Statistical Methods for Business Decision-Making: A Case Study

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STATISTICS MANAGEMENT
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Table of Contents
Introduction......................................................................................................................................3
LO 1.................................................................................................................................................4
LO2................................................................................................................................................40
LO3................................................................................................................................................43
LO4................................................................................................................................................46
Conclusion.....................................................................................................................................48
Bibliography..................................................................................................................................49
Appendix........................................................................................................................................51
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Introduction
In the modern era, the business world is being more competitive than the previous years.
Statistics management helps the management team of a business to make decision on necessary
steps. Statistics plays a key role in calculating and analysing the data that can be beneficial for
drawing a conclusion. The problem can be concluded by performing data analysis method. This
report will include different methods of data analysis and several diagrams, which will provide
guidance on this topic. Different forms of hypothesis testing and regression analysis will be
conducted in this report. Additionally, the inventory policy sand economic order quantity will be
calculated by applying various statistical methods of calculation. Data from different sources are
taken for performing tests such as quality, sampling and hypothesis testing. This report includes
a brief understanding of statistical management.
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LO 1
The pay compensation process of men and women are different in both the public and private
sector. The data table is prepared by obtaining data from different sources. Random sample of
1000 people are taken for performing the observation.
Table A: Data table
a. Determine if the earnings of men in the public sector is different to the earnings of the
women in the public sector by testing the hypotheses that the earnings of men in the public
sector is not significantly different to the earnings of the women in public sector.
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