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Statistical Method in Planning for Business

University: UK College of Business and Computing

  • Unit No: 9
  • Level: Undergraduate/College
  • Pages: 10
  • Words: 2500
  • Paper Type: Assignment
  • Course Code:

    R/507/2636

  • Country: UK
  • Downloads: 83
Question :
  • Evaluating business and economic data identified from office of national statistics.
  • Conducting an analysis and evaluation of the availed data with the use of statistical methods.
  • Application of statistical methods in planning for business.
  • Communication the findings identified from statistical methods using graphs and charts.
Answer :

STATISTICS IN MANAGEMENT

ACTIVTIY 1

(a) Interpretation of based on gross annual earning between the years 2010 and 2016

Changes in gross annual earnings of public and private sector since 2010

Based on the data being received, it can be stated that there is small but positive change in the gross annual earnings of private and sector wages received by male and female employees. The changes being noticed can be indicated in the following manner:

Interpreting the above graph and tabular format, it can be indicated that there is adequate amount of change in wages aspects of male employees between the year 2010 and 2016. The change in yearly wages is high for public sector in comparison to that if private sector. In context to salaries, the percentage change has been maximum in 2016 in public sector, which is approximately 2.76%. Analysing this change, it can be interpreted that although the change is less in private sector, the amount of salary being given by them to the employees is way higher in comparison to that of employees belonging to public sector. For instance, the amount of salary in case of private sector for 2016 is 34011 and in comparison, to this, the amount of wages for that of public sector is 29679. It states that there is adequate amount of salaries for the individuals who are working in working with private sector in comparison to that of public sector. However, rate of growth is comparatively higher in public sector (Dey, MüIler and Sinha, 2012).

Gap in male and female gross annual earnings between 2010 and 2018

Analysing the above table and graph, it can be stated that, percentage change in amount of wages in case of public sector is way more higher in comparison to that of private sector. The percentage change in female wages of 2016 in private sector is 0.55%. However, it is 3.96% in case of public employees (du Plessis and Van Niekerk, 2014). The amount of salary is quite higher in case of private in comparison to that of public employees. It is 28053 in case of private. However, it is 22251 is case o public sector.

Analysing the above graph and table, it can be stated that there is adequate amount of variation or gap between the salaries that are actually paid to male and female employees in the private sector (Haimes, 2015). Further, the change has also been constantly increasing in a manner that the gap between salaries paid to male and female employees have got widen to a great extent. The amount of gap between the salaries of both the genders was 5141 in 2010, then it increased to 5203 in the year 2013. The gap then increased to 5958 in the year 2016. Hence, it can be stated that equal payment of salaries is not being made to the males and females in case of private sector.

After analysing changes in the wages aspects of male and female employees in private sector, it can be stated that there is adequate amount of gap and variations in the earnings of male and female in public sector as well (Schermerhorn and et.al., 2014). The gap is neither at significant increasing phase or decreasing phase. In 2010, the variation amounted to 7468, between he salaries. Further, the gap was 7425 in 2014 and in the end, the variation in the earnings of male and female employees have been 7428 in public sector employees in 2016. However, the earning capacity of private sector is more effective and appropriate in comparison to that of public sector where fluctuation in the salary, based on gender, is quite low. However, no sudden changes can be noticed in case of variations in male and female employee’s earnings in public sector (Ru and et.al., 2013).

(b) Locating data related to gross annual earnings by industry sector

Ascertaining the gap between education and finance gross annual earnings

The above graph helps in analysing the gap between education and finance sector in UK economy. The government had to bring a lot of changes in its plan and strategies so as to cope up with global financial crisis (Bedeian, 2014). It had a great impact on global economic impact on development of the nation as well. Employment can generally be of two types. These are, Full time and part time. Employment. It can be ascertained from the graph that that the growth in finance sector is way more in comparison to that of education sector due to constant support from the side of global authorities so as to deal and cope up with the crisis that actually occurred in the country (Heizer, 2016).

Evaluating if health and social care staff are better paid in comparison to administrative staff

The above chart helps in displaying various type of information that can be fruitful in assessing various aspects related to health and social care and even its relation to the administrative department. It is expected to have a constant growth in this field in such a manner that long-term growth in health and social care aspect is expected out of it. It is important for UK government to ensure that effective set of policies, plans and strategies are created so as to bring overall improvement in health care department of the country. It can also help in overall growth of UK as well, generating adequate amount of revenues and profitability out of it. Services and efforts are the core aspects that are related to enhancement of health social care department of UK.

ACTIVITY 2

(1) Analysis and evaluation of hourly paid rates in different regions of UK

It is important that there is proper estimation of hourly payments in various regions of the country, UK. It is important to determine strategical aspects in such a manner that mean, mode, median and standard deviation aspects of the country can be analysed in a well defined manner.

(a) Using ogive for estimating median and quartiles and calculation of mean and median

Estimation of median hourly earnings and quartiles through Ogive

Calculation of mean and standard deviation for hourly earnings

The calculated mean and median states regarding the analysis given in Ogive chart where specific mean and median has been analysed. It helps in measuring the overall earning capacity of workers who work below the capacity, that is 8% within less than 10 hours. There are however, there are workers who are able to work between 10 to 20 hours and generate approximately 46% of the total revenue out of it (Barrett and et.al., 2012). There is other set of workers who have been able to work for 40 to 50 hours of duration, who are able to generate 6% of the total revenue being earned by the organization. The calculated mean value is 21.4 which shows that averagely workers tend to work for 21.4 hours so as to generate adequate amount of output for the organization.

