouped data and ungrouped data.
Which one is more accurate?..................................................................................................6
(c) Comment on the least amount spent by the customer on the top 25% by the customers. 6
TASK 3............................................................................................................................................6
Differentiate between the time series data and cross sectional data according to the lifestyle
and demographic profile nature of the customers..................................................................6
TASK4.............................................................................................................................................7
(a) Construct network diagram that shows movement of backward and forward data..........7
(b) Identify critical path and time period of the project.......................................................10
(c) Differentiate between non- critical and critical activities...............................................10
TASK 5..........................................................................................................................................10
(a) Work out the coefficient between total cost and quarterly sales and average order value
and gross profit. Make a correlation matrix.........................................................................10
(b) Determine appropriate forecaster of sales and also explain the reason behind it...........11
(c) Draw a scatter diagram and also show a trend of regression equation...........................11
(d) Examine the determination and coefficient of correlation..............................................11
(e) Examine the equation of regression and examine the value...........................................11
TASK 6..........................................................................................................................................12
1. Work out the coefficient of fluctuations for organisation A and B..................................12
2. By Assuming the risk of retailers is negative, name the project which should be selected
from the available projects...................................................................................................12
TASK 7..........................................................................................................................................12
Reflective learning gained through the project....................................................................12
PART 2..........................................................................................................................................13
1. Compute variable cost with the help of high-low method...............................................13

b) Calculate monthly fixed cost............................................................................................13
c) Work out break-even of January......................................................................................13
d) minimum number of T-shirt that needs to be sold in order to achieve target..................13
e) Work out margin of safety................................................................................................13
6. Analyse the above computation........................................................................................13
REFERENCES..............................................................................................................................15

PART 1
TASK 1
(a) Compute the sum and variance in excel.
Expenditure (£) on
Stand Mixers
Mean 224.00
Standard Error 6.58
Median 224.00
Mode 224.00
Standard Deviation 75.00
Sample Variance 5625.00
Kurtosis -0.49
Skewness -0.32
Range 301.00
Minimum 68.00
Maximum 369.00
Sum 29120.00
Count 130.00
Coefficient of Variation 33.5%
(b) Analyse and interpret standard deviation and mean.
The above data states that the central average of the data is 224 and 75 is the standard
deviation. Standard deviation states the difference of the observation from the mean. In the
following case its highly fluctuated from the mean (Cauley, 2021).
TASK 2
(a) Make table in excel and attach it in the report by including the value given.
Table 1