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Unit 31 Statistics for Management

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Aim of Unit 31 Statistics for Management

The main aim of this Unit is to identify the importance of statistical methods in 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 generation in the management of business. Numerical abilities will help them to gain confidence and handle the data to generate subsequent amount of information. The use of statistical methods in business management and decision making can be well managed with the help of statistical tools.

Learning outcomes

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 proper analysis of economic data. The data generated and the information gathered can be transformed into knowledge and information for providing adequate knowledge about the ways in which such tools can be used to derive statistical data and analysis. Data can be analysed from a variety of 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.

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. Different samplings and methods are used. Inferential statistics provides a difference between the sample and population. The use of scatter plots, correlation in forecasting helps in measuring the association of output and costs. The use and application of different Excel sheets have been applied to make an analysis of the raw data.

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 time and utilization of processes. Such business tools can be applicable in a number of areas such as managing operations, management of inventory and management in capacity. The measurement with the help of statistical tools would enable the proper decisions in 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 results of the analysis should be identified. Different types of charts and diagrams can be used for denoting frequency tables, pie charts and histograms. The benefits and adversities of different methods can be well analysed. A software known as Excel can be used for producing on charts and tables.

 

Learning outcomes 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. LO1 & 2 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 M3 Evaluate and justify D2 Make valid
statistical methods used the use of appropriate recommendations and
in business planning for statistical methods judgements for improving
quality, inventory and supported by specific business planning
capacity management. organisational examples through the application of
    statistical methods.
LO4 Communicate findings using appropriate charts/tables  
P5 Using appropriate M4 Justify the rationale D3 Critically evaluate the
charts/tables for choosing the method use of different types of
communicate findings for of communication. charts and tables for
a number of given   communicating given
variables.   variables.

Links

This unit links to the following related units:

Unit 5: Management Accounting

Unit 6: Managing a Successful Business Project

Unit 25: Principles of Operations Management

Unit 11: Research Project

Unit 13: Financial Reporting