Standard deviation

The above table helps in displaying overall analysis of Standard deviation being calculated based on hourly work performed by the employees of organization, named, South East workers. The data set have been able to calculate the standard deviation as 10.15, which is quite less in comparison to that of mean value, which is 21.40 in this scenario. Hence, it can be stated that margin of labour force who are able to work on hourly basis, have been adequately distributed (Hribar and Yang, 2016).

(b) Comparing the earnings of two regions

The above table helps in framing appropriate analysis of earning capacity of the company by simply measuring the statistical data of two regions. Mean, Median and standard deviation are considered as the base for measuring the performance of the two regions. Hence, the earning capacity of North west and South east region has been considered. The mean value of North west is 16.70. However, in case of South east, it is 21.4. It indicates that the condition is more favourable for the functioning of employees in South east due to higher mean value (Zuzarte and Amr, 2012).

Considering the aspects of median where, median value for South east is 19.13 and as in the case of North west, it is 14.50. Hence, the condition of South east is rather more favourable in comparison to that of North west. The outcomes in relation with standard deviation is also quite volatile, while comparing both the regions. The standard deviation value is 7.40 for North West and it is 10.15 in case of South East. Comparing them with the value of mean is quite important so as to reach to the specific results.

ACTIVITY 3

(1) Finding out cost efficient delivery situation

(a) Calculation of deliveries made in each year

It is important to analyse the number of deliveries being made in the end by the industry. Further, it is also important for assessment of rice bags that are required to be made by the suppliers when in the case of operational period in the market. The amount will be helpful in analysing cost effectiveness and efficiency related to the overall business.

Since, number of delivery is the clear representation of effectiveness of the business, presently the company has been able to deliver 30 rice bags in a year, when in operating period. The analysis is important to consider the condition of 5 days where the supermarket is not operational and remain closed. Hence, only 360 working days left for the organization soas to supply its rice bags. Further, the company is able to deliver in 12 days only. Hence, it can be stated that one rice bag is delivered to the market after every 12 days. Hence, only 30 deliveries can be made by the suppliers in the end (Venables and Ripley, 2013).

(b) Calculation of number of bags delivered in each delivery

With respect to the analysis of number of deliveries to be made by the suppliers for rice bags, it is important to analyse that the number of bags being delivered by the suppliers in total or in each delivery. Hence, it is important to consider the number of deliveries made yearly, that has already been calculated in the previous section.

The above table indicates the calculation of number of bags ultimately delivered by the suppliers to the supermarket. Since, the organization is able to make 30 supplies yearly, it can help in calculating number of rice bags actually delivered. The demand that generates every year for the rice bags is equal to 450000. The number of bags can then be calculated by dividing, annual demand with that of number of deliveries made by the supplies annually. It has been able to give number of bags being delivered by the supplier in each delivery.

(c) Assessing economic Order Quantity (EOQ)

EOQ helps in calculating overall operational efficiency of the organization and assess how much deliveries can ultimately be made by the suppliers. It helps in calculating production quantity unit to be actually produced by the supplier in a particular given year (McNeil, Frey and Embrechts, 2015).

The annual requirements of bags is 450000 where, ordering cost and holding cost of rice bags are, 20 and 0.5. hence, the ultimate calculated value of EOQ is 6000 bags. Hence, it can be stated that there is utmost requirement of bringing change in production capacity of the business with proper administration and industrial operations.

(d) Calculation for the cost of current ordering policy and analysing the change in EOQ due to it

From the above tables, it can be interpreted that, cost and operations techniques being adopted by the suppliers plays an important role in adoption of new techniques. These operations can be fruitful in adoption of the techniques that can generate maximum amount of profit level for the company in such a manner that maximum amount of profitability can be generated out of it. Adoption of new technique will be helpful in reducing the overall cost by 1350 in such a manner that maximum can be generated out of new deliveries of the organization.

ACTIVITY 4

(a) Producing line chart indicating male and female gross annual earnings for public and private sector from 2010 to 2016

From the above graph, it can be interpreted that, line charts reflect regarding earning capacity of male and female employees with respect to 2010 or 2016. It will helpful in preparing operational plan for the organization in such a manner that both males and females can be brought at the same tangent. The growth is in approximately same proportion and gap between the two in also constant as well (Lu and Ouyang, 2013). The proper strategic plan is required to prepared by the companies of private sector so as to reduce the variation between the wages to minimum.

Public sector

The above line chart displays regarding gap and variation in the earnings of male and female employees of public sector organization. The increase in gap between the earnings of male and female have been increasing at the constant pace with overall in crease in the salary. Hence, it can be stated that the salary of women is lower than that of men. It requires adequate number of steps to be taken by the organization so as to reduce the difference to the minimum, which are belonging to public sector

(b) Producing Ogive for cumulative percentage of sales personnel versus hourly earning

The above-mentioned graph in the form of Ogive helps ion stating hourly work done by sales personnel of UK. 8% cumulative efforts have been put by the employees to work for 1 to 10 hours. However, in 40 to 50 hours, the hourly efforts have increased to 94%.

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