Managerial Statistics

Assessment 1: Individual Assignment
Course:
Name:
ID:
Table of Contents TOC \o "1-3" \h \z \u Abstract PAGEREF _Toc87987062 \h 31.Introduction PAGEREF _Toc87987063 \h 42.Histogram, Frequency Polygon, and Cumulative Frequency Polygon PAGEREF _Toc87987064 \h 42.1Histograms PAGEREF _Toc87987065 \h 42.2Frequency Polygons PAGEREF _Toc87987066 \h 52.3Cumulative Frequency Polygons PAGEREF _Toc87987067 \h 63.Arithmetic Mean, Mean Deviation, Standard Deviation, and Skewness PAGEREF _Toc87987068 \h 73.1Arithmetic Mean PAGEREF _Toc87987069 \h 73.2Mean Deviation PAGEREF _Toc87987070 \h 73.3Standard Deviation PAGEREF _Toc87987071 \h 83.4Skewness PAGEREF _Toc87987072 \h 84.Median, Quartiles, and Box Plot PAGEREF _Toc87987073 \h 84.1Median PAGEREF _Toc87987074 \h 84.2Quartile PAGEREF _Toc87987075 \h 94.3Box Plot PAGEREF _Toc87987076 \h 95.Advantages, Disadvantages, and Uses through SPSS PAGEREF _Toc87987077 \h 95.1Histogram, Frequency Polygon, and Cumulative Frequency Polygon PAGEREF _Toc87987078 \h 105.2Mean, Mean Deviation, Standard Deviation and Skewness PAGEREF _Toc87987079 \h 135.3Median, Quartile and Box Plot PAGEREF _Toc87987080 \h 146.Critical Evaluation PAGEREF _Toc87987081 \h 167.Conclusion and Recommendation PAGEREF _Toc87987082 \h 16Bibliography PAGEREF _Toc87987083 \h 17Appendix: Data Set PAGEREF _Toc87987084 \h 19
Abstract
Management Decisions play a key role in ensuring success for any business. However, management decisions are dependent on the usefulness of available information. Quantitative methods enhance the quality of insights from the information, which can, in turn, improve the quality of management decisions. Suppose the manager of an investment house lacks knowledge of quantitative methods, which could potentially be impacting his recommendations to his clients. Therefore, this report is prepared to give him an overview of several statistical measures: histograms, frequency polygon, cumulative frequency polygon, mean, mean deviation, standard deviation, skewness, median, quartiles, and box plots, with the focus on description, differences, and advantages and disadvantages. Also, the use of these measures is demonstrated using SPSS.
Keywords: Management Statistics, Quantitative Methods, SPSS
1 Introduction
For any business, its success is dependent on the quality of management decisions, which in turn is dependent on the insights available with the management (Radha & Balaji, 2013). Radha and Balaji (2013) highlighted that the past performance of the business is useful information. However, this information can be unfiltered at times, and as a result, meaningful inferences cannot be drawn.
The portfolio manager of an investment house is facing a similar situation as he lacks knowledge of various quantitative methods. According to Gupta and Gupta (2013), there is a possibility that his lack of knowledge could be impacting the quality of decisions and investment recommendations being made by the manager.
Thus, this report is being prepared to give an overview of several statistical measures: histograms, frequency polygon, cumulative frequency polygon, mean, mean deviation, standard deviation, skewness, median, quartiles, and box plots.
This report focuses on describing these measures, ide...