+44 1615244345
Get App :
Get the Biggest Deal Ever - Lowest guaranteed price across the globe. Get upto 50% off ! Book Now
Toll Free UK:+44 1615244345

Statistics of Management

Question :

There are certain questions that examine the management of statistics with the help of given questions are given below:

  • Analyse the business and economic data which is obtained from published sources.
  • Evaluate the raw business data by using various statistical methods.
  • Apply the statical business methods in planning
  • Give findings with the use of appropriate data and charts

INTRODUCTION

Statistics are replicated as numerical statements of facts with reference to any department of enquiry which is placed in relation to other. It refers to body of methodology and technique which is developed for presentation, collection and analysis of quantitative data with application of these data in context of decision making. There will be application different statistical tools through management with context of showing outcome and aim of financial analysis, quality assurance along with different operations of business areas. The present report will give brief discussion about activities which are required for resolving research and business planning issues. It will reflect CPI and RPI on basis of Office of National statistics website with tabular and graphical format as well. Furthermore, it will show variations in these indices with method of calculating annual inflation with its importance. This report will show proper analysis and evaluation of hourly pay rates in different regions of UK with appropriate statistics such as mean, median, quartile and standard deviation. In the similar aspect, it will be investigating mean with t test at 5% significance and represent ogive chart for indices and staff% vs hourly earnings.

A reputable assignment writing service
 

We can help!

We tend to help at every step regarding to Assignment for getting on track...

ACTIVITY 1

A. Locating CPI, CPIH with reference to Office of National Statistics

(CPI) Consumer Price Index: It is measure of average alteration over time in payment of prices through urban consumers for market basket of consumer services and goods. It accounts rising and falling prices as it is used as inflation measure with effectiveness of economic policy of government. It provides businesses, citizens and government as idea related to price alterations in economy as guide for taking informed decisions (O’Neill, Ralph and Smith, 2017).

(RPI) Retail Price Index: It is also and particular measure of inflation which is published through office of National Statistics as it reflects alteration in cost of representative sample about retail services and goods. It considers items like housing, bus fares, household goods and petrol as it weighs highly to food and housing and tobacco like products are lower weighting.

CPIH: These indices considers owner occupier's housing cost and considers as lead measure about inflation. It is replicated as comprehensive measure of UK and comprises owner occupier's housing costs along with council tax as well. It uses approach referred as rental equivalence for measuring OOH.

Year

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

CPI

2.3

3.6

2.2

3.3

4.5

2.8

2.6

1.5

0

0.7

2.7

CPIH

2.4

3.5

2

2.5

3.8

2.6

2.3

1.5

0.4

1

2.6

RPI

4.3

4

-0.5

4.6

5.2

3.2

3

2.4

1

1.8

3.6

Interpretation: The above table is showing multiple indices of consecutive 10 years from 2007 to 2017. It has been observed that in year 2015 it was having 0 inflation as it shows multiple fluctuations which was highest in year 2011 as 4.5. It perhaps as the best method for gauging inflation amount in economy of UK. In the similar aspect, CPIH has been traced which has considered owner's occupier's housing cost with range of 0.4 to 3.8 but on contrary, RPI has abnormal changes with -0.5 in 2009 and sudden raise of 4.6 in 2010 as from year 2007 to 2017 it decreased from 4.3 to 3.6 respectively. It is showing consumer purchasing power with trade of United Kingdom.

B. Representing charts, table and graph for reflecting indices of year 2007 to 2017

Interpretation: The above graph is showing graphical format for indices with percentage change from year 2007 to 2017. All indices have various fluctuations as there trend is approx similar but in RPI there is drastic change from year 2009 to 2010 as it was negative and suddenly it raised to 4.6 and started raising but it decreased till 2015 and raised till 2017 (James, 2018). Individual trend of each indice is plotted above and in UK, appropriate growth and stability with motive for getting outcome in continuous aspect. Henceforth, it has been determined that clear percentage is described in RPI whereas CPI is not able to give proper analysis and CPIH is similar for other index and attained lowest in every year with growth in 2015 and 2016.

C. Retail price Index vs Consumer Price Index

Particular

Retail Price Index

Consumer Price Index

Originated

In 1956, it was originated in Unite Kingdom.

In 1996, it was originated in European Union.

Objective

For monitoring cost of living with context of government planning with context of various arrangements.

The Euro countries are compared for compliance with treaty of Maastricht.

Exclusions

Life insurance, Income tax, national insurance and charges of pensions

Council tax, house prices, building insurance, holiday spending abroad, ground rent, Income tax and national insurance

Considerations

Spending related to abroad on holiday

Tuition fees of foreign students and Forex commission with perspective of tourists.

Averaging data

Combination of ratio of average along with relatives or arithmetic mean

It applies geometric mean and some normal ratio with perspective of average.

