Unit 42: Statistics for Management Assignment UK

Learning Outcomes:

LO3: Apply statistical methods in business planning.
LO4: Communicate findings using appropriate charts and tables.

1. Apply statistical methods in business planning

Apply a range of statistical methods used in business planning for quality, inventory, and capacity management.

Quality management: Select variables relevant to the quality of the business, such as inventory management/total asset vs. industrial average, using descriptive methods and probability distribution.

Inventory management: Select the inventory variable of the manufacturing enterprise, calculate the average of inventory/total assets, then build and test the hypothesis using one-sample t-test and two-sample t-test.

Capacity management: Select variables related to the capacity of the business, such as ROA, ROE, etc. Run regression to find the relationship between variables through the regression equation, then interpret the results.
Justify the use of appropriate statistical methods, supported by specific organisational examples.

Make valid judgements and recommendations for improving business planning through the application of statistical methods above.

2. Communicate findings using appropriate charts/tables

Assess different types of visual representations for communicating findings effectively.

Show the definition and identify in which cases each type of visual representation is used.

Explain the advantages and disadvantages of different methods for given variables.

Create/draw different types of methods for given variables (frequency tables, simple tables, pie charts, histograms).

Justify which visual representation for given variables is more appropriate.

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