Report on Data Skills, Employee Earnings, and Business Finance Sector

This report examines the importance of data skills in business operations, focusing on sampling techniques and their application in managing large datasets, particularly within companies like Tesco. It discusses random and systematic sampling methods and their relevance in understanding consumer needs and financial estimation. The report further analyzes the impact of raising employee earnings, considering both the benefits of increased morale and productivity and the challenges posed by inflation and economic factors like the COVID-19 pandemic. It recommends that businesses, especially those providing essential services, adjust payrolls to account for inflation, thereby maintaining employee satisfaction and efficiency. The study concludes that data skills are crucial for effective business management and that addressing employee financial needs is essential for sustained organizational success. Desklib provides access to similar solved assignments and past papers for students.

Data Skills

Table of Contents
INTRODUCTION...........................................................................................................................3
DISCUSSION..................................................................................................................................3
Question 1. State the reason behind utilising sampling while managing huge data and explain
methods of sampling...............................................................................................................3
Question 2........................................................................................................................................4
Why the organisation should raise employee earnings. Would the organisation suffer or
benefit because of the increase?.............................................................................................4
Fall/increase in earnings experienced by businesses operating within the Business and finance
sector.......................................................................................................................................5
RECOMMENDATIONS.................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Data skills are determined as a capability of a person to analyse information and provide
necessary suggestions to the manager of any organisation. It is a important aspect for a business
organisation to manage their operations with the help of new and advance technology (Cheung
and et.al, 2022). This report includes explanation of population and sampling techniques which
provide huge data about consumers to the company. There are two methods of sampling which
are discussed below that help company to manage large amount of information. This report
highlights the concern related to the increase in the wages of the employees at the time of
inflation. Growth in inflation rate increases the prices of fuel which increase the overall cost of
production of the company.
DISCUSSION
Question 1. State the reason behind utilising sampling while managing huge data and explain
methods of sampling
Business financing is the money a business owner uses to meet their needs and may
include starting a business, obtaining supplemental capital to finance business operations,
obtaining financing to purchase a business' capital assets, or responding to a sudden cash crunch
faced by a business. Population refers to the group of items from that a company draw data for
statistical examination. It can be a bunch of individuals, a group of items etc. It creates an
information pool for an examination (Ilcewicz, Poirie and Pailden., 2018). In general, population
refers to the number of individual live in a specific area at a particular time period but in statics,
it refers to the study of information or data. Sampling refers to the systematic process of utilising
statistical information analysis in which a present quantity of measurement is taken from a huge
number of people or population. Sampling technique is used to sample from a huge quantity of
individual based on type of study being performed. Tesco use sampling methods as a marketing
tool to determine the needs and wants of the society. Two types of sampling techniques are
Random sampling methodology gives same value to each and every item which have same
probability of being selected for a specific study. For example, if they are there are 400
employees in an organisation than they have equal opportunity to be opted for an examination
process because there is no human involvement is included during the sampling.

Systematic sampling starts at a simple starting point within the population and uses a fixed
period time interval to opt a product for a sample. This time interval is computed as size of
population divide by the size of sample (Liberali and et.al., 2018). Sampling technique also help
business in estimation of finance and its requirements to run their operation. It is the best way for
Tesco to find out the requirements of consumers and also provide approximately idea about the
funds which require to fulfil these needs. It is an important aspect for the business.
Question 2
Why the organisation should raise employee earnings. Would the organisation suffer or benefit
because of the increase?
The personnel working in an organisation may function in a determined and an enhanced
manner when they experience a raise in their respective assigned earnings (Walker, Pekmezovic
and Walker., 2019). The significant benefits in this respect can be:
They incline towards working harder.
 Progress can be experienced in terms of their respective performances
 Personnel tend to become loyal towards the company.
 The management of Tesco can be heightened.
 The targets are accomplished at a faster pace.
Both pros and cons can be experienced in regards to the effect of increasing the employees’
earnings. The benefits for Tesco can be in respect to the expansion in the representative spirit,
which could, without much of a stretch convert into additional unmistakable advantages, like
expanded worker maintenance and diminished recruiting and preparing costs. Representatives
who are more disposed to remain with an organization longer could profit from more noteworthy
progression and from a general decrease in work related designation charges.
Fall/increase in earnings experienced by businesses operating within the Business and finance
sector.
 Increase in inflation rate is a major problem for workers. It increases the cost of living of
the employees by increasing cost of needful products and services such as cost of food,
transportation and so on (Shao and et.al., 2022).

 Covid pandemic is a very tough situation for the workers that affect the survival of the
workers. Many workers suffer from COVID virus and their treatments is also costly. Cost
of treatments is increased so workers need surplus for this type of pandemic.
 After Covid moral and trust of workers on the company is decreased because of many
workers lost jobs or their pays. Growth in wages and salaries might increase the trust of
employees which is beneficial for the company because it increases the efficiency of the
workers.
The major concern in last 24 months is related to the employees who are waiting to
growth in their salaries and wages. Their living cost of employees is increased and the
purchasing or spending power is decreasing due to inflation in the market. Tesco company deals
in grocery products and have their stores around the world. Company generates huge revenue
during the time of COVID (Wibowo and et.al., 2020).
RECOMMENDATIONS
It is being examined from above prepared report that the companies which are linked
with essential services and goods would be generating and incurring large scale revenues at the
time of COVID pandemic. Inflation rates are rising on a continuous basis from last 24 months
which would influence the life cycle of firms as well as respective person. It is further being
suggested and recommended for the businesses to increase the payroll and scale of their workers

according to the inflation rate. It would also be beneficial for the business enterprise as higher
wages would increase the interest of workers as well and they would be able to perform more
efficiently and effectively.
CONCLUSION
From the above report it can be concluded that data skills play a very important role in
the business operations. It provides understand to manage their business operations effectively
and efficiently. There are two methodologies of sampling are discussed which provide clear view
about the consumer’s attitude and behaviour. Population is a representative sample of a larger
group of individuals which is grouped for a common purpose. Inflation is a quantitative measure
of a rate of change in cost of commodity for a period of time. Growth in the payrolls of the
employee is beneficial for the company because higher pay satisfies their needs and they work
more efficiently.

REFERENCES
Books and Journals
Cheung, W.C and et.al., 2022. Correlation between motor, socio-emotional skills, and academic
performance between young children with and without disabilities. Journal of
Developmental and Physical Disabilities, 34(2), pp.211-231.
Ilcewicz, H.N., Poirier, T.I. and Pailden, J., 2018. Use of mixed-methods approach to assess the
impact of a pre-professional health humanities honors course on developing
interpersonal skills. Currents in Pharmacy Teaching and Learning, 10(11), pp.1456-
1465.
Liberali, R and et.al., 2018. Communication skills teaching in Brazilian medical schools: What
lessons can be learned?. Patient education and counseling, 101(8), pp.1496-1499.
Ng, L.K., 2020. The perceived importance of soft (service) skills in nursing care: A research
study. Nurse education today, 85, p.104302.
Wibowo, T.S and et.al., 2020. Effect of Hard Skills, Soft Skills, Organizational Learning and
Innovation Capability on Islamic University Lecturers' Performance. Systematic
Reviews in Pharmacy. 11(7).
Shao, C and et.al., 2022. IoT data visualization for business intelligence in corporate
finance. Information Processing & Management, 59(1), p.102736.
Walker, J., Pekmezovic, A. and Walker, G., 2019. Sustainable development goals: harnessing
business to achieve the SDGs through finance, technology and law reform. John Wiley
& Sons.