ASSIGNMENT 1 FRONT SHEET

Qualification BTEC Level 5 HND Diploma in Business

Unit number and title Unit 42 - Statistics for Management

Submission date 3 April Date Received 1st submission

Re-submission Date 19 May Date Received 2nd submission

Student Name Nguyen Khanh Trang Student ID Trangnkgbh210766

Class GBH1109 Assessor name Dinh Thi Ngoc Cham

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Table of Contents
I, Introduction....................................................................................................................................................3
II, Evaluate the nature and processes of business and economic data................................................................4
1. Define data, information, and knowledge:.............................................................................................4
2. Application:...........................................................................................................................................4
III, Describe the way of collecting databases and transformation process of data into information and
knowledge.........................................................................................................................................................5
VI, Three methods of analysis...........................................................................................................................7
1. Evaluate data from a variety of sources:................................................................................................7
a, Descriptive Approach:...........................................................................................................................7
c, Pros and cons of descriptive statistics (Hillier 2022):............................................................................8
2. Confirmatory Analysis:.........................................................................................................................8
b, Application:...........................................................................................................................................8
c, Pros and cons of confirmatory approach (Topguypoland 1996):...........................................................9
3. Exploratory Analysis:............................................................................................................................9
a, Theory (Topguypoland 1996):...............................................................................................................9
b, Application:.........................................................................................................................................10
c, Pros, and cons of Exploratory Analysis:..............................................................................................10
V, Dataset of the research................................................................................................................................11
1. Research question................................................................................................................................11
2. Apply statistical tools..........................................................................................................................11
3. The relationship between two variables: Operating hour/ week and sales in VND..............................12
VI, Conclusion................................................................................................................................................12
VII, Reference.................................................................................................................................................12
I, Introduction
This article was written to provide the company with business articles of some Vietnamese
enterprises in the Food industry using statistical methods. The paper will specifically evaluate and
analyze business data, along with the theories of Descriptive Approaches, Confirmatory Analytics,
and Exploratory Analysis. In addition, future trends/intentions related to businesses in will be
clarified and analyzed.

II, Evaluate the nature and processes of business and economic data
1. Define data, information, and knowledge:
Data is a set of facts such as numbers, words, measurements, observations, or simple descriptions of
things. Any set of characters that is gathered and translated for some purpose, usually analysis, is
referred to as data. Without context, data has no meaning for either humans or computers. There are
various types of data. The following are some examples of more common types of data: Single
character, Boolean, Text, Number, Picture, Sound, and Video are all examples of data types (Hope,
2022).

Information is defined as stimuli that have meaning in some context for their receiver. Data is the
term used to describe information that is entered into and stored in a computer. Data can be
perceived as information again after processing, such as formatting and printing. Knowledge is
created when information is compiled or used to better understand or do something (Contributor,
2021).

Knowledge is a familiarity, awareness, or understanding of someone or something, such as facts,

information, descriptions, or skills, gained through experience or education through perception,
discovery, or learning. A theoretical or practical understanding of a subject can be referred to as
knowledge. It can be implicit (as in practical skill or expertise) or explicit (as in theoretical
understanding of a subject); it can be formal or systematic in nature. The study of knowledge is
known as epistemology in philosophy; Plato famously defined knowledge as "justified true belief,"
though this definition is now considered problematic by some analytic due to the Gettier problems,
while others defend the platonic definition. Knowledge acquisition involves complex cognitive
processes such as perception, communication, and reasoning; knowledge is also said to be related to
human beings' capacity for acknowledgment (Studies, 2017).
 2. Application:

The data are represented by the numerals: 28, 16, 27, 72 as shown in the preceding table. is the total
number of companies by size, across the country. 28 is the total number of companies with large
size, 16 is medium size, 27 is micro size, 72 is small size, and finally 143 is the total number of
companies across the country.

Firm size Red River Delta, North Central Area & Central Coastal Area, South East, Mekong River
Delta, Grand Total:

Micro: 4, 9, 4, 10, 27

Small: 27, 13, 15, 17, 72

Medium: 6, 5, 3, 2, 16

Large: 3, 9, 10, 6, 28

Grand Total: 40, 36, 32, 35, 143

Information: According to the data presented in the table above, there are 143 enterprises in all 4

regions. It includes 28 large enterprises, 16 medium enterprises, 72 small businesses, and 27 micro
enterprises.

