ASSIGNMENT 1 FRONT SHEET

Qualification BTEC Level 5 HND Diploma in Business

Unit number and title Unit 31: Statistics for management

Submission date Date Received 1st submission

Re-submission Date Date Received 2nd submission

Student Name TẠ NGỌC ANH Student ID GBS190205

Class GBS0814 Assessor name NGUYỄN THỊ BÍCH DIỆP

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INTRODUCTION:
1. BACKGROUND:
A Dong is a furniture company. A Dong is a firm that was founded in 1995 as A Dong Private Enterprise.
Since then, it has developed a working system with many years of expertise, high accountability, and
faultless goods, such as those that the firm has produced for well-known brands such as: The
gioididong.com grocery network, which has 2026 locations nationally, has been finished and handed over,
The items for the DienmayXANH.com grocery chain, which has 1039 locations nationally, have been
finished and turned over (Bellahome, 2021). There are 1443 Bach Hoa Xanh shops, 7 An Khang Drugstores,
dienthoaisieure.com stores in Cambodia, Bigphone.com stores in Cambodia, ConCung.com Supermarket
network, and FPTShop.com. Vien Thong is a Vietnamese grocery chain. BKAV HCMC, PV-OIL, Vietcombank,
SacomBank, Bank for Agriculture and Rural Development and many more large offices have been built by
this grocery network (Bellahome, 2021).
A Dong has consistently enlarged the facility to support manufacturing activity, serving hundreds of
projects each year. To create a line from design to manufacturing, A Dong did not hesitate to assemble a
large-scale team of employees and a factory. A factory with a floor area of over 20,000 m2 in Bien Hoa -
Dong Nai employs over 350 people who work continually to guarantee that production runs smoothly and
that contemporary imported machinery and equipment deliver the highest quality goods to clients
(Bellahome, 2021).
Bella Home is one of the showrooms with a wide interior display area and interior collections that vary in
design, color, and quality. 111–113 Nguyen Co Thach Street, Sa La Urban Area, Thu Thiem, District 2, Ho
Chi Minh City (Bellahome, 2021).
2. OBJECTIVE:
After learning and analyzing the company's data has sold the product and the number of products still
exists in the repository. And found the problem where the company was having. Based on Statistical
Methods to be able to evaluate, develop and provide a new strategy for the company in the near future.
That helps our store comes up and creates more products value.
3. METHODOLOGY:
This assignment is Secondary research. Because managers saw the problem the company was having so
they decided to provide information about product data and products sold. To help the company develop
and succeed in this area, everyone in the company agrees to find a new strategy based on Statistical
Methods.
4. STRUCTURE OF REPORT:
• Introduction
• Main body:
+ Evaluate the nature and process of business and economic data/information
+ Evaluate data from variety of sources using different methods of analysis
• Conclusion
MAIN BOBY:
1. EVALUATE THE NATURE AND PROCESS OF BUSINESS AND ECONOMIC DATA/INFORMATION:
1.1. DEFINE DATA, INFORMATION AND KNOWLEDGE:
Data in computing refers to information that has been coverted into a format that is easy to transport or
process. Data is information translated into binary form, as it relates to today’s computers and
transmission mediums. It is allowed to use data as either a solitary or phural subject. The term “raw data”
refers to data in its most basic digital version (Vaughan, 2020)
Example:

Source: Warsaw.

Information is always interpreted as messages, in order to provide the recipient with some level of
comprehension. In a business, information is a highly valuable resource. The manager need knowledge in
order to plan and oversee all of the organization’s procedures, ensuring that the firm survives and thrives
in its operational environment. Information assists the management is gaining a better understanding of
the market, orienting new goods and improving the organization and production orientations (Nhi 2020).
Example:

Source: Warsaw.
Knowledge is knowledge that has been organized, tested, and can be used to create value. Potential
knowledge, and can be used to create. Potential knowledge, and tacit knowledge are there three type of
knowledge. (Lan, 2020).

Source: Warsaw.

1.2. HOW DATA TURNED INTO INFORMATION AND INFORMATION INTO KNOWLEDGE:
Data must be entered before a computer can process anything. Typing on a keyboard, for example, can
enter data into a computer. A program is used a process data once it has been received by a computer. A
typical program will compute, alter, or arrange data in order to provide information that is both clear and
percentable to the user. After the data has been transformed into information, it is shown to the user as
output. When the user uses the Windows Caculator, for example, the software shows the information on
the monitor (Hope, 2019)
A relational database generates information from the data contained in it in an information processing
system. The DIKW Pyramid’s information hierarchy step shows data linkages, and then analysis is carried
out to provide answers to the Who, What, When and Where queries. Every piece of information has value
in an information management system, such as modelling, simulation and soon, use stored knowledge in
someway. The knowledge phase aims to identify a solution to the “How” problem. Specific metrics are
mentioned, and the data gathered in this question (Brahmachary, 2019).
Figure 1: DIKW Paramid:

