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• 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...

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• 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.provide students with an understanding of how management BTEC HND in Business/ Unit 31 Statistics for Management / April 20202 Unit ContentLO1 Evaluate business and economic data/information obtained from published sources:Interpretation of business and economic data:The nature of data and information, and how data can be turned into information and information into knowledge.Interpreting data from a variety of sources using different methods of analysis: descriptive, exploratory and confirmatory.LO2 Analyse and evaluate raw business data using a number of statistical methods:Statistical methods that are used to analyse and evaluate data:Differences between qualitative and quantitative raw data analysis.Descriptive statistics:Measures of central tendency (e.g. mean, median).Measures of variability (e.g. range, standard deviation).Application to business data (e.g. finding average earnings, measuring variability in business processes such as queuing times and customer arrival rates).Inferential statistics:The difference between sample and population.Different sampling techniques and methods.Measuring association:Use of scatter plots, correlation and regression analysis, simple forecasting.Business applications such as the association between output and cost, advertising and sales.Evaluating use of software such as Excel and SPSS to perform raw data analysis.Applying the appropriate methods and tools for evaluation of raw data. BTEC HND in Business/ Unit 31 Statistics for Management / April 20203LO3 Applystatisticalmethodsinbusinessplanning:Statistical methods for business planning:Applying statistical methods to a number of areas of business planning and operations management, including inventory management and capacity management.Measures of variability:The issue of variability in business processes (e.g. arrival rates of customers and time taken to deal with customers), and how this leads to a trade-off between waiting time and process utilisation.Statistical process control in quality management.Measures of probability:Probability distributions and application to business operations and processes.Normal distribution (e.g. weights and measures regulations and statistical process control),Poisson distribution (e.g. customer arrival rates) and binomial distribution (e.g. inspection sampling).Inference (e.g. margins of error and confidence limits).LO4 Communicate findings using appropriate charts/tables:Different variables:Choosing the most effective way of communicating the results of your analysis and variables.Nominal, ordinal and interval/ratio levels.Different types of charts/tables and diagrams:The use of frequency tables, simple tables, pie charts, histograms, frequency curves and normal curve.Advantages and disadvantages of different types of methods.Presentation of information using tables and charts. Software for producing charts/tables (e.g. Excel). BTEC HND in Business/ Unit 31 Statistics for Management / April 20204 Learning Outcomes and Assessment Criteria Pass Merit Distinction LO1 Evaluate business and economic data/information obtained from published sources LO1&2D1 Critically evaluate the differences in application between methods of descriptive, exploratory and confirmatory analysis of business and economic data. 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. 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 methodsM2 Evaluate the differences in application between descriptive statistics, inferential statistics and measuring association. LO3 Apply statistical methods in business planning LO3&4D2 Make valid recommendations and judgements for improving business planning through the application of statistical methods. 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 statistical methods supported by specific organisational examples. BTEC HND in Business/ Unit 31 Statistics for Management / April 20205 LO4 Communicate findings using appropriate charts/tables D3 Critically evaluate the use of different types of charts and tables for communicating given variables. P5 Using appropriate charts/tables communicate findings for a number of given variables. M4 Justify the rationale for choosing the method of communication. Recommended ResourcesANDERSON, D. et al XXXXXXXXXXStatistics for Business and Economics. 2nd Ed. Cengage Learning.MORRIS, C XXXXXXXXXXQuantitative Approaches in Business Studies. 8th Ed. Harlow: Pearson Prentice Hall.DAVIS, D. and PECAR, B XXXXXXXXXXBusiness Statistics Using Excel. 