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Unit 31 Statistics for Management in Business Management

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Aim of Unit 31 Statistics for Management in Business Management Assignment

This Unit 31 Statistics for Management aims to identify the importance of statistical methods in the decision-making and strategy building processes of an organization. Students will be able to identify the techniques of statistics and how they can be applied in the information generated in business management. Numerical abilities will help them gain confidence and handle the data to generate subsequent information. The use of statistical methods in business management and decision making can be well managed with the help of statistical tools.

Learning outcomes of Unit 31 Statistics for Management in Business Management Assignment

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

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

LO3 Apply statistical methods in business planning

LO4 Communicate findings using appropriate charts/tables

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

Statistical data helps in the proper analysis of economic data. Data can be analysed from various sources using different methods of analysis such as explanatory, confirmatory and exploratory. Statistical tools are efficient tools in transforming data into information and arriving at a probable result in business management. The data generated and the information gathered can be transformed into knowledge and information to provide adequate knowledge about how such tools can be used to derive statistical data and analysis in business management.

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

There are a variety of Statistical methods used to analyse and evaluate data. A proper distinction can be made between quantitative and qualitative data analysis. Under Descriptive statistics, there are measures of central tendency, mainly mean and median. The measures of variability include range and standard deviation. There is an application to business data, and Different samplings and methods are used in business management. Inferential statistics provide a difference between the sample and the population. The use of scatter plots and correlation in forecasting helps measure the association of output and costs. The use and application of different Excel sheets have been applied to analyse the raw data in business management.

LO3 Apply statistical methods in business planning

The different methods of measuring probability include probability distribution, normal distribution, Poisson distribution and inference. The different measures of variability include the arrival rate of the customers and the tradeoff between waiting for time and utilisation of processes in business management. With the help of statistical tools, the measurement would enable the proper business management assignment decisionsSuch business tools can be applied in several areas such as managing operations, inventory and management, and capacity management.

LO4 Communicate findings using appropriate charts/tables

There are a variety of variables such as nominal, ordinal and interval. However, the most appropriate way of communicating the analysis results should be identified. Different types of charts and diagrams can denote frequency tables, pie charts and histograms. The benefits and adversities of different methods can be well analysed. A software known as Excel can produce charts and tables in business management assignments.

Learning outcomes Unit 31 Statistics for Management in Business Management Assignment and Assessment Criteria

Pass Merit Distinction
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.
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 support by specific statistical methods organisational examples.D2 Make valid recommendations and judgements for improving business planning through the application of statistical methods.
LO4 Communicate findings 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.

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