Source: BPTrends.com
 1.3. DESCRIBE IN DETAIL THE WAY OF THE COLLECTING DATABASE AND TRANFORMATION PROCESS
OF DATA INTO INFORMATION AND KNOWLEDGE:
- Data collection process:
The practice of gathering, measuring and evaluating correct insights for research using established
approved procedures is referred to as data gathering. On the basic of the facts of gathered, a researcher
might assess their hypothesis. Regardless of the subject of study, data collection is usually the first and
most significant phase in the research process. (Anisworth, 2020)
The most important goal of data collection is to collect information-rich and accurate data for statistical
analysis so that data-driven research choices may be made (Anisworth, 2020)
à Data collection methods: Phone vs Online vs In-person Interviews
In terms of data collecting, there are four options such as: in-person interviews, mail, phone and internet.
Each of these approaches has advantages and disadvantages:
Pros Cons

In-person interviews - In- depth analysis - Time consuming

- A high level of data - Costly
condidence - Subject to dismissal as
anecdotal
Mail surveys - It is impossible to - Expensive
communicate with anyone - Errors in data collection
and everyone - Lag time
- There are no barriers
Phone surveys - High level of confidence in - Expensive
data collected ability to - Inability to self-administer
communicate with almost - Must hire an agency
anyone
Web/Online surveys - Minimal cost - Not all of your consumer
- Self- administrable may have an email account
- Extremely how chance of or be online
data mistakes
 - Consumer may be hesitant
to provide personal
information online

- Data audit:
A data audit is the process of examining data in order to determine its quality or use for a certain purpose.
Unlike auditing finances, data, auditing entails looking at important indicators order than quantity to draw
conclusions about data set’s features. (Techopedia, 20212)
2. EVALUATE DATA FROM VARIETY OF SOURCES USING DIFFERENT METHODS OF ANALYSIS:
2.1. DEFINITION OF DESCRIPTIVE, EXPLORATORY, AND CONFIRMATORY:
The initial step in the data analysis process is exploratory data analysis (EDA). There are various critical
tasks to complete at this stage, but they all come down to determining what to make of the data,
determining the questions users want to ask and how they will frame them, and determining the best
approach to show and modify the data to extract those critical insights (Biltz, 2017).
Users analyze their evidence using classic statistical methods such as significance, inference, and
confidence in Confirmatory Data Analysis (Biltz, 2017).
Descriptive analysis is the process of interpreting historical data in order to better understand how an
organization changes. To make comparisons, descriptive analysis employs a range of historical data (Hà,
2019).
2.2. PROS AND CONS OF EACH METHODS:
PROS CONS
DESCRIPTIVE • Data collecting is quick and • Some respondents refuse
simple, especially when to reply to questionnaires
conducting surveys. It and interviews because of
enables you to gather data concerns about
in a natural setting, confidentiality.
resulting in high-quality • It is restricted because it
and honest data. does not address the
question “why,” making it
 • It is simpler to make
judgments and proceed
with data analysis.
• Qualitative and
quantitative data collecting
resulted in a greater grasp
of the research issue.
EXPLORATORY • Adaptability and flexibility
in the face of change
• Exploratory research is
excellent in providing the
foundation for future
research.
• Exploratory studies have
the ability to save time and
other resources by defining
the kind of study that are
worth pursuing at an early
stage.
CONFIRMATORY • In the correct conditions,
provide detailed
information.
• Theory and procedures are
well-established.
incapable of determining
the source and impact of a
study issue.
• Validating an accurate and
thorough picture of a study
is difficult.
• Qualitative data is
generated via exploratory
investigations, and the
interpretation of such data
is prone to prejudice.
• These studies often employ
a small number of samples,
which may or may not
sufficiently reflect the
target population. As a
result, exploratory study
findings cannot be applied
to a larger population.
• The results of these kind of
studies are rarely relevant
in making practical
decisions.
• In less-than-ideal settings,
the appearance of accuracy
might be deceiving.
• Preconceived notions drive
the analysis.
 • Identify and fix frequent • Unexpected outcomes are
issues. difficult to recognize.

