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Evaluate business and economic data/information obtained from published sources

Unit 31: Statistics for Management

Unit code         R/508/0570

Unit level         5

Credit value     15

Introduction

The aim 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 will learn about a range of statistical techniques and how they can inform management thinking. While studying the unit they will develop their numerical abilities and increase their confidence in handling data in order to create information and knowledge.

Learning Outcomes

By the end of this unit a student will be able to:

1.    Evaluate business and economic data/information obtained from published sources.

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

3.    Apply statistical methods in business planning.

4.    Communicate findings using appropriate charts/tables

Essential Content

LO1 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.

LO3 Apply statistical methods in business planning

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).

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.


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