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Statistical Analysis of Business

University: KENSINGTON COLLEGE OF BUSINESS

  • Unit No: 31
  • Level: Undergraduate/College
  • Pages: 17 / Words 4213
  • Paper Type: Assignment
  • Course Code: MIS301
  • Downloads: 171
Organization Selected : Prosyn ltd

INTRODUCTION

The statistics for management means the statistical analysis of business information and related data application for the better clearance or understanding of the management of business operation and its dynamics. The statistical analysis by applying effective statistical methods, which are beneficial while forming the strategies and planning for sustainable structure of business. This report pertain the analysis of economical data of business by applying national statistics (Drucker, 2012). Data from different sources analysed by adapting several methods or tools of statistics using respective methods. Analysis pertains to both the qualitative and quantitative raw business planning for maintaining and ascertaining the quality of inventory and management are comprises in this report. the Charts and graphs are prepared on the basis of available data for a better understanding of the statistics for management.

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ACTIVITY 1

P1 Describing the process and nature of business and economic data with several published sources

(a) Analysing the data obtained from the use of the office of National Statistics website

  • Consumer price indices (CPI): An index measure that is used in order to quantify value changes in a huge volume of services and goods of entity utilize the context to cost a particular economy is called Consumer price Indices. It calculates the variations while the levels of costs of goods and services brought for consumption. Entity that family units gets with the end goal of utilization. It is an inevitable statical analysation of the prices indices, as under the CPI the analysation of the economy is made on the basis of weighted average price of goods. It determines the typical costs for primary components (Thuraisingham, 2014). CPI utilises insights for diverge the products and segments along with high scale. It is also used for the purpose of quantifying the amount of allowances provided to employees because of increment in rate of inflation and costs.
  • Consumer price index housing (CPIH): CPIH is almost the same thing as the Consumer Prices Index (CPI) but it is concerned as an attempts to add a measure of owner occupiers’ housing costs. The 'H' denotes the stands for 'Housing'. It is an attempt which is perform for the the purpose of analysation of the consumer price inflation pertaining the occupancies for housing cost. It focuses towards the Consumer Price Index Housing based measures for the exact quantification (David, 2012). This comprises with the comprehensive evaluations that consists the analysation process of consumer inflation and the management process for betterment in quantification and transactions. There are various types of rate of inflation and analysation for identifying the cases for better understanding of the budgets that are considered effective better evaluation.
  • Retail prices Index (PRI) : it is the measure of inflation published by Office for National Statistics on monthly basis. It is used for the purpose of the measuring the costs of retail goods and services. RPI is basically quantified on regular monthly basis, but along with this the annual rate is also published which is used for the motive of making adjustments in inflation indexed salaries and wages, tax allowances and pensions (Kines, And et. al., 2013). There are so many different types of RPI used for different purposes accordance with the requirements. A consumer price index(CPI) is also a kind of RPI.

(b) Explanation regarding the differences between the indices

There are differences between the Consumer prices indices and Retail prices indices on the ground basis mentioned below.

Basis of differences

CPI

RPI

Origins

It was introduced after the RPI, in 1996 in the European Union.

It was introduced firstly in 1956 by United Kingdom.

Objective

Analysation of euro countries with the purpose of quantifying the capacity of consumption on the basis of salary and wages.

The main objective is to make analysation of cost of living by consideration of government plans and policies.

Complexion

It pertain the fees of tuition or education of foreign students along with the motive of ferox commission.

Under this, the complexion prevails in context of average ratios and prices of the relatives and the price variations.

Exclusions

The main exclusion prevails in various contexts such as cost of acquiring the house a and building insurance, spending on holiday and national insurance, tax on council, interest paid on mortgage, building the insurance ground rent and ground rent(Eisenmann, Ries and Dillard, 2012)

The main exclusion includes various contexts such as cost of acquiring the house a and building insurance, spending on holiday etc. but excepts the contexts of national insurance, life insurance and pension charges.

Data source for weights

It focuses mainly towards the Consumption level and also includes the household monetary consumption expenditure as the relative elements of the national accounts.

The data acquired from the report regarding this, is basically used for the analysing the living cost as well as food survey and prepared in form of ONS' s.

