Unit 31: Statistics for Management

STATISTICS
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
Part 1................................................................................................................................................1
Overview of statistics..................................................................................................................1
Sources and the kind of the information accessed by the business ............................................2
Difference between the sample and population .........................................................................3
Explaining the value of application of the statistical techniques in respect of achieving
competitiveness and objectives ..................................................................................................4
Explaining contrast between inferential & descriptive statistics with implication in respect of
the business intelligence .............................................................................................................5
Providing appropriate examples of given dataset ......................................................................6
PART-2............................................................................................................................................8
Evaluating contrast between an inferential and descriptive data................................................8
Application of the range of different statistical methods ...........................................................9
Presenting the finding in an appropriate format .......................................................................11
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Statistics management provides the managers with tools that are important in making
sense of the large quantities of the data and making the most suitable business decisions on the
basis of the inferences drawn from the data. Collecting a numerical history of the occurrence
factors on the optional repairs or the processes which helps in determining requirement fro the
accurate quantities of the material for smoothing delay at the time of production fluctuations.
The present report is based on statistical management within which various statistical measures
are been highlighted that helps the firm in evaluating its performance.
Part 1
Overview of statistics
Statistics is the form of the mathematical analysis that makes use of the quantified
models, synopses and representations for the specific experimental dataset and real life based
examples (Walters, 2016). In other words it is the term that is been used for characterizing
dataset as in case if dataset depends on the sample of the larger population then analyst could
develop an interactions regarding population on the basis of statistical results from sample.
Mainly the characteristic of statistics reflects that it is counted as the aggregate of the facts that
are been expressed in the numerical form.
Statistics is highly affected to the market extent through multiplicity of the causes and are
enumerated in accordance to the reasonable accuracy standards. Statistical data are been gathered
for the predetermined purpose in the systematic manner which could be comparable with each
other (Kaliyadan and Kulkarni, 2019). Furthermore, statistic is stated as the discipline which is
concerned with collection, displaying, interpreting, organizing and presenting the data. For
example- Average height of the students samples and their weight.
There are majorly two statistical methods that is been used in analysing the data that
involves descriptive statistic and inferential statistics. In descriptive statistics, several techniques
been applied fro assessing the data that includes mean, median, mode, range, standard deviation,
skewness, kurtosis etc (Krickeberg, Van Trong and Hanh, 2019). on the other under inferential
method, data are been subjected to the random variation like sampling variation and
observational errors etc. that helps in drawing conclusions in an effective manner.
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Sources and the kind of the information accessed by the business
Mainly there are two main methods through which the data can be collected by the
business under statistical management involves primary and the secondary data. Primary data
referred as collecting the data in direct connection with the respondent and carrying out the first-
hand information. For example- conducting personal interview, survey, structuring
questionnaire etc (Pitchai and et.al., 2019). However, secondary data means already published
data that are been gathered by someone else for a particular purpose and which could be accessed
from journals, books, articles, internet etc.
Specifically, there present two main sources of the data that includes statistical and non-
statistical sources. Statistical sources means the data that is been gathered for official purposes
and involves censuses and the official conducted surveys (Fuzzell and et.al., 2019). On the other
side, non-statistical sources means the data that are been gathered for the other administrative
purposes or the for private sector. Various sources of the data are as follows-
Statistical survey- It is been conducted by using the sample and also referred as sample
survey. It is the method of collecting the sample data and in analysing it by making use of the
statistical tools. It is been done for making estimations relating to the characteristics of the
population and provides full control over data set.
Census- Opposite to the sample survey, census is used on the basis of all items in the
population and thereafter analysing the data (Monsen, 2018). Under this the data is collected for
the particular reference period by using questionnaire which are been directly mailed to
respondents. Responses could also be gathered over the other medium of communication such as
through telephone. Census allows for including the most remote population units in the data set.
For example- Census of India is been conducted in every 10 years.
Register- These are basically indicated as the storehouses of the statistical data from
which data could be gathered and analysed. Registers are tended to be extensive and in depth and
it is counted as beneficial for using the data through this as it develops reliability.
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