Weighing data

The living cost of ONS and food survey.

The household monetary consumption expenditure with its component of multiple national accounts.

Population

The wealthy and pensioners are excluded with state benefits.

Every residents of United Kingdom.

Application to index

Government debt payments as they pay with negotiations and pensions for private sector (Zhao and et.al., 2018).

Public service pensions, benefits and tax credits

CPIH is similar to CPI as it will attempt for adding measure on basis of owner occupiers' housing costs and H stands for housing as it is used estimating this cost and aggregated to CPI for creating CPIH. Hence, this method is used for extracting OOH as Rental Equivalence and it will not measure some specific things like house prices, water rates etc.

D. Extracting annual inflation with use of Consumer Price Index

Year

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

CPI

2.3

3.6

2.2

3.3

4.5

2.8

2.6

1.5

0

0.7

2.7

Annual Inflation

0

0.57

-0.39

0.5

0.36

-0.38

-0.07

-0.42

-1

0

2.86

Particulars

Formula

Inflation Rate

(CPI 2 – CPI 1)/ CPI 1

CPI 1

Consumer rice index of 1st period

CPI 2

Consumer price index of 2nd period

E. Reason about importance of inflation rate

Inflation is elaborated as increase in level of general price as it is price of various goods and services related to apparel, housing, transportation, fuel and food should be raised in order for incurring inflation in overall economy. The data through rate of CPI and RPI are used in multiple ways through businesses and government and has very vital role for setting economic policy. The main reason is that bank of England will be using inflation for setting interest rates. In case committee of monetary policy of banks has CPI inflation in increasing manner along with rate of interest with trial of subdue it. On the contrary, inflation will be likely to decrease with similar percentage as it might cut interest rates as well. This is the main reason that inflation is considered as crucial factor for identifying rate of bank charges with context of mortgages and rate offers for savings of accounts (Importance of Inflation for Industry, 2016). In the similar aspect, it will impact on income of some people as any description about index linked rise in line with perspective of inflation as measured from RPI and CPI.

ACTIVITY 2

A.1 Ogive for estimating median and quartile of hourly earnings

The difference has been analysed among hourly earnings of its professionals at multiple locations so in this context, different statistical tools has been applied. There is presence of descriptive analysis of data base which consists of analysing quartile and median like:

Median

The median could be calculated with application of formula as L + Cf – n / f * I as in numerical format it is 20 + (40 – 5 / 50) * 10 and its final outcome is 27.

Quartile 1: 20.5

Quartile 2: 21.40

Quartile 3: 26

Interpretation: The above analysis has extracted median and quartile with reference to ogive chart where its median is 27 which come in 20 to 30 hour working team as it is its mid value. While analysing quartile, there is extraction of quartile which has been articulated as 20.5, 21.40 and 26. This is statistical term which helps in giving description with multiple provisions on its observations in different interval as Q1, Q2 and Q3.

A.2 Standard deviation and mean for hourly earnings

Mean value:

Interpretation: The above table is extracting mean value of hourly earnings with different range and their mid value is pertained with gap of 10 such as 5, 15, 25 and like this till 45 as its aggregate is 125. There is multiplication of frequency and middle value whose sum is 1070. With application of these amount in formula, its mean is 21.40 (Liu and et.al., 2018).

Standard deviation:

It is referred as measure of dispersion with specific data set which is extracted from mean. This analysis will be giving information on basis of quantity which is directly reflecting group variations through mean value of group. On the contrary, there is appropriate analysis of this data base is provided below:

Interpretation: The formula for calculating standard deviation is √ƸFdx^2/N - (ƸFdx/ N)^2 which is √32400/ 50 -(-180/50)^2 and extraction as 10.15. There is consideration of different variables and numerous measurements with variation among hourly wages and employees of London.

B. Comparing London and Manchester's earning

<td">Particulars<td">London (£)<td">Manchester (£)

Median

Interquartile range

Mean

Standard deviation

27

5

21.4

10.15

14

7.5

16.5

7

Interpretation: The above data is representing comparison among two regions of UK as London and Manchester with application of Interquartile range, median, standard deviation and mean. The median of both region such as London has 27 and Manchester as 14 where London is leading and interquartile range has very fewer variations. The IQ range of London is 5 and Manchester as 16.5. In the similar aspect, the mean is 21.4 and 16.5 respectively through which standard deviation is extracted as it shows that London has high risk movements as compared to Manchester (Guo and et.al., 2018).

ACTIVITY 3

1. Setting hypothesis:

Null hypothesis: No significant variation among mean value of new and old system.

Alternative hypothesis: Significant difference in mean value of new and old system.

2. Choosing significance level

5%

3. Working on degree of freedom: Df

= N – 1

= 10 – 1

= 9

4. Statistical test

5. Finding critical value via table

As per significance level of 5%, degree of freedom as 9 along with one tail test its critical value (CV) is 1.833.