2nd Ed. Oxford: Oxford University Press.SLACK, N. and BRANDON-JONES, A XXXXXXXXXXQuantitative Analysis in Operations Management. Harlow: Pearson Prentice Hall.LinksThis unit links to the following related units. Unit 5: Management AccountingUnit 6: Managing a Successful Business Project Unit 25: Principles of Operations Management Unit 11: Research ProjectUnit 13: Financial ReportingAssignment Submission InstructionsTo submit Assignment, please follow the instructions below -1. Go to the following website: http://www.turnitinuk.com/2. Start by clicking on the class name you would like to submit to after logging in toTurnitin BTEC HND in Business/ Unit 31 Statistics for Management / April XXXXXXXXXXYou will see a two links, one for your Draft Submission and one for the Final Submission. Click on the Submit button to the right of the assignment you wish to submit. Please remember that you will only be able to submit to each folder once.Select single file upload from the Submit: pull down menuEnter a title for the submissionOnce the requirements for single file upload have been reviewed, students have a choice to upload a file from:• the computer• Dropbox• or Google DriveClick one of the submission buttons and then select the file you would like to upload 7.8.Click Upload to upload the fileReview the preview panel. Click the Confirm button to upload the file to the assignment BTEC HND in Business/ Unit 31 Statistics for Management / April 20207 If you still have any questions or need any help, please contact with your Personal Tutor.Assignment Submission LimitLearners must submit their assignments via Turnitin. Turnitin is an originality checking and plagiarism prevention service that is used by the College to assess assignments.The College has a cap on the number of times that an assignment can be submitted through Turnitin. Students will now only be able to obtain one similarity report prior to their final submission.Students wishing to generate a similarity report before their final submission should submit their assignment in the Drafts Folder on Turnitin. Only one submission can be made to this folder and no submissions to this folder will be assessed.The Final assignment must be submitted in the Final Submission Folder or the Learner will be considered absent for the submission, even if they have submitted in the Drafts Folder. For the final submission, Learners must add the feedback front sheet to declare the authenticity of their assignment.Assessment Malpractice by StudentsAssessment malpractice by a student is an example of academic misconduct which allows students to gain an unfair advantage in the assessment. Malpractices undermine the integrity and validity of an assessment. Assessment malpractice takes place in the following form: Plagiarism Without appropriately recognizing the work of others and using the materials in writing assessment as if it is produced by the student. Copying and pasting or paraphrasing the other's work, using illustrations, charts, images, tables, or ideas and passing it off as your own. BTEC HND in Business/ Unit 31 Statistics for Management / April XXXXXXXXXXCollusion Produce individual assessment paper by working together with others to cheat or deceive and passing it off as it is your own; copy work of other. Cheating Acting unfairly or dishonestly to gain an advantage by impersonation, use of unauthorized materials or equipment. Breaching of instructionsFailing to abide by the instructions or advice of an assessor, a supervisor, an invigilator, or awarding body conditions in relation to the assessment/examination/test rules, regulations and security. Code of conduct Behaving in such a way as to undermine the integrity of the assessment/examination/test.The College consider all academic misconduct seriously. For reference, learners are recommended to read the following documents and to consult with their Personal Tutors -• LCC Harvard Referencing Guide (Located in VLE)• Academic Discipline Policy (Located in VLE)Mitigating Circumstances & ResubmissionMitigating circumstances can be defined as circumstances that are unexpected, significantly disruptive and beyond the control of the student, which could not be reasonably predicted or accommodated by the student and which affects student’s ability to meet assessment deadlines or impairs the performance of the student in assessment.If you wish to apply for mitigating circumstances, you can obtain the form from E-Learning, your personal tutor or reception. The completed form must be accompanied by evidence such as a medical certificate in the event of you being sick.Please note that the lecturers do not have the authority to extend the coursework deadlines and therefore do not ask them to award a coursework extension. For further information please consider reading the following policy-• Mitigating Circumstances Policy (Located in E-learning)If you are doing a resubmission from the dates of result are out, you have 3 weeks to resubmit your assignment through Turnitin. BTEC HND in Business/ Unit 31 Statistics for Management / April 20209 Student Code of ConductThe College is expected to “ensure all students have opportunities to develop skills that enable their academic, personal and professional progression” (Indicator 6 of Chapter B4 of the UK Quality Code). Majority of students behave professionally. However, there are some instances where standards of behaviour of some students what are below were expected. This policy outlines what the college expects from its students.Students of London Churchill College are morally obliged to abide by the following codes Code 1 Code 2 Behave and speak in a manner that does not offend others.Treat everyone with respect. Code 3 Code 4 Treat all college property with respect. Any damage to property will follow a thorough investigation. Do not engage in discussions with a classmate when a member of staff is giving a lecture. Code 5 Code 6 Switch off mobile phones in class – it disturbs others.Do not take any food or drink into classrooms. Code 7 Code 8 Let others work/study in peace – do not distract them.Follow instruction of lecturers and college staff. Code 9 Code 10 Be punctual in attendance and work submissions. Do not leave in the