Analyse and evaluate raw business data using a number of statistical methods.

Unit 31 Statistics for Management - Higher National Diploma in Business Administration

Assignment - The Role of Statistics in Evaluating Business and Economic Data

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.

Assignment Brief

In order to open a new plant to expand foreign direct investment, the board ofdirectors in Renault Corporation require a feasibility report to justify the decision.The senior managersneed to predict the demand level on Renault cars in the nextfew years so they can determine the optimal capacity of thenew plant. They asked their colleagues in Evaluatingand 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 inNational Economy Data Excel sheet).

In order to get more sufficient data, Marketing-Research department prepareda questionnaire in which they asked the individuals the following closed- endedquestions:

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 Questionnairedata 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 amountthat every customer spends per shopping trip. The Monitoring & Evaluatingdepartment have reviewed historical data and considered standard deviation ofpopulation as known at the value of 400 Turkish Lira. The financial managerasked the Monitoring & Evaluating department to collect a random sample of 100customers` expenditure spent per shopping trip.