(c) Explanation regarding annual inflation on the basis of data collected from the consumer prices indices (CPI)

Consumer prices index performing the dominant character in calculation of annual rate of inflation of the business entity. Under this, the brief analysation of the data with the motive of quantification of the cost of living index. It influences the changes and differences occurred because of variations in annual inflation rates. Consumer prices index (CPI) is the index that is beneficial in accumulating the groups with making the changes in departments. The several factors are responsible for the analysation and calculation of annual inflation rate and CPI. According to the report of Bureau of Labour statistics (BLS) ensures the data is associated with the annual spendings of customers for the particular period of time. There are mainly eight sections for analysation in order to determine the rise in prices due to rate of inflation and costs of energy.

For the purpose of quantifying the annual inflation rate it is essential to have the record of data regarding the consumption for the particular period of time or era (Cox, 2018).

It is issued for determining the healthy economic rate but also utilize by federal government for the analysation of the the economic policies for achieving the motive of preventing the inflation rate.

(d) Reason behind the occurrence of inflation rate which are crucial to analyse

For analysing the growth rate of any nation and the execution of view points of issues form base level, the analysation of inflation rate is termed as the crucial element for this. As the inflation rate depicts the tendency of increment and decrement in the consumption level of the during the specified time period within the nation, besides this it is helpful in analysing and collecting the comprehensive income and fluctuations in growth rate. The inflation rate clarifies the scenarios and the variations among the decisions and changes. It represents the exact tendency of variation. Its activities and practices helps in proper analysation of debates related to the several sources. It is crucial to quantify the inflation rate for the proper analysation of the economic condition of the nation. Its scope is limited to the evaluation of the growth rate of the nation or economy but it is also used for analysing the fragmented information like employment rate, job opportunities, production and services levels within the economy(Mullis, Foyand and Arora, 2012).

P2 Evaluation of the data obtained from a variety of sources by using different methods of analysation

Consumer Prices Indices (CPI) :

Year

INDEX

2007

105

2008

108

2009

111

2010

114

2011

120

2012

124

2013

126

2014

128

2015

128

2016

129

2017

132

The above representation of column charts determines that variations of consumer prices indices (CPI) of previous ten years 2007-2017, on the basis of the data acquired from the office of National statistics which is stated above represents that there is an increment in consumer prices Indices (CPI) with the stable growing rate of 3.5% within the subsequent years. Besides this, the another data mentioned below taken from the report of Office of National Statistics with a main motive of variations analysation.

Retail prices Indices (RPI)

Year

Index

2007

207

2008

215

2009

214

2010

224

2011

235

2012

243

2013

250

2014

256

2015

259

2016

263

2017

272

The presentation of above data acquired from the report of the Office of National Statistics prepared on the basis of Retail Prices indices (RPI) determines the variations by considering the inflation rate and fluctuation. The analysation is made on the basis of fluctuation rate in last years. The rate is approximately 3.55% stable for the coming years in future. Moreover, The actual rate of 3.85% was reported during the session of 2008 and 2009 year. Rate of Variations were increased during the session of 2009 and 2010 by 4.62%. it is analysed the RPI graph varies between 3.5 to 4.6% rates.

M1 Analysation of price index reported by the Office of national Statistics

It is analyzed that the business entity in UK pays less compensation to the female employees staff similarly male employees staff. It depicts the less loyalty towards females are the subject to Consumer price Index (CPI) in United Kingdom. Accordance with the Rectella's review as the material source that the sexual orientation pay hole was recorded as the 88%. the middle quantified at 9.9% for the assumption as far as instalments. \

D1 Differentiation between the descriptive, Exploratory and Confirmatory analysis with illustrations

Descriptive

Exploratory

Confirmatory

It is an systematic procedure that represents the qualities, features and capacities of subjects. Probability and analysed are used for the peculiar reason.

It determines that what information is necessary for break down and how the it will be outlined in most appropriate manner for betterment in execution(Slowi…"žski, 2012)

It is type of analysis which represents the information regarding utilization by conventional factual devices like certainty, criticality and surmising.

ACTIVITY 2

P3 Analysation of quantitative and qualitative data from the range of illustrations and suitable statistical methods

According to the report, the Hero Coffee Shops adapts and using the variations in temperature as the technique to assist the forecast demand for the more adequate control and the stock control managers diverts that there is the relationship between hot drinks sales and temperature. The collected data are determined as follows.