middle of a lecture without the lecturer’s permission. BTEC HND in Business/ Unit 31 Statistics for Management / April XXXXXXXXXXScheme of Work Teaching week/datesSession no.Topic/Activities 1stIntroductionP1 Evaluate the nature and process of business and economic data/information from a range of different published sources XXXXXXXXXXP2 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 publishedD1 Critically evaluate the differences in application between methods of descriptive, exploratory and confirmatory analysis of business and economic data.04.05.20202nd 3rdP3 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 XXXXXXXXXX4thP4 Apply a range of statistical methods used in business planning for quality, inventory and capacity management XXXXXXXXXX20205thRevision / Support Session from Tutor XXXXXXXXXX20206thM3 Evaluate and justify the use of appropriate statistical methods supported by specific organisational examples.D2 Make valid recommendations and judgements for improving business planning through the application of statistical methods XXXXXXXXXX7thP5 Using appropriate charts/tables communicate findings for a number of given variables.Submission from XXXXXXXXXXto XXXXXXXXXX2020 8th M4 Justify the rationale for choosing the method of communication.D3 Critically evaluate the use of different types of charts and tablesfor communicating given variables XXXXXXXXXX10th Revision / Support Session from Tutor BTEC HND in Business/ Unit 31 Statistics for Management / April XXXXXXXXXXGround Rules• All students must arrive on time normally at 10 am in the morning session and 2 pm in the afternoon session.• All students must attend the tutorial session.• Students must not swipe in another student’s ID card. If found guilty of thispractice, the students concerned will face disciplinary actions and may be askedto leave the college.• Any form of racial abuse towards staff or students will not be tolerated.• No form of physical aggression will be tolerated by the faculty. BTEC HND in Business/ Unit 31 Statistics for Management / April 202012
Answered Same Day Jun 23, 2021 UNIT 5

Solution

Payal answered on Jun 28 2021
132 Votes
61022
HND BUSINESS
Statistics for Management
TABLE OF CONTENTS:
1. INTRODUCTION
2. LO1 & 2
D1 Critically evaluate the differences in application between methods of descriptive, exploratory and confirmatory analysis of business and economic data
P1 Evaluate the nature and process of business and economic data/information from a range of different published sources
M1 Critically evaluate the methods of analysis used to present 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
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
3. LO3 & 4
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 statistical methods supported by specific organisational examples
D2 Make valid recommendations and judgements for improving business planning through the application of statistical methods
4. 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
1. INTRODUCTION:
Data acts as an oil in the 21st century. There are several sources where data is available in raw form which can be turned into useful information by applying various advanced analytical techniques to gain better insights about the business operations. These business insight
ings the hidden opportunities of overall operations onto the surface for better decision making. During the past few years, it has emerged as one of the key activity for the smooth running of any business organisation.
In this report we will be looking at various aspects of Data collection, Data mining and Data interpretation in order to help in making meaningful business decisions. (Anderson, 2010)
2. LO1 & 2
D1 Critically evaluate the differences in application between methods of descriptive, exploratory and confirmatory analysis of business and economic data
P1 Evaluate the nature and process of business and economic data/information from a range of different published sources
Statistics is numerical information which is expressed in numerical terms. The numerical information which has been collected from different sources may be related to different fields like- Business, Economy, population, healthcare, etc. The nature & the specific fields define the domain of which the data is related to. After understanding the specific domain, various relevant techniques are applied to analyse and draw insights out of it. For e.g. we can apply what if analysis, customer segmentation and cohort analysis to the business data. These all aspects are concerned with the process of the data.
M1 Critically evaluate the methods of analysis used to present business and economic data/information from a range of different published sources
Basically, the field of statistics can be divided into two
oad categories-
1) Descriptive statistics
2) Inferential statistics
1)Descriptive Statistics is concerned with the description of the data. It helps us to tell the situation of past. There are various statistical techniques which can be used for descriptive analysis. These are categorized into four type as below -
a) Measures of Central Tendency
) Measures of Frequency
c) Measure of Dispersion or Variation
d) Measure of Position
a) Measures of Central Tendency - Mean, Median and Mode. They are used according to the nature of the data. For e.g. Both Mean and Median convey the same thing but Median gives the better picture of the data by excluding the Outliers and influential values.
