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Statistics For Management

Introduction

Business statistics can be defined as science of good decisions which make under case of uncertainty such as financial analysis, auditing operations and production etc. It generally covers statistical study and descriptive stats for collecting, analysing and interpreting the data. Statistical analysis helps an organization or individual in representing the data and information in graphical manner (McPherson and Pincus, 2017). Present report is going to evaluate business and economic data which is obtained from published sources. For this purpose, various types of statistical methods are used such as quartiles, correlation coefficient, central tendencies etc. These methods are also applied in further business planning.  

Activity 1

a) National Statistical Data

Consumer Price Indices: 

CPI can defined as a comprehensive measure which is used for estimating price changes in goods and services as per consumption expenditures. In other words it helps in examining the weighted average of prices of consumer goods like transportation, medical care and food products (Lu and et. al.,  2013). It is calculated by measuring changing price of each item against consumption then further averaging them. Inflation period of economy is usually measured by using this concept which calculate rate at which price of items or services purchased by households either rise or fall. Therefore, it is widely used as economical indicator through which effectiveness of economical policy of government can be determined. CPI provided detail information to regulatory bodies, organisations as well as individuals about changing price of economy. While CPIH refers to consumer price index in terms of housing and considered as most comprehensive measure of inflation.   

Statistical data in terms of CPI index

Year

Jan

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