Week

Average temperature OC

Hot drinks

1

18.5

15

2

16

10

3

13

13.5

4

19.5

15

5

20

18

6

19

4

7

15.5

13

8

14

8.5

9

12.5

6

10

15

9

Figures represents the sales in terms of (000) along with the temperature

(a) Scatter Diagram:

It is the form of the diagram that represents the position or plot the mathematical equation in effective manner are considered as a scatter diagram. It depicts the relation between the constant variables subject on each side. Under this, a presentation about the one variable with another is determined in organisational context to recover the ordeals and effectiveness in business operations (De la Mothe and Paquet, 2012). There is the representation of data set which represents the the particular value of the analysed in respect of data set. The variables only evaluate those pints at which the centres remains varies between index and age. The scatter diagram is beneficial in accumulating the variations and necessities for the betterment of evaluation and vegetation of inter-relation between two variables.

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The above illustration of scatter graph crucial for managers of Hero Coffee shops as it is used to analyse differentiation among the hot drinks sales and temperature of the region. The above graphical representation depicts the data of hot drinks sales and Average temperature. It is shown in above diagram that there is a positive relation between the sales of hot drinks and ordinary temperature. Exactly when the temperature decreases due to feeling of winters, the people demands for more hot refreshments and when temperature increases then the people demands for cold drinks it leads to exuberance of hot drinks gets decrease, so this inter-relation representing in the above diagram. As per in the week second and fourth sales is proportionate to temperature. As in week ninth sales volume is at high as due to the temperature is low. So there is a positive association among temperature and hot refreshment sales.

b) Analysation of coefficient and correlation

Correlation Coefficient: It is a statistical method that is used for the purpose of evaluation regarding the inter-relation and find out the differentiation basis between two variables. This statistical method applies to measures varying degree of the values of one variable and evaluating the variations accordance with the another variable. A positive correlation variable is used for determining the tendency of variations in increase and decrease in values (Lee., Tae Kim and Choi., 2012) The coefficient remain varies between the value of +1 and -1. it is examined that the occurrence of variations in the position or negative direction. For this a reciprocal analysation is made between the variables for indicating the changes towards in opposite directions. If degree of changes in values remains lesser than 0 than it will concerned as non zero decimal and there is no inter- relation prevails between the variables. It is calculated as follows:

Week

Average Temperature

Hot Drink Sales

1

18.5

15

2

16

10

3

13

13.5

4

19.5

15

5

20

18

6

19

14

7

15.5

13

8

14

8.5

9

12.5

6

10

15

9

 

Correlation coefficient

0.7990964554

 

Coefficient of determination

0.63

The above table contents shows the differentiations between two variables in contexts of Hot drinks and average temperature of different weeks. The correlation and coefficient depicts the positive inter-relation along with the differences of 0.7990964554. and from the above analysation as well as the diagram it is concluded that when the temperature rises the sales of hot drinks increases and vice-versa.

Coefficient of correlation: it is termed as the prior consequence of regression analysis. As it depicts as R2 . A assumed correlation among the scores and the values that are for the consideration between the range of 0 to .1. as per the above report of analysation the coefficient of correlation/determination is (0.799)2 =0.63.

(c)Equation that is best to forecast sales from the different temperature of week.

There are equation that are basically linked with controlling the average of temperature with sales for week A and Week B.Week A+ Week=2

It is ascertained that offer of Week A was examined in relation to sales that help in analysing the mean temperature for predefined sales during a particular period. It is observed that weekly temperature is connected with ascertaining the actual temperature with higher sales and accomplishing the consumer interest.

(d)The forecasted sales for temperature with 17o C and 25o C.

The situation are credibly serviceable to anticipate advance offers of subordinate. According to the decimal data which grounds validity. So with the aid of these conditions decision maker can curve out to be more acquainted with about upcoming offers of any thing and after that they can program it in like way. These status modify a enterprise to assist their benefit by right speculation of offers. In case customer has to recognise assessed sales for expressed temperature accordant to sales then one can get favourable condition (Goldenberg, 2014)

(e) Responsibility of forecasting and the elements that affect the sales accomplish.

