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CIMA C3 Session 01

CIMA C3 Session 01

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CIMA C3 Session 01
CIMA C3 Session 01

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09/06/2013

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KAPLAN PUBLISHING
 
5
 
SESSION 1 – SUMMARISING AND ANALYSING DATA
Syllabus content
Explain the difference between data and information.
Explain the characteristics of good information.
Explain the difference between primary and secondary data.
Identify the sources of secondary data.
Explain the different methods of sampling and identify where each is appropriate.
Tabulate data and explain the results.
Prepare a frequency distribution from raw data.
Prepare and explain the following graphs and diagrams: bar charts, time series graphs,scatter diagrams, histograms and ogives.
Calculate and explain the following summary statistics for ungrouped data: arithmeticmean, median, mode, range, standard deviation and variance.
Calculate and explain the following summary statistics for grouped data: arithmeticmean, median (graphical method only), mode (graphical method only), range, semi-interquartile range (graphical method only), standard deviation and variance.
SESSION CONTENT DIAGRAM
Grouped frequencydistributionHistograms Ogives
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CIMA PAPER C3 – BUSINESS MATHEMATICS6
 
KAPLAN PUBLISHING
 
GROUPED FREQUENCY DISTRIBUTIONS
One of the primary roles of a management accountant is to communicate technical data toothers. Complicated data is more meaningful and easier to understand if it is effectivelypresented. In this session we shall learn about various ways to collate, present, analyse andsummarise data.Data that is unstructured is difficult to understand. Ungrouped data may be known as
raw
data.It is often useful to group the data together into appropriate categories. This will give the user an overview of the information.
Question 1
Below are the ages of 25 accountancy students:19 25 19 32 2225 27 21 27 2128 33 23 21 2418 21 26 18 2624 24 24 26 29Group the data into appropriate categories.
Space is provided below for your solution.
Age (years) Tally count Number of students
18 – 2021 – 2526 – 3031 - 35Total number: A
grouped frequency distribution
is simply a table of collated data with various categoriesand a frequency column indicating the number of items in each category.
Discrete and continuous data
 All data is classed as being either discrete or continuous. It is important to distinguish betweendiscrete and continuous data when forming a grouped frequency distribution.
Discrete data
– this data can only take specific values, usually integers (whole numbers); for example: number of children in a family, number of rejected items produced, etc. We tend to
count 
discrete data. The information in Question 1 is discrete data.
Continuous data
– this data can take any value, including fractions, for example: height,temperature, speed, etc. We tend to
measure
continuous data.
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SESSION 1 – SUMMARISING AND ANALYSING DATAKAPLAN PUBLISHING
 
7
 
The class intervals for continuous data must be laid out appropriately in order to accommodateall possible numbers. This is achieved by using ‘greater than’ (>) and ‘less than or equal to’ (
)signs.Consider the data given below.
Data for Question 2
50 bags of sand have the following weights:
Weight of bag(kg)Number of bags
> 10
20 1> 20
30 6> 30
40 8> 40
50 10> 50
70 10> 70
90 6> 90
120 6> 120
150 350Clearly weights such as 29.5 kg and 49.8 kg can only be accommodated if the class intervalsare laid out as above. Question 1 style of class intervals should be used for discrete data.
Some technical terms
Class:
Another term for the grouping above.
Class limits:
The outer values of the classes: e.g. 10, 20, 30 and so on.
Open ended classes:
Where one of the limits is missing. The first and last classes aresometimes open ended. To close an open ended class, make itthe same size as the adjacent class.
Class interval/width/size:
The size of each class may be found by subtracting the lower limit from the upper limit. In the above example, the class >30
40 has a class interval of 10.
HISTOGRAMS AND OGIVES
Histograms
 A histogram is the graph of a frequency distribution. It is similar in appearance to a simple bar chart, except it is the
area
of the bar (not just the height) that conveys the information.
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