) Measures of Frequency- It is used to find the occu
ence of an event or data. Measure of frequency is used to analyse measure of central tendency, dispersion, percentile
c) Measures of Dispersion or Variation- It is used to identify how the
oadly the dataset is scattered.
d) Measures of Position- It is used to define the variation w.r.t base line. For example – Plan vs Actual quarterly sale targets.
2)Inferential Statistics - It is the
anch which is concerned with making inference about the data in order to draw conclusions from the data and making the recommendations from the findings. Inferential statistics is further divided into two parts
a) Hypothesis Testing
) Confidence Interval
a) Hypothesis Testing - Under this the particular subject is tested. For e.g., we want to test whether the tea is prefe
ed more by male or by females
For this our Null Hypothesis (H0) - There is no difference in tea consumption between the two genders
Alternative H1- There is difference in the consumption habit between the two genders.
Then by setting the confidence interval we can test is there any statistical difference between the consumption habits of the two genders.
This in turn can help us to analyse the customer behaviour by gender wise and help in making the business strategy in order to derive maximum revenue from the business operations.
) Confidence Interval – It is used to define the accuracy percentage in the set of data
Components of statistics
1) Domain of Data – It involves collecting the data for which the analysis needs to be done.
2) Population – It in involves considering the all factors of interest into account
3) Variable – This involves analysing the variables that are present in the data- numerical, character, ordinal.
4) Sample- It involves taking the part of the data, which fairly represent each dimension, in order to meaningful analysis.
The data which is to be used for the analysis can be obtained from two sources-
Primary Data Source- In this the data is collected by the researcher themselves through various means like- interview, questionnaire, and etc. but it takes a lot of time and efforts to collect the data via primary data source.
Secondary Data Source – In this data is collected by someone else, and it is simply used by the researcher for his analysis. It can reduce the time and effort required in collecting the data. These kinds of data can be obtained from different websites like data, world and etc.
Further the data collected can also be divided on the basis of Qualitative and Quantitative.
Qualitative data consists of variables in non-numerical form like gender, country, tweets, which can be analysed by using Text analytics.
Quantitative data consist of variables like sales, profits discounts – which are numerical in nature
Benefits of Statistical data
As discussed in the beginning, data is an Oil in the 21st century. The businesses are giving more importance their data and their competitor’s data for proper comparison of the business position, in order to make better strategic decisions for the businesses. The benefits of statistical data can be gauged from the fact that the Uber, Ola are managing their whole businesses operations solely on the customer’s past data available in the database. (Mo
is, 2012)
Numerical scale of measurement
The numerical scale of any data helps in measuring the variable in a much better and accurate way, in order to derive concrete conclusions out of it.
Nominal- Nominal data involves assigning the numerical value to any variable. For e.g. 1 for Male and 2 for Female or for that matter the diabetic can be indicated by 1 and non-diabetic patients can be denoted by 2.
Ordinal – The data which is denoted by rank is known as ordinal data. For e.g. assigning 1st, 2nd and 3rd rank. Or for e.g. the level of severity in patient can be ranked by assigning 1, 2, 3-meaning 1 high severity and 3 – Normal patient.
Interval - Interval data type is the one which is measured along the numeric scale and each point is at the equal distance from one another. For example, Celsius Temperature is a classic example of interval data as the difference between the 10 degree Celsius and 20 degree Celsius is the same as for 20 and 30 degree Celsius.
Ratio - Ratio are almost similar to intervals with the exception that ratios cannot be in negative, whereas interval can be both positive and negative. Ratio data type gives good picture of the data. For e.g. for knowing the profit per unit of output sold, we can use the ratio for knowing the per unit profit
P2 Evaluate data from a variety of sources using different methods of analysis
Business involves various operations of different aspects like marketing, production, sales and supply chain. There might be number of stake holders associated with each particular operation for e.g. sales operation considers customers, sales representatives and etc. But these operations are not in...
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