Reference no: EM132758964

Unit 31 Statistics for Management - Higher National Diploma in Business Administration

Assignment - The Role of Statistics in Evaluating Business and Economic Data

Learning Outcome 1: Evaluate business and economic data/information obtained from published sources

Learning Outcome 2: Analyse and evaluate raw business data using a number of statistical methods

Assignment Brief

In order to open a new plant to expand foreign direct investment, the board ofdirectors in Renault Corporation require a feasibility report to justify the decision.The senior managersneed to predict the demand level on Renault cars in the nextfew years so they can determine the optimal capacity of thenew plant. They asked their colleagues in Evaluatingand Monitoring department to collect relevant business and economic data.

Employees in Evaluating and Monitoring department collected the following data about National Economy in Turkey : GDP Per Capita Current $ (annual),Population Growth Rate % (annual), Cars' Sales (annual) (data are available inNational Economy Data Excel sheet).

In order to get more sufficient data, Marketing-Research department prepareda questionnaire in which they asked the individuals the following closed- endedquestions:
1- What is you preferred car?
2- Your preferred car's price compared to other brands is: very expensive,expensive, neither expensive nor cheap, cheap, or very cheap?
3- Your preferred car's price compared to the brands quality is very high,high, reasonable, low, or very low
4- What is your current disposable income?
5- What is your neighborhood?
6- What is your educational qualification? (data collected are available in Questionnairedata Excel sheet)

Furthermore, the financial and operations managers in one of the existing Renault cars'accessories stores located in Zeytinburnu want to predict the money amountthat every customer spends per shopping trip. The Monitoring & Evaluatingdepartment have reviewed historical data and considered standard deviation ofpopulation as known at the value of 400 Turkish Lira. The financial managerasked the Monitoring & Evaluating department to collect a random sample of 100customers' expenditure spent per shopping trip.

As a business and economic data analyst in Renault corporation, you have beenasked to produce a report about business and economic data evaluation where youshould critically evaluate the differences in application between descriptive, confirmatory, and exploratory analysis methods by:

1. Providing a critical evaluation of different business data/ information throughapplying different data analysis methods consideringdata types, sources and sufficiency,the importance of converting data into information,and the significance of different data analysis methods to investigate therelationships between different dataset variables to help Renault corporation determine the expecteddemand level.

2. Analyzing and evaluatingRenault cars' sales data in Mersin and Bursa considering:
a) Applying descriptive data analysis for each of them. And show howyou can use the results of analyzing these two data series to determinethe city where the sales were more stable.
b) Evaluating the feasibility of calculating measures of central tendencyand measures of variability for the questionnaire and sales data togenerate useful information that can help the managers understand themarket conditions and make the right decisions.

3. Evaluating the differences in application between inferential statistics andmeasuring associations considering:

a) Application of inferential statistics (sampling) to suggest an interval thatcan contain the mean of customers' money amount spent per shoppingtrip in Renault car accessories store during the next two monthsaccording to the data available in the random sample (data are availablein "Customers' Purchases Sample" sheet of Excel file) at significance level of 5% .

b) Applications of measuring association between each of the two cost itemsand sales amounts in Mersin branch at the significance level of 5%. (data areavailable in Sales Training & Advertising Data sheet of the Excel file).

Attachment:- The Role of Talent Management in the Organization.rar