Use of Statistical Analysis in Management

Brief :

Purpose of this assessment

The purpose of this unit is to provide students with an understanding of how management information and decision-making are enhanced by the application of statistical methods. Students can show how they can inform management thinking and will learn about a range of statistical techniques. They will develop their numerical abilities and increase their confidence in managing data in order to create information and knowledge

(Please note that for both tasks you are required to submit an Excel spreadsheet showing all your graphs and calculations)

Scenario

Your supervisors want to understand the value and importance of statistical management as you are working as a Data Analyst for your organisation. How it can be used to solve challenges that are faced by businesses. How a company uses statistical management to accomplish business objectives and need to evaluate the interrelation of statistical management with other business functions to produce results.

Task 1: Individual Presentation

Present a presentation in accordance to the following tasks mentioned below.

Part 1 (Theory)

Determine the value and importance of statistical management:

An introduction to statistics; key characteristics, definition, overview of methods etc.
The accessing of sources and types of data and information in businesses.
Differentiate among a sample and a population.
When meeting business objectives and achieving competitive advantage, explain the value of employing statistical methods
Evaluation of the difference between descriptive and inferential statistics and the implications for business intelligence.
Give examples of analysis of given sample sets of data that could be used by the organisation.
Answer questions related to your evaluation and determine all information included on your slides.

Part 2 (Application)

An Excel document with monthly adjusted share price information of Apple, Microsoft, Netflix and Amazon for a 5-year period will be given. In the same document, you will be provided the NASDAQ’s composite index IXIC’s monthly adjusted closing data. Select two of these companies for your analysis and presentation. Use IXIC’s data for further analysis. In addition, give the last four years of revenue, cost and profit information with regards to these companies. You are required to use the descriptive and inferential statistics methods in this task.

Analyse the differences between descriptive and inferential data.
You are to calculate a range of descriptive and inferential statistics with sets of given data. Apply and justify the use of different methods, e.g. histogram, index, correlation, trend forecasting etc.
Show your findings in correct format using a range of graphs and charts to communicate data analysis.
Answer questions related to your evaluation and explain all information included on your slides.

Important note: Your submission will include the background data in Excel spreadsheets that is used for the appropriate calculations.

Grading Criteria
Learning Outcomes	Pass	Merit	Distinction	Task No.	Evidence
LO1 Analyse business and economic data/information obtained from published sources	P1 Analyse the nature and process of business and economic data/information from a range of different published sources. P2 Analyse data from a variety of sources with use of different methods of analysis.	M1 Briefly analyse the methods of analysis used in presenting business and economic data/information from a range of different published sources.	LO1 & 2 D1 Briefly analyse the differences in application among methods of descriptive, exploratory and confirmatory analysis of business and economic data.	Task 1	Individual PPT presentation
LO2 Evaluate and analyse raw business data with a number of statistical methods	P3 Analyse and evaluate qualitative and quantitative raw business data from a range of examples with appropriate statistical methods.	M2 Analyse the differences in application among descriptive statistics, inferential statistics and measuring association.		Task 1	Individual PPT presentation
LO3 Use statistical methods in business planning	P4 Use a range of statistical methods in business planning for quality, inventory and capacity management.	M3 Analyse and justify the use of appropriate statistical methods with examples of organisation	D2 Give suggestions and judgements for improving business planning with the application of statistical methods.	Task 2	Examination
LO4 Communicate findings by using appropriate charts/tables	P5 Use correct charts/tables and communicate findings for a number of given variables.	M4 Justify the rationale for choosing the method of communication.	D3 Briefly analyse the use of different types of charts and tables for communicating given variables.	Task 1	Individual PPT presentation