Aim of Unit 31 Statistics for Management
The main aim of Unit 31 Statistics for Management 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 Analyze 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 (make it H3)
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 analyzed 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 Analyses and evaluate raw business data using a number of statistical methods
There are a variety of Statistical methods used to analyses 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 analyzed. 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 Analyses and evaluate raw business data using a number of statistical methods | ||
| P3 Analyses 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. | organizational 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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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