6. Calculated T test vs CV

T (2.86) > CV (1.833)

7. Hypothesis testing

Critical vale < Statistics test so alternative hypothesis is accepted (H1)

B. Usual conditions for paired t-test

Interpretation: The above table is deriving t test with two sample means with 5% significance level or 95% confidence interval. The criteria for selecting alternative or null hypothesis on basis of p value as if p value is more than 0.05 then null hypothesis is accepted and vice versa. In the above criteria, its value is derived as 0.000011 which is less than 0.05 so alternative hypothesis is accepted. It could be interpreted as that there is significant difference in mean value of new and old system (Musa and Mahmud, 2018).

C. Constructing 99% confidence interval

1. Setting hypothesis:

Null hypothesis: No significant variation among mean value of new and old system.

Alternative hypothesis: Significant difference in mean value of new and old system.

2. Choosing significance level

1%

3. Working on degree of freedom: Df

= N – 1

= 10 – 1

= 9

4. Statistical test

5. Finding critical value via table

As per significance level of 1%, degree of freedom as 9 along with one tail test its critical value (CV) is 2.821.

6. Calculated T test vs CV

T (2.86) > CV (2.82)

7. Hypothesis testing

Critical vale < Statistics test so alternative hypothesis is accepted (H1)

Interpretation: The above outcome is t test with 99% confidence interval as it has analysed via operations according to operations. There is result with deriving about p value with specified criteria in above test. Here, significance value is less than 0.05 then alternative hypothesis is accepted where it could be interpreted that there is presence of significance difference in old and new system (Sun and et.al., 2018).

ACTIVITY 4

A. Indicating charts with CPI, CPIH and RPI from year 2007 to 2017

Interpretation: The above bar chart is showing percentage change of CPI, CPIH and RPI over past 10 years as 2007 to 2017. Henceforth, RPI has presence of high percentage outcome as it directly insist about number of producer which are directly retaining sufficient earning in market and this will directly impact on raising inflation.

B. Ogive for cumulative % of staff vs hourly earnings

Interpretation: The above graph is reflecting ogive chart of hourly earnings and cumulative % staff with presence of various differences and plot value has considered cumulative. Furthermore, there is reflection of frequency polygon along with data value on particular point and it has determined middle and quarter of specific data set.

Read also:
MG625 Leading Tesco

CONCLUSION

From the above report it had been concluded that, statistics plays important role in business as they are very crucial for measuring different parameters. It had shown analysis of database in accurate aspect with implication of numerous statistical tool. In the similar aspect, it had been articulated that, using descriptive statistics which comprises mean, median, standard deviation and quartile of data base shows appropriate analysis. Further, it had shown that inflation could be measure with retail price index and consumer price index to be appropriate and sufficient to bring proper ascertainment of data set. Take assignment help service from Instant Assignment Help. They are the best assignment writing service providers in the UK. Their experts are highly qualified and skilled. They will provide you with a plagiarized free assignment at a low price which will help you in achieving A+ grades. So contact Instant Assignment Help for the assignment writing service.

Download Full Sample
Cite This Work To export references to this sample, select the desired referencing style below:
Instant Assignment Help. ( 2022). . Retrieved from: https://www.instantassignmenthelp.com/statistics-of-management
Copy to Clipboard
Copy to Clipboard
Instant Assignment Help (2022) [Online]. Retrieved from: https://www.instantassignmenthelp.com/statistics-of-management
Copy to Clipboard
Instant Assignment Help. '' (Instant Assignment Help, 2022)https://www.instantassignmenthelp.com/statistics-of-management
Copy to Clipboard
Instant Assignment Help. [Internet]. Instant Assignment Help.(2022), Retrieved from: https://www.instantassignmenthelp.com/statistics-of-management
Copy to Clipboard
Boost Grades & Leave Stress

Share Your Requirements Now for Customized Solutions.

Lowest Price
USD7.03

Delivered on-time or your money back

100+ Qualified Writers

For Best (Management) Assignment Help

View All Writers
FREE Tools

To Make Your Work Original

  • tools Paraphrasing Tool

    Check your work against paraphrasing & get a free Turnitin report!

    Check Paraphrasing
  • tools Plagiarism Checker

    Check your work against plagiarism & get a free Turnitin report!

    Check Plagiarism
  • tools Reference Generator

    Get citations & references in your document in the desired style!

    Generate References
  • tools Grammar Checker Tool

    Make your content free of errors in just a few clicks for free!

    Grammar Checker
  • tools Essay Typer

    Generate plagiarism-free essays as per your topic’s requirement!

    Essay Typer
Assignment Subject
Exciting Deals & offers on our AppInstall Now
Free Inquiry
IAH whatsapp
Price Calculator