Evaluate the differences between descriptive and inferential data.
In this paper, you are required to pay importance to the value and scope of statistical management and how the concept could be used to solve the complications encountered within the contexts of businesses. Moreover, the paper is categorised into two tasks that have the following primary features to focus:
- The concept of statistics including the definition, features, tools and methods, etc.
- The types of data and information used by businesses
- Compare and contrast the sample and population
- Provide statistical methods to meet business goals
- Employ descriptive and inferential statistics methods in the task
- Differentiate between descriptive and inferential data
- Select companies to prepare presentation and analysis
You are working as a Data Analyst for your organisation. Your supervisors want to understand the value and importance of statistical management and how it can be used to resolve challenges faced by businesses. You will need to reference how a company utilises statistical management to achieve business objectives and you will need to analyse how statistical management interrelates with other business functions to deliver results.
Task 1: Individual Presentation. 15 minutes incl. Q&A session.
Prepare your presentation, addressing the tasks specified below.
PART 1 (theory)
You are tasked to explain the value and importance of statistical management:
- An introduction to statistics; definition, key characteristics, overview of methods etc.
- Sources and types of data and information businesses can access.
- The difference between a sample and a population.
- The value of employing statistical methods when meeting business objectives and achieving competitive advantage.
- Explanation of the difference between descriptive and inferential statistics and the implications for business intelligence.
- Provide examples of analysis of given sample sets of data that could be used by the organisation.
- Be prepared to answer questions related to your analysis and explain all information included on your slides.
PART 2 (application)
You will be given an Excel document containing monthly adjusted share price information of Apple, Microsoft, Netflix and Amazon for a 5-year period. In the same document, you will also be provided the NASDAQ’s composite index IXIC’s monthly adjusted closing data. You need to choose two of these companies for your analysis and presentation. You need to also use IXIC’s data for further analysis. In addition, you will be given the last four years of revenue, cost and profit information with regards to these companies. You are required to utilise descriptive and inferential statistics methods in this task.
- Evaluate the differences between descriptive and inferential data.
- Using sets of given data, you are to calculate a range of descriptive and inferential statistics. Applying and justifying the use of different methods, e.g. histogram, index, correlation, trend forecasting etc.
- Present your findings in the appropriate format using a range of graphs and charts to communicate data analysis.
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