Unit 31 Statistics for Management

Aim of Unit 31 Statistics for Management

Buy Xanax Locally 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

https://thefactorsof.com/a9zmrggp LO1 Evaluate business and economic data/information obtained from published sources

Buy Aura Soma Uk LO2 Analyze and evaluate raw business data using a number of statistical methods

LO3 Apply statistical methods in business planning

https://historickailuavillage.com/vbaqo49t11 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.

https://www.yinghuaacademy.org/2022/pzan2h5grps ICT50220

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

https://thefactorsof.com/lvx8k0uz 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.

 

Unit 31 Statistics for Management

Learning outcomes and assessment criteria

https://www.yinghuaacademy.org/2022/dn6u2pz Pass https://historickailuavillage.com/7d8xd190z https://ladyonarock.com/qd2z47gr Merit Distinction https://fizazzle.com/6cfmf7j0b
LO1 Evaluate business and economic data/information obtained from published sources 
https://idahosailing.org/3jr43l4 P1 Evaluate the nature and process of business and economic data/information from a range of different published sources. https://360homeconnect.com/22fii1p P2 Evaluate data from a variety of sources using different methods of analysis. Buy Alprazolam 0.5 M1 Critically evaluate the methods of analysis used to present business and economic data/information from a range of different published sources. LO1 & 2 https://thefactorsof.com/klwkdf4d 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. https://www.clinandmedimages.com/79wpxffmbua M2 Evaluate the differences in application between descriptive statistics, inferential statistics and measuring association. 
LO3 Apply statistical methods in business planning 
https://hiddengemsofzambia.com/hgsy1tudr1 P4 Apply a range of M3 Evaluate and justify https://www.yinghuaacademy.org/2022/sq6n7mjo D2 Make valid
statistical methods usedthe use of appropriaterecommendations and
in business planning forstatistical methodsjudgements for improving
quality, inventory andsupported by specificbusiness planning
capacity management.organizational examplesthrough the application of
  statistical methods.
https://ladyonarock.com/4v38iqick5 LO4 Communicate findings using appropriate charts/tables 
P5 Using appropriate https://360homeconnect.com/26a9o0t9x M4 https://www.naomella.com/2022/06/t6zhpxre5 Justify the rationale https://www.decroly.com/gkpvff13 D3 Critically evaluate the
charts/tablesfor choosing the methoduse of different types of
communicate findings forof communication.charts and tables for
a number of given communicating given
variables. variables.

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https://idahosailing.org/3ofryj5m7k This unit links to the following related units:

https://eaglepoolservice.com/urk3k6u Unit 5: Management Accounting

https://hiddengemsofzambia.com/iuyv16m Unit 6: Managing a Successful Business Project

Buy Alprazolam Online Usa Unit 25: Principles of Operations Management

https://fizazzle.com/ld6uma2nfg Unit 11: Research Project

Unit 13: Financial Reporting