Statistics for Management: Data Analysis, Methods, and Planning Report

This report provides an overview of statistical methods relevant to management, focusing on the analysis of business and economic data. It explores various data sources and analytical techniques, including quantitative and qualitative methods, with examples like questionnaires. The report highlights the application of statistical methods in quality, inventory, and capacity planning, emphasizing measures of variability and the use of probability distributions for forecasting and risk assessment. It underscores the importance of data analysis in decision-making, referencing published sources and emphasizing the selection of appropriate analytical methods to achieve valid outcomes and improve future conditions. The assignment also includes an analysis of globalization's impact on businesses, specifically referencing ZARA, and addresses challenges related to social media and international expansion.

Statistics for Management

Contents
• INTRODUCTION
• Nature and process of business and economic data/information.
• Data from a variety of sources using different methods of analysis.
• Statistical methods for quality, inventory and capacity planning.
• CONCLUSION
• REFERENCES

INTRODUCTION
Economical statistics are usually critical to measure the health of economy and define
direction in which economy is developed. It also consider as a way of survey the good
source of leads for companies which includes data on foreign trade and financial flows,
retail and wholesale price index, national economic accounts etc.

The nature and process of business
and economic data/information
Statistics on organisations cover overall data like units of analysis, business activities of sole
proprietorships including demographic information about personal characteristics and more. There
are a number of organisations present where level of confidentiality are determined as per their
economical data. In non-profit corporations, nature of business is described in terms of exempted
from income tax or as a special group. While in commercial sector, it describes three form of
ownership as- sole proprietorships, partnership and corporation. It is vital for learners to interpret
economic data appropriately so that observers can get detailed information regarding topic of
statistics.

Data from a variety of sources using different
methods of analysis.
In business, manager are first focus to choose the right data analysis methods that help them to
make valid solution and make changes for improvement and better functioning. There are mainly
two method of analysis data that is quantitative and qualitative methods so that result are more
made accordingly as per the requirement of research. Qualitative data is difficult to make down
that concern to feature for a company which are more instructive and objective. It consider
substance collected from different consumer surveys, interrogation with worker and in general
refers to choices over quantities. Therefore it is stated the analysis methods used are less
structured in comparison of quantitative techniques. Some of the method analysis are defined
below:

Continue
Q1. Are you aware of globalisation and its impact upon organisations?
a) Yes
b) No
Q2. Is globalisation that could impact brand image of companies?
a) Yes
b) No
Q3. Important support of globalisation to ZARA?
a) Increase in sales
b) Profit maximisation
c) Enhancement of stores
Q4. Are there any significance of social media on brand image of ZARA?
a) Strongly agree
b) Agree
c) Disagree
d) Strongly disagree
Q5. Primary challenges that happen to ZARA with the use of social media?
a) Spreading of wrong information
b) Wrong decisions related to strategies
Q6. Major Issues faced by ZARA in future while expanding business?
a) Technological challenges
b) Uncertain international business environment
c) Lack of knowledge related to international laws
Q7. What tools can be used by ZARA for spreading brand awareness?
a) Social Media
b) Digital technology
QUESTIONNAIRE

Statical methods for quality, inventory and
capacity planning.
• Statical methods are useful in the proper management of quality, inventory and capacity
planning. Herein, some methods are described below:
Measures of variability- It means identification of difference between the actual
performance and standards. Eventually, measurement of this variability is very important
for improvement of quality of services. If companies deals with the customers in less time
then it will be a positive sign for company's performance. In other words, organisations set
the standard of time by which they can deal with the customers and after that if they take
less time from the standard time then it will be consider that organisations service is better

Different statistical methods.
The statically methods are useful in the context of organisation's management like inventory
management, capacity planning etc. For example Tesco company use the statically method
of probability distribution and with the help of this they forecast about the future sales and
make appropriate decision for production. In broad sense company uses the probability
distribution method which analyse the scenario and on the basis of this they forecasting and
assess the risk. It is done with the statically use of different values of probability
distribution.

CONCLUSION
From the above report, it has been discussed that it is very essential for the management of
an organisation to make proper search by using different methods that support in decision
making process. There are variety of published sources that are used in order to collect
important information relevant to a business topic and researcher of company applies best
data analysis methods in order to make valid outcome so that accurate decision are made for
better future conditions.

REFERENCES
Anderson, D. R. and et. al., 2018. An introduction to management science: quantitative
approach. Cengage learning.
Walters, W. H., 2016. Beyond use statistics: Recall, precision, and relevance in the
assessment and management of academic libraries. Journal of Librarianship and
Information Science. 48(4). pp.340-352.