Knowledge: Based on the data presented above, the majority of the 143 businesses surveyed are in
the small and large category. The largest number is small businesses in all four regions. Medium
enterprises account for the fewest in the region.
III, Describe the way of collecting databases and transformation process of data into information and
knowledge.
Collecting database: The method of data collection chosen is determined by the research question,
the type of data required, and the resources and time available. Data collection methods can be
divided into two categories: primary data collection methods and secondary data collection methods.

a, Why is the focus of qualitative analysis? Why do people behave the way they do? What motivates
them to make decisions? To understand why, qualitative analysis looks in depth at a few things.
Qualitative analysis and research methods frequently incorporate:

- Focus groups
- Diaries
- Open-ended questionnaires and surveys
- Unstructured / Semi-structured / Structured interviews
- Unstructured observations
- Case studies
b, What is the focus of quantitative analysis? What occurred? How many people purchased this
item? How many people were aware of this brand? To understand what, quantitative analysis looks
at a wide range of variables. Quantitative analysis and research methods are frequently used:

- Closed-ended questionnaires and surveys

- Large-scale data sets
- Analytics gathered by machines
- Random sampling
- Structured data
- Tracking software such as CRMs, marketing automation, advertising
Figure 1 is about the transformation of data into knowledge from Revisiting Data, Information,
Knowledge and Wisdom ( DIKW ) Model and Introducing the Green Leaf Model (Mutongi, 2016).

To become information, the transformation requires gathering and organizing data. Knowledge is
created through the collection of various types of information, as well as the summarization,
analysis, and synthesis of that information. As a result of this procedure. Raw data becomes
meaningful when it is related to the context or situation in which it is generated and produces
information and knowledge outputs. The DIKW model has been found to fall short of covering all
aspects of knowledge management. It limits the usefulness of knowledge management (Mutongi,
2016).

VI, Three methods of analysis

1. Evaluate data from a variety of sources:
a, Descriptive Approach:
Descriptive decision theory is concerned with identifying and explaining patterns in the choices that
people make. It is commonly distinguished from a parallel endeavor, normative decision theory,
which seeks to provide an account of the choices that people should be inclined to make (Chandler,
2017).
b, Application:

The chart is from annual report 2021 (Vinfast, 2021)

The graph above depicts the net revenue (trillion VND) from 2017 to 2021. gray is Real estate
transfer revenue and blue is Recurring revenue. in 2018 Real estate transfer revenue increased to the
highest: 83.3 then plummeted to 64.5 in 2019. revenue regularly peaked when reaching VND 46.2
trillion in 2021. The chart proved that 2018 was the year the company achieved the greatest profit,
the golden time of the company. The company faced many difficulties and saw a sharp drop in
revenue in 2019 but has gradually recovered.

c, Pros and cons of descriptive statistics (Hillier 2022):

Descriptive analytics is one of the most straightforward data analytics techniques. It entails breaking
down (or parsing) data and summarizing its main features and characteristics. In this way,
descriptive analytics presents what happened in the past without delving into why or how it
happened.

The pros: Otherwise complex data is presented in an easily digestible format. This function
provides a direct measure of the frequency of key data points. This is cheap and only requires basic
mathematical skills to complete. Moreover is easier to carry out, especially with the assistance of
tools such as Python or Microsoft Excel. It relies on data that organizations already have access to,
so no additional data is required. It also examines the entire population (rather than just a subset of
it), making it far more accurate than inferential statistics.

The cons: An able to summarize data sets that have access to, but this may not be enough to tell the
whole story. Descriptive analytics cannot predict what will happen in the future. Your findings
cannot be extrapolated to a larger population. Descriptive analytics provides no information about
the data collection methodology, implying that the data set may contain errors.

