ASSIGNMENT 1 FRONT SHEET

Qualification BTEC Level 5 HND Diploma in Business

Unit number and title Unit 31: Statistics for management

Submission date 06/10/2018 Date Received 1st submission

Re-submission Date Date Received 2nd submission

Student Name Ngo Quang Thinh Student ID Gbh17247

Class Gbh0602.1 Assessor name Ngo Tran Thai Duong

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I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism. I
understand that making a false declaration is a form of malpractice.

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P1 P2 P3 M1 M2 D1
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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.
The nature of data and information, and knowledge
Data is information that has been translated into effective forms for moving or processing.
Compared to computers and media today, data is information that is converted into binary
numbers. Acceptable for data used as a singular subject or as a plural subject. Raw data is a
term
used to describe data in its most basic digital format (Businessdictionary, n.d).
Information is "data has been recorded, sorted, related, or interpreted within the framework for
meaning to appear." Information, like data, can have many different forms (lawinsider, n.d)
Knowledge is the thing that somebody thinks about something or anything. It is about realities I
know or have regarding a matter. Knowledge is essential and individuals are wrecked for its
absence (Quara, 2014).
How data can be turned into information and information into knowledge
In general, data, information and knowledge are linked together. More specifically, Data can be
converted to Information if the data is processed in context and presented in a logical manner.
Moreover, knowledge gained when applying information experience
The table below gives information on consumer spending on different items in five different
countries in 2002.
Data collected is 28.91, 16.36, 18.80, 15.77, 32.14 and so on.
The table above show percentage of spending food/drinks/tobacco in Turkey is the most.
Sweden
is the country spending less on clothing/footwear. All countries in the table have the nearly
percentage on spending in Leisure/Education.
Knowledge obtained that 5 countries need to focus on Leisure/Education. And the country of the
most use of the most tobacco, which is cause for health, need to reduce.

P2. Evaluate data from a variety of sources using different methods of analysis.
Interpreting data from a variety of sources using different methods of analysis: descriptive,
exploratory and confirmatory.
Descriptive Statistics are useful for describing the basic features of data, for example, summary
statistics for measurement variables and measurement data. In a large data-driven study, these
statistics could help us manage the data and present it in the summary table. For example, in a
cricket match, they can help us manage the player's profile and also help us compare the
player's profile to the player's profile (Statistics Solutions, n.d).
Source: Hebl, M., 2015

The pie chart shows the percentage of male and female participants in STEM. In this case the
number of male participants is 57%. (everydayisnews, 2019)

Exploratory Data Analysis offers a wide range of tools to quickly summarize and collect
detailed information about a data set. Two such methods are summarized in five numbers and
one cell. A 5-digit summary only includes the smallest, fourth, smallest, fourth and largest data
values. Pocket PC is a graphical device based on the 5-digit summary. A rectangle (ie, box) is
drawn with the ends of the rectangle in the first and third quarters. Rectangles represent 50%
of the average data. A vertical line is drawn in a rectangle to determine the average position.
Finally, the lines, called whiskers, extend from one end of the rectangle to the smallest data
value and from the other end of the rectangle to the largest data value. Exceptionally, the
beard usually only expands to the smallest and largest data values, which are no exception. A
dot, or asterisk, is then placed outside the beard to indicate the presence of an exception
(Encyclopeadia, n.d).
Confirmatory analysis of validation data is the part where you evaluate your evidence with
traditional statistical tools such as importance, reasoning and reliability. At this point, you really
challenge your assumptions. A big part of validation data analysis is quantifying things like the
degree of deviation from the model you have built that can happen by chance and at what point
you need to start asking questions. for your model. Analyzing validation data involves such
things as: examining hypotheses, making estimates with a certain degree of accuracy,
regression analysis and variance analysis. In this way, analyzing your validation data is where
you put your findings and arguments into testing.
Ex: article “A spatial regression approach to FDI in Vietnam: province-level evidence” by Bulent
Esiyok and Mehmet Ugur

This article aims to investigate the determinants of the position of FDI in 62 provinces of Vietnam
and whether the dependence on space is an important factor that both researchers and policy
makers should count or not. We report that percapita income is typical of the province,
secondary education enrollment, labor costs, open trade and domestic investment directly affect
FDI in the province and indirectly affect FDI. in neighboring provinces. Direct and indirect effects
coexist with the spread of effects and spatial dependence among provinces. Our findings
indicate that FDI into Vietnam reflects a combination of complex exports and vertical underlying
momentum from foreign investors; and an accumulation momentum can widen the existing
regional disparity in the distribution of FDI between provinces.

