Use of Statistical Analysis in Management

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:

1. An introduction to statistics; key characteristics, definition, overview of methods etc.
2. The accessing of sources and types of data and information in businesses.
3. Differentiate among a sample and a population.
4. When meeting business objectives and achieving competitive advantage, explain the value of employing statistical methods
5. Evaluation of the difference between descriptive and inferential statistics and the implications for business intelligence.
6. Give examples of analysis of given sample sets of data that could be used by the organisation.
7. 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.