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Qualification - Higher National Diploma in Business Administration
Unit Number - Unit 31
Unit Name - Statistics for Management
Unit level - 5
Assignment Title - The Role of Statistics in Evaluating Business and Economic Data
Unit Reference Number - R/508/0570
Unit Credit - 15
Learning Outcome 1: Evaluate business and economic data/information obtained from published sources
Learning Outcome 2: Analyse and evaluate raw business data using a number of statistical methods
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In order to open a new plant to expand foreign direct investment, the board of directors in Renault Corporation require a feasibility report to justify the decision. The senior managers need to predict the demand level on Renault cars in the next few years so they can determine the optimal capacity of the new plant. They asked their colleagues in Evaluating and Monitoring department to collect relevant business and economic data.
Employees in Evaluating and Monitoring department collected the following data about National Economy in Turkey : GDP Per Capita Current $ (annual), Population Growth Rate % (annual), Cars' Sales (annual) (data are available in National Economy Data Excel sheet).
In order to get more sufficient data, Marketing-Research department prepared a questionnaire in which they asked the individuals the following closed- ended questions:
1- What is you preferred car?
2- Your preferred car's price compared to other brands is: very expensive, expensive, neither expensive nor cheap, cheap, or very cheap?
3- Your preferred car's price compared to the brands quality is very high, high, reasonable, low, or very low
4- What is your current disposable income?
5- What is your neighborhood?
6- What is your educational qualification? (data collected are available in Questionnaire data Excel sheet)
Furthermore, the financial and operations managers in one of the existing Renault cars' accessories stores located in Zeytinburnu want to predict the money amount that every customer spends per shopping trip. The Monitoring & Evaluating department have reviewed historical data and considered standard deviation of population as known at the value of 400 Turkish Lira. The financial manager asked the Monitoring & Evaluating department to collect a random sample of 100 customers' expenditure spent per shopping trip.
As a business and economic data analyst in Renault corporation, you have been asked to produce a report about business and economic data evaluation where you should critically evaluate the differences in application between descriptive, confirmatory, and exploratory analysis methods by:
1. Providing a critical evaluation of different business data/ information through applying different data analysis methods considering data types, sources and sufficiency, the importance of converting data into information, and the significance of different data analysis methods to investigate the relationships between different dataset variables to help Renault corporation determine the expected demand level.
2. Analyzing and evaluating Renault cars' sales data in Mersin and Bursa considering:
a) Applying descriptive data analysis for each of them. And show how you can use the results of analyzing these two data series to determine the city where the sales were more stable.
b) Evaluating the feasibility of calculating measures of central tendency and measures of variability for the questionnaire and sales data to generate useful information that can help the managers understand the market conditions and make the right decisions.
3. Evaluating the differences in application between inferential statistics and measuring associations considering:
a) Application of inferential statistics (sampling) to suggest an interval that can contain the mean of customers' money amount spent per shopping trip in Renault car accessories store during the next two months according to the data available in the random sample (data are available in "Customers' Purchases Sample" sheet of Excel file) at significance level of 5% .
b) Applications of measuring association between each of the two cost items and sales amounts in Mersin branch at the significance level of 5%. (data are available in Sales Training & Advertising Data sheet of the Excel file).
Learning Outcomes and Assessment Criteria
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
M1 Critically evaluate the
methods of analysis used
to present business and
economic data/information from a
range of different
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
quantitative raw business
data from a range of
M2 Evaluate the
differences in application
statistics and measuring
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