ILM 8607-516 Analysing and Interpreting Statistics to Inform Management Decisions Assignment Help in the UK

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Assignment Activity 1: Understand how to analyse data using a statistical tool

AC 1.1 Focussing on a complex workplace problem that has existed over a period of time, collect and organise relevant data, using either time series or index numbers

If a complicated problem at work persists for quite some time, follow these steps to collect and organize relevant data.

1. Identify the Problem

Define exactly what the ongoing issue is in the workplace (Declining productivity, High Turnover rates, Continuous delays in project timeline).

2. Collect Relevant Data

Get data from various sources (Employee Surveys, Performance metrics, Financial records) relating to the identified problem.

3. Choose a Data Analysis Method

• Time Series: This method is used to trace shifts over time and can be presented in forms such as monthly sales or employee performance over a year. Trends, cycles, and seasonal variability can also be identified.
• Index Numbers: This is applied in comparing data from different time periods, regions, or categories. For example, compare employee satisfaction scores over the last five years.

4. Arrange the Data

Understandably structure the collected data, like by tabulation or charting, so that they become easy to analyze and interpret. For time series, plot data points against time; for index numbers, compute percentage changes or indices for comparisons.

5. Analyze the Data

Identify patterns, trends, or correlations that may explain the root cause of the problem. This may occur from viewing cycles in performance, identification of outliers, or if there are consistent patterns over time.

AC 1.2 Apply one appropriate statistical tool to test for possible relationships within the data

1. Choose a Tool: Select a statistical tool based on the data:

• Correlation: Measures the strength and direction of a relationship between two variables.
• Regression: Analyze how one variable affects another.
• Chi-Square: Tests relationships between categorical variables.
• Prepare Data: Clean and format the data for analysis.

2. Apply the Tool:

• For Correlation, calculate the correlation coefficient.
• For Regression, run the model and analyze coefficients.
• For Chi-Square, compare observed and expected frequencies.

3. Interpret Results: Review the output:

• Correlation: Strong relationship = +1/-1, no relationship = 0.
• Regression: Look at p-values and coefficients.
• Chi-Square: p-value < 0.05 = significant relationship.

4. Draw Conclusions: Determine the significance of the relationship and its impact.

Assignment Activity 2: Be able to interpret results generated from a statistical analysis to inform a management decision

AC 2.1 Use the results generated from your statistical analysis to propose changes to planned activities in your own area of responsibility 

• Review Results: Summarize the outcomes of your statistical analyses (e.g., correlation, regression).
• Identify Key Takeaways: Explain significant relationships or trends that influence your line of work.
• Recommend Changes: Based on the insights gained, present recommendations for improvements to performance by changing some strategies or shifting resources.
• justify Changes: Draw on data-based results as evidence in supporting your proposed changes as aligned with organisational goals.

AC 2.2 Based on your statistical analysis, implement changes to activities within your area of responsibility 

Review Analysis Results: Examine the statistical findings for insights and patterns that highlight areas for improvement.

Plan Changes: Develop a clear action plan to implement changes in activities, based on the identified insights (e.g., adjusting processes, reallocating resources).

Communicate Changes: Inform relevant stakeholders about the planned changes, ensuring they understand the rationale behind them.

Implement Changes: Put the plan into action, adjusting the relevant activities within your area of responsibility.

Monitor Impact: Continuously monitor the outcomes of the changes to assess their effectiveness and make further adjustments if needed.