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Unit 31: Statistics for Management

Unit 31: Statistics for management aims to bring the recognition of the methods of decision-making and information management among the learners that are improved by the application of statistical procedures. The students can get the learning according to the variety of statistical techniques and the procedure of informing thinking management. However, during the learning of this unit they can also create numerical potentials and increase their data handling confidence to develop knowledge and information.

Learning outcomes

The learner will be eligible to learn the following outcomes:

LO1 Analyse the economics and business data or information to acquire from the sources that are published.

LO2 Evaluate and examine the business data that is raw by using multiple methods of statistics.

LO3 Use the methods of statistics in business planning.

LO4 Elaborate on the outcomes with the help of suitable tables or charts.

Significant content

LO1 Analyse the economics and business data or information to acquire from the sources that are published.

Economic data and business interpretation:

• The information and data nature, and the ways of converting data in form of information and information in form of knowledge.
• The data interpretation from sources ranges that use diverse procedures of analysis:

- Exploratory

- Confirmatory

- Descriptive

LO2 Evaluate and examine the business data that is raw by using multiple methods of statistics.

Statistical procedures which are utilised for data evaluation and analysis:

• Contrast the quantitative and qualitative analysis of raw data.

Descriptive statistics:

• Central tendency measures (for instance median, mean).
• Variability measures (for example standard deviation, range).
• Business data applications (for example, to find out average earnings, variability measurement in business phenomenon including rates of customer arrival and times of queuing).

Inferential statistics:

• Various methods and techniques for sampling.
• Contrast population and sample.

Associate measurements:

• Application of simple forecasting, scatter plots, regression analysis, and correlation.
• Business applications, for example, the association between sales and advertising, cost and output.
• Use evaluation of the software that includes SPSS and Excel to conduct data analysis that is raw.
• Application of appropriate tools and methods for raw data evaluation.

LO3 Use the methods of statistics in business planning.

Business planning statistical procedures:

• Using statistical procedures in various business planning areas and management of operations that include, capacity management and inventory management.

Variability measures:

• The variability problem in the process of business (for example time and arrival customer rates at the time of customers dealing), and the ways of the trade-off between process utilisation and waiting time.

Probability measures:

Probability application and distribution to business processes and operations.

Distributions are normal (for example measures and weight regulation and control on the statistical process).

Distribution of Poisson (for example, rates of customer arrival) as well as Binomial Distribution (for example inspection sample).

Inference (for example, confidence limits and margins of error).

LO4 Elaborate on the outcomes with the help of suitable tables or charts.

Various variables:

• Selecting the most operative procedures of communication as outcomes of your variables and analysis.
• Ratio/interval ordinal and nominal levels.

Various categories of diagrams, charts, and tables:

• Application of simple tables, histograms, simple tables, frequency tables, nominal curves, pie charts and frequency curves.
• Information demonstration with the help of charts and tables.
• Pros and cons of various categories of methods.
• Software for making table charts for example Excel.

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Assessment criteria

LO1 Analyse the economics and business data or information to acquire from the sources that are published.

1.1  Analyse the process and all economics and information or data from the writing of diverse published sources.

1.2  Analyse the process and all economics and information or data from the writing of diverse published sources.

1.3  Calculate data from a range of sources with the help of the driver analysed method.

1.4  Critically analyse the procedure of evaluation and deliver economic and business information or data from various published.

LO2 Evaluate and examine the business data that is raw by using multiple methods of statistics.

2.1  Critically analyse the application differences between the procedure of confirmatory, exploratory, and descriptive analysis of economic and business data

2.2  Examine and calculate the quantitative and qualitative data of raw business from a series of examples that you suitable methods of statistics.

LO3 Use the methods of statistics in business planning.

3.1  Analyse the contrast in usage among inferential statistics, descriptive statistics and measurement association.

3.2  Use the implementation of statistical procedures that apply in business planning for inventory capacity and quality management.

3.3  Justify and evaluate the application of suitable methods of statistics associated with particular examples of organisation.

LO4 Elaborate on the outcomes with the help of suitable tables or charts.

4.1  Prepare strong judgements and recommendations for enhancing business plans with the help of statistical procedure applications.

4.2  Applying suitable tables or communicating results for multiple provided variables.

4.3  Provide rational certification for selecting the communication procedure.

4.4  Critically analyse the application of diverse categories of tables and charts for communication with a help of provided variables.

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