LO2 Analyse and evaluate raw business data using a number of statistical methods
P3 Analyze and evaluate qualitative and quantitative raw business data from a range of
examples using appropriate statistical methods.

price temp
0.270 41
0.282 56
0.277 63
0.280 68
0.272 69
0.262 65

Research question of price of ice cream and temperature

Quantitative Research Definition: Quantitative research, marketing, is a highly stimulating and

educational technique that collects information from existing and prospective clients by using
sampling and surveying methods. online, online surveys, questions, etc. methods. The results
generated using quantitative research are usually numbers and after careful understanding of
these numbers to predict the future of the product or service and make corresponding changes
(Bhat, n.d).
Qualitative research is defined as a market research method that focuses on data collection
through open communication and dialogue. This method is not just "what" people think but also
"why" they think so. Qualitative research methods allow for deeper and deeper exploration and
questioning the respondents based on their feedback where the interviewer / researcher also
tries to understand the motives and emotions of the respondents (Bhat, n.d).
Application:
The mean of a set of numbers is the sum of the numbers divided by the number of items in the
list (Rouse, n.d).
Median are usually tracked over time to detect trends, inform about capacity plans, or predict
energy costs. Statistical average is the number between a series of numbers (Rouse, n.d).
Range is the difference between the highest and lowest values in a set of numbers. To calculate
the range, subtract the smallest number from the largest number in the set (Rouse, n.d).
Mode is the most frequently occurring number in a set of numbers. For the power consumption
examples of the server above, there are no modes because each element is different (Rouse,
n.d).
Variations measure how far data sets are spread. The technical definition is "Average squared
difference from average," but all that really does is give you a very general idea of how your data
is spread. A value of 0 means no change; All numbers in the dataset are the same (Statistic How
to, n.d).
Standard deviation is a measure of the distribution of a data set from its mean. It measures the
absolute variability of a distribution; The higher the deviation or variation, the greater the
deviation of the value.

price temp

Mean 0.273833333 Mean 60.333333

Standard Error 0.0030157 Standard Error 4.3024541
Median 0.2745Median 64
Mode #N/A Mode #N/A
Standard Standard
Deviation 0.007386925 Deviation 10.538817
Sample Variance 5.45667E-05 Sample Variance 111.06667
Kurtosis -0.177541422 Kurtosis 2.2438639
-
Skewness -0.676210027 Skewness 1.5597173
Range 0.02 Range 28
Minimum 0.262 Minimum 41
Maximum 0.282 Maximum 69
Sum 1.643 Sum 362
Count 6 Count 6
Population is used to describe the subject of a particular study - everything or everyone is the
subject of a statistical observation. Populations may be large or small and identified by any
number of characteristics, although these groups are usually designated but not ambiguous - for
example, a woman over the age of 18 has more coffee than the average person. . Number of
women over 18 years old. Statistical populations are used to observe behaviors, trends, and
patterns in ways that individuals in a defined group interact with the world around, allowing
statisticians to make conclusions about points of the research object. , and plants, and even
objects like stars.
Sample is only part of the population. For example, if you want to find out the average American
income, you would not want to survey everyone in the population (more than 300 million
people), so you would choose a small number of people in the population. For example, you
could
choose 10,000 people.
Correlation is the measure of the change of two or more variables. A positive correlation
indicates the extent to which these variables increase or decrease in parallel; A negative
correlation indicates that the degree of variation increases when the other variable decreases.

Measuring Association
Application
To show the relationship between the price of ice cream and the temperature, we use the scatter
plot

price
0.285

0.28

0.275

0.27

0.265

0.26
0 10 20 30 40 50 60 70 80

Correlation = 0.06
The correlation is positive.
Through this table, we see that the price of ice cream and temperature have a positive
relationship with each other. If the temperature increases, the price of ice cream will increase

Reference
Businessdictionary, n.d, ‘Data’, viewed 10 October 2018,
< http://www.businessdictionary.com/definition/data.html>
Lawinsider, n.d, ‘Definition of Business Information’, viewed 10 October 2018,
< https://www.lawinsider.com/dictionary/business-information>
Statistics Solutions, n.d, Descriptive Statistics and Interpreting Statistics
< http://www.statisticssolutions.com/descriptive-statistics-and-interpreting-statistics/>
Encyclopeadia, n.d, Numerical measures
<https://www.britannica.com/science/statistics/Numerical-measures#ref367417>
Quara, 2014, What is the definition of knowledge?
<https://www.quora.com/What-is-the-definition-of-knowledge>
Matthew W. Gallagher, 2013, Introduction to Confirmatory Factor Analysis and Structural
Equation Modeling
< https://link.springer.com/chapter/10.1007/978-94-6209-404-8_14>
Bhat. A, n.d, ‘What is Quantitative Research?’
< https://www.questionpro.com/blog/quantitative-research/>
Bhat.A, n.d, ‘Qualitative Research: Definition’
< https://www.questionpro.com/blog/qualitative-research-methods/>
Rouse.M, n.d, ‘statistical mean, median, mode and range’
< https://searchdatacenter.techtarget.com/definition/statistical-mean-median-mode-andrange>

Everydayisnews, n.d, ‘Gender differences in STEM subjects among Russell Group Universities’

https://everydayisnews.wordpress.com/2014/05/31/gender-differences-in-stem-subjects-among-
russell-group-universities/

Esiyok, Bulent & Ugur, Mehmet, 2015. "A spatial regression approach to FDI in Vietnam:
province-level evidence," Greenwich Papers in Political Economy 14158, University of
Greenwich, Greenwich Political Economy Research Centre.