Understanding And Managing Data Assignment Sample

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Introduction

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Part 1

Task 1

(a)

Table 1: Expenditure (£) on Stand Mixers

(Sources: Self-Created in MS Excel)

(b) The mean is nothing but the average of the total number of observations and the total sum of all the observations. The calculated mean is 224 which is the average of the scenario (Yletyinen et al .2019). The calculation of standard deviation is done according to the mean and total sum of the observations.

Task 2

(a)

Table 2: Frequency and Frequency (%)

(Sources: Self-Created in MS Excel)

Table 3: Cumulative Frequency and Cumulative Frequency (%)

(Sources: Self-Created in MS Excel)

Table 4: midpoint (x), (x-mean), (x-mean)² and f(x-mean)²

(Sources: Self-Created in MS Excel)

Table 5: Mean, Variance and Standard Deviation

(Sources: Self-Created in MS Excel)

Figure 1: Cumulative Frequency

(Sources: Self-Created in MS Excel)

(b) If a customer belongs to the bottom 25% in respect to the expenditure amount then the total estimated minimum amount is 150. The amount is 150 because it is in the middle of 100 and 200 in respect to the given figure.

Task 3

Cross-sectional data

The concept of cross-sectional data is the total observations done at a single time with different numbers of individuals or customers and collects the data of that time.

Time series data

The abstraction of time series data is the number of observations taken at different points of time of a single individual or customer.

Difference between Cross-sectional data and Time series data

The most important differentiation between the data is the total number of time invested (Murphy et al .2018). The cross sectional data takes less time to collect the data whereas, the time series data takes a long period of time for operating only for a single individual or customer.

Task 4

(a)

Figure 2: Network Diagram

(Sources: Self-Created in MS Excel)

(b)

Table 6: Paths and Duration (weeks)

(Sources: Self-Created in MS Excel)

(c)

Critical Activities

The activities which are restricted by the time are referred to as critical activities. It also signifies that any delay in these activities delays the whole project.

Non-Critical Activities

The activities which are independent and are not restricted which the taken time is termed as non-critical activities.

Task 5

(a)

Table 7: Correlation Matrix

(Sources: Self-Created in MS Excel)

(b)

The selected and potential predictor of the gross profit is the total value of sales or revenue. The selection of revenue is done due to certain reasons that consist of the total values of cost, number of units sold, profit and many more. Therefore, selection of revenue is accurate for the correlation matrix.

(c)

Figure 3: Scatter Graph

(Sources: Self-Created in MS Excel)

(d)

Table 8: Correlation Coefficient and Coefficient of Determination

(Sources: Self-Created in MS Excel)

Correlation Coefficient

The relationship between two different variables which provide a specific measurement is termed as correlation coefficient (Mandalari et al .2020). According to the assignment, the correlation coefficient is 0.273 which is the correlation between total gross profit and sales.

Coefficient of Determination

The value of coefficient of determination is nothing but the square of the value of correlation coefficient.

The significant equation of the regression equation is 898+0.4420X which is the general answer based on the formula of the regression equation. It is calculated with the help of the values of intercept and slope.

Task 6

 The project B should be chosen because it has lower price segmentation and the standard deviation is sufficient to work with.

Task 7

This assignment required a lot of knowledge and practices of the different values and information of statistics and Microsoft Excel in general. I have given my 100% to approach and meet all the requirements of this assignment with all of my knowledge and leanings. Yes, I have done sound work and my terms of knowledge and education.

It was not easy to complete the assignment with all of my knowledge but with the help of the internet and my seniors I am able to complete and fulfill the requirements of the assignment.

After completing this assignment, I have collected and gained the knowledge of statistics and the all over use of Microsoft Excel (Mallinson et al .2021). Therefore, if I get another assignment like this, I will complete the assignment with less amount of time because my efficiency increased after completing the assignment.

Part 2

In most cases, the optimum use of the high-low method is to separate the fixed cost and variable cost from the total cost of the product or service (Arora et al .2021). It requires two variables to separate fixed and variable costs. It is simple yet calculative at the same time but it requires less time compared to two other methods of calculating fixed and variable cost.

In order to achieve the targeted profit value which is 60000, Enka limited have to sell 10500 units of t-shirt to achieve the targeted profit. Therefore, the total cost will be 150000 and the total revenue will be 210000 for achieving the target profit.

The total margin of safety for the year of 2022 January will be there compared to the other months of the year because in the past months the company has earned a large number of profit compared to the current target profit.

There are several advantages and disadvantages of the process of break even analysis which are projected below.

Advantage of Break Even Analysis

• The most significant and practical purpose of the break even analysis is to evaluate the total profit and the total amount of loss in the different stages of the production of the product and the sales of the product (Acharya et al .2018). It helps the companies to understand the all over activity of the product from production to sales.
• It helps the company to identify potential relation between the costs of variables and fixed of the product.
• It also helps to forecast the totals in change of the prices of sales and also measures its effect on the company.
• It also signifies a total number of products which are required for ensuring the total amount of profit which is targeted by the company.

Disadvantages of Break Even Analysis

• The concept of break even analysis has certain limitations and disadvantages at the same time that it is to calculate levels of output by assuming the total sales price in constant form.
• It also calculates on the assumptions that the levels of production and sales are going to be the same.
• The process of break even analysis is restricted towards a single product of the company or a blend of products but it is considered as a single product of a company.

Reference list

Journals

Acharya, V.V., 2018. Understanding and managing interest rate risk at banks. Macroeconomics and Finance in Emerging Market Economies, 11(2), pp.218-231.

Arora, L., Singh, P., Bhatt, V. and Sharma, B., 2021. Understanding and managing customer engagement through social customer relationship management. Journal of Decision Systems, pp.1-21.

Mallinson, A., Maire, R., Beyaert, C., Vibert, D., Coffinet, L., Longridge, N., Vanspauwen, R., Dumas, G., Petersen, H. and Perrin, P., 2021. Understanding and Managing Trauma-Induced Vestibular Deficits. The Journal of International Advanced Otology, 17(6), pp.559-565.

Mandalari, G., 2020. Symposium ‘Understanding and managing satiety: processes and opportunities’. Journal of Nutritional Science, 9.

Murphy, S.A., Paltridge, R., Silcock, J., Murphy, R., Kutt, A.S. and Read, J., 2018. Understanding and managing the threats to Night Parrots in south-western Queensland. Emu-Austral Ornithology, 118(1), pp.135-145.

Yletyinen, J., Brown, P., Pech, R., Hodges, D., Hulme, P.E., Malcolm, T.F., Maseyk, F.J., Peltzer, D.A., Perry, G.L., Richardson, S.J. and Smaill, S.J., 2019. Understanding and managing social–ecological tipping points in primary industries. BioScience, 69(5), pp.335-347.