2.3. THE RESULTING EXAMPLES RUN FROM SPSS:

+ Descriptive Statistics:

Column N is 149 study values

Minimum column: minimum value of all variables is 1
Maximum column: maximum value of variable 46, 40657.5000 and 115 and the remaining variables have
the largest value is 40657.5000.
+ Mean:
The basic mathematical average of two or more integers is called a mean. The arithmetic mean approach,
which utilizes the sum of the numbers in the series, and the geometric mean technique, which is the
average of a set of products, are two ways to determine the mean for a given collection of numbers.
However, only some of the time, all of the basic approaches for computing a simple average provide the
same approximate result. (2020, Hayes)
Formular:

Example:
+ Median:
The median is the middle number in a sorted, ascending or descending, list of numbers, according to Ganti
(2020), and it might be more informative of that data collection than the average.
Formular:

Example:

+ Mode:
In a data collection, the mode is the value that appears the most frequently. A collection of data might
have only one mode, several modes, or none at all. The mean, or average of a set, and the median, or
middle value in a collection, are two other prominent measures of central tendency. (2020, Hayes).
Formular:
Example:

à Descriptive aids firms in improving their performance. To begin with, descriptive analytics gives
historical context: Descriptive analytics enables firms to go back in time and learn how consumers and
products interact. Second, evaluate company goals: Descriptive analytics may indicate how existing
procedures are functioning to accomplish business goals by identifying KPIs. Finally, because companies
are dynamic and always changing, it is beneficial to be able to monitor what occurs when users change
factors, such as adding a new supplier or adjusting product prices (SolveXia, 2019).

+ Exploratory:
à Exploratory research can assist a researcher in obtaining more knowledge by carefully reviewing current
examples that have dealt with a comparable issue. These kind of evaluations are crucial, especially in
today's economic environment. The researcher must simply ensure that he thoroughly examines the case
in comparison to all of the variables present in the previous case. Business organizations, the social
sciences sector, and even the health sector use it frequently. All measurable variables are connected to
every latent variable in exploratory factor analysis. Researchers can define the number of factors necessary
in the data and which measurable variable is associated to which hidden variable in confirmatory factor
analysis (CFA).
+ Confirmatory:
The one factor model, which assumes that the covariance (or correlation) among items is attributable to
a single common factor, is the simplest basic model in CFA. We'll suppose that total variance can be
partitioned into common and unique variance, much like in exploratory common factor analysis.
In Mplus, the code is straightforward; notice that the BY statement specifies that the items to the right of
the statement are loaded into the factor to the left of the statement.

TITLE: One Factor

CFA SAQ-7 (Marker Method)

DATA: FILE IS saq8.csv;

VARIABLE: NAMES ARE q01-q08;

USEVARIABLES q01 q03-q08;

ANALYSIS: ESTIMATOR = ML;

MODEL: f1 BY q01 q03-q08;

OUTPUT: STDYX;

Source: UCLA University

à CDA is a method for evaluating evidence by questioning people's preconceptions about the facts. They
move backwards from their findings in this stage of the process, weighing the merits of their work's
outcomes. It's similar to evaluating evidence and asking witnesses in a trial to decide the defendant's guilt
or innocence. (Notre Dame University of Maryland, 2020). Testing hypotheses, creating estimates,
regression analysis (estimating the connection between variables), and variance analysis are all part of
CDA (evaluating the difference between the planned and actual outcome). (Notre Dame University of
Maryland, 2020)

CONCLUSION:
The research analyzed business and economic data from publicly available sources. The paper also explains
the terms descriptive, exploratory, and confirmatory research. In business, data is extremely valuable for
assessing and giving solutions. As a research analyst, I believe Bella's furniture firm should concentrate on
producing decorative items and expanding its operations to other states in order to improve revenues.

REFERENCE:

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[Accessed 31 Jan 2021].

Biltz, S., 2017. Sience. [Online] Available at: https://www.sisense.com/blog/exploratory-confirmatory-

analysis-whats-difference/ [Accessed 31 Jan 2021].

Brahmachary, A., 2019. Certguidance. [Online] Available at: https://www.certguidance.com/explaining-

dikw-hierarchy/ [Accessed 30 Jan 2021].

Hà, H., 2019. Vietnambiz. [Online] Available at: https://vietnambiz.vn/phan-tich-mo-ta-descriptive-

analytics-la-gi-ban-chat-cua-phan-tich- mo-ta-20191014144530698.htm [Accessed 31 Jan 2021].

Hope, C., 2019. Available at: ComputerHope. [Online]

https://www.computerhope.com/issues/ch001996.htm [Accessed 30 Jan 2021].
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for All Disciplines. Bangladesh: Book Zone Publication, pp. 201-275.

Lan, M., 2019. Vietnambiz. [Online] Available at: https://vietnambiz.vn/tri-thuc-hien-huu-explicit-

knowledge-va-tri-thuc-tiem-an-tacit- knowledge-la-gi-20190925222834026.htm
[Accessed 28 Jan 2021].