The reliability is totally based upon the collected past data, as it help to assessed that with 25oC temperature than the sales are likely to be 20 hot drinks. The tendency help companies with calculation of better system with the actual aim to accomplish the examination sales. In case the temperature is 17oC, than the sales would be 12 hot drinks. These ascendant can be powerful up to an expressed measuring in light of the way that these are made helpless on past sales data which was given by organization (Thompson, 2013).

M2 Assessment of several different statistical applications

There are two distinct techniques are use to quantify the breaking down the quantitative figures in section 2. standard deviation and coefficient correlation are properly evaluated hourly profit and quartiles though mean and standard deviation are use to break down noteworthy contrasts among factors. The fundamental contrast represented as the graphical introduction of ogive bend that exhibits the subjective information by mean and standard deviation depicts the quantitative figures.

ACTIVITY 3

P4 Methods of statistics used in planning for business, inventory management and capacity of the management

EOQ ( Economic Order Quantity ):Economic Order Quantity is ideal level of quantity order that a company should purchase by considering demand of product, its variable cost, time duration taken to receive an order. EOQ is done to reduce variable inventory cost that consist of cost of ordering, cost of holding inventory as main component. Ordering cost involves all that amount incurred in receiving goods till its destination and on the other hand holding cost or caring cost means all that cost incurred in holding inventory ready to sale. EOQ provides us with quantity of inventory that must be placed as order in one time and also number of orders in a year to be placed to always be available with required inventory (Ellison and Boyd, 2013).

By following EOQ system cost of inventory can be reduced and together with this organisation will not be out of stock and loss because of no stock will also stands reduced. Calculation for EOQ is done as follows-

(a) EOQ = √(2AO / H)

  • = √(2*2000*15/2
  • = √30000
  • = 173.21 or 174 quantity
  • where, A = annual demand
  • O = ordering cost
  • H = Holding cost per unit
  • Note: Ordering cost shall include sum of delivery cost and cost of tee shirt.

(b) Jenny Jones is need to place an order when stock level reached 150 tee-shirts.

(c) Inventory policy cost for one unit = Delivering cost + Purchase cost + Inventory holding cost

  • = 5 + 10 + (20/100*10)
  • = 17 per unit of tee-shirt
  • Note: Inventory policy cost includes all the cost related to inventory such as delivery cost, holding cost etc.

(d) Current service level = 40*50*95%

  • = 2000*95%
  • = 1900

M3 Clarification and the utilizing ways of statistical methods.

The technique of Economic order quantity (EOQ) evaluate the method used in activity 3 for the breakdown of the suitable measure of re-order and administrative levels. Statistical techniques involves the standard deviations is use for examining the differences among the prerequisite and genuine interests in context of T-shirts. This methodology involves the strong terms for determining the accurate measures of the conveyancing the administrations to clients.

D2 Explanation and recommendations for activity 3

Accordance with the results it is necessary to change the financial order request amount to met the administration dimensions of Jenny Jones' outlets. It is essential to make changes in the reorder level structure to form extra conveyancing cost and reducing issues regarding management of inventory.

ACTIVITY 4

M4 Interpreting the graphic representation assessed in activity of 1&2

There are several kinds of informative data represented in form of graphs and charts. The several graphical forms are used such as the bar graph, scatters graph for the evaluating the methods for clarification of the information and analysing the effectiveness of business. Bar graph is used for the purpose of the representing the Consumer Prices Index (CPI) and Retail Prices Index (RPI) obtained from the report of Office Of National Statistics.

D3 Determining the uses of the graphic presentation in activity 1& 2

An adequate speculation process is necessary for representing the data and information in a meaningful manner that are easily understandable. There is a appropriate information for the purpose of determining the balances and recondition with creation of changes in contexts of activity 1 and 2. the bar chats and columns charts are presented for the presentation of the statistical data in more effective manner.

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CONCLUSION

From the above report it has been concluded that the management requires the statistics for the proper analysation and representation of the business information in most appropriate and understandable way. As due to the statistics involves several methods and techniques for the proper evaluation and quantification of the accurate values and not only this, it involves the several forms of graphs and charts for the adequate representation of the business informative data. Thus, statistics plays the integral roles in the workings of the m

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