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.