Reference no: EM132343079

STATISTICS FOR MANAGEMENT

Purpose of this assignment

To develop an understanding of how management information and decision-making are enhanced by the application of statistical methods. The assignment will help them learn a range of statistical techniques, develop numerical abilities and handle data to create information and knowledge.

LO1 Evaluate business and economic data/information obtained from published sources   

P1 Evaluate the nature and process of business and economic data/information from a range of different published sources.

P2 Evaluate data from a variety of sources using different methods of analysis.

M1 Critically evaluate the methods of analysis used to present business and economic data/information from a range of different published sources.

D1 Critically evaluate the differences in application between methods of descriptive, exploratory and confirmatory analysis of business and economic data.

LO2 Analyse and evaluate raw business data using a number of statistical methods   

P3 Analyse and evaluate qualitative and quantitative raw business data from a range of examples using appropriate statistical methods.

M2 Evaluate the differences in application between descriptive statistics, inferential statistics and measuring association.

D1 Critically evaluate the differences in application between methods of descriptive, exploratory and confirmatory analysis of business and economic data.

LO3 Apply statistical methods in business planning   

P4 Apply a range of statistical methods used in business planning for quality, inventory and capacity management.

M3 Evaluate and justify the use of appropriate statistical methods supported by specific organisational examples

D2 Make valid recommendations and judgements for improving business planning through the application of statistical methods

L04 Communicate finding using appropriate charts/tables   

P5 Using appropriate charts/tables communicate findings for a number of given variables

M4 Justify the rationale for choosing the method of communication.

D3 Critically evaluate the use of different types of charts and tables for communicating given variables

ASSIGNMENT BRIEF

You are working as a Business Data Analyst for a global organization and have been given following tasks:

NOTE: Choose either a named organisation or an organisation of your choice. It is encouraged to use your own place of work if appropriate.

TASK 1: Provide a report on the value and importance of statistical management.

The report should cover the following:

1. An introduction to statistics, e.g. what they are, what are the key characteristics and what are the benefits of statistical data for meeting business objectives.

2. The sources and types of data and information businesses can access.

3. The value of employing statistical methods when meeting business objectives and achieving competitive advantage.

4.. Provide examples of analysis of given sample sets of data that could be used by the organisation.

6. Evaluate the suitability of one type of data analysis vs another.