2. Confirmatory Analysis:
a, Theory: The first step in your data analysis process is exploratory data analysis (EDA). There are
several important things to do at this stage, but they all boil down to this: determining what to make
of the data, determining the questions you want to ask and how to frame them, and determining the
best way to present and manipulate the data you must draw out those important insights.

b, Application:

The figure from Statistics-help-for-student.com (2023)

Relationship between these two variables Water and Skin is very strong because .985 is very close
to 1. About sig-tail, with number 0.002 (less than 0.01) we can conclude that 95% confident that
relation is true for the population. Therefore, increasing water intake is positively correlated with
skin appearance.

c, Pros and cons of confirmatory approach (Topguypoland 1996):

Advantages:
- In the appropriate circumstances, provide precise information.

- Well-proven theory and methods

Disadvantages:

- False impression of precision in less-than-ideal conditions

- Analysis based on preconceived notions

- Difficult to detect unexpected results

3. Exploratory Analysis:
a, Theory (Topguypoland 1996):
- Inductive Approach to Descriptive Statistics
- Look for flexible ways to examine data without bias
- Try to assess the validity of assumptions
- A strong reliance on graphical displays
- Let data suggest questions
- Concentrate on indications and estimated error magnitudes
b, Application:

This figure show: weight and height of children (Dayala, 2018)

The above scatter plot represents the amount of weight increases as height increases. this
relationship is not perfect, some taller children have a lower weight than some shorter children,
but the overall trend is quite strong and we can see that weight is correlated with height. Weight
 and height of a set of children are directly proportional to each other, it also visualizes the
relationship between height and weight – namely, that weight increases as height increases.
Although this relationship is not perfect, some taller children weigh less than some shorter
children, but the overall trend is quite strong and we can see that weight is correlated with
height.

c, Pros, and cons of Exploratory Analysis:

Advantages:

- More realistic statements of accuracy

- Does not necessitate more than data can support

- Promotes deeper understanding of processes

- Statistical learning

Disadvantages:

- Doesn't always provide definitive answers

- It's difficult to avoid optimistic bias caused by overfitting

- Requires judgment and artistry - can't be cook booked

V, Dataset of the research

1. Research question
Surveys on the size of all enterprises operating in the Food Industry in Vietnam in 2015.
Population: All of business work in food industry of Vietnam.
To obtain unbiased estimates for different subdivisions of the population with
some known level of precision.
2. Apply statistical tools
Statistical tools Result

MEAN: Divide the sum of the series by the 224,6923077

number of terms

MODE: Find the number that appears most 20

 often

MEDIAN: Returns the median of the given 35

numbers. The median is the number in the
middle of a set of numbers. Finding the
middle number of the set

RANGE: The Range object is the 7995

representation of a cell (or cells) on the
Worksheet, which is the most important
object of Excel. A group of cells is called a
range in Excel.

STANDARD DEVIATION: It is a statistical 889,4909

tool that measures the dispersion of a data set
relative to its mean and is calculated as the
square root of the variance.

Describe variable a2 and a4a:

a2 are region in Vietnam including 4 areas: Red River Delta, North Central Area & Central Coastal Area,
South East, Mekong River Delta.

a4a is a business area in the food industry.

3. The relationship between two variables: Operating hour/ week and sales in VND
CORREL returns the correlation coefficient between two cell ranges. To determine the relationship
between two properties, use the correlation coefficient. Correl= - 0,00558. The above scatter plot
shows that the number of hours of operation per week and the variable of sales have a negative
relationship.

VI, Conclusion
Above are the specific evaluation and analysis of business data, in addition to the analysis of future
projections. For a company to be perfect and well developed, it is necessary to have the knowledge
of the data, information and the way of collecting database and transformation process of data into
information and knowledge.

VII, Reference
Hope, C. (2022) What is Data?, Computer Hope. Available at:
https://www.computerhope.com/jargon/d/data.htm

(Accessed: March 31, 2023).

Contributor, T. (2021) “information,” TechTarget, 18 May. Available at:

https://www.techtarget.com/searchdatamanagement/definition/information

(Accessed: March 31, 2023).

Studies, L. (2017) “Knowledge,” Blogger, 30 November. Available at:

https://www.librarianshipstudies.com/2017/11/knowledge.html
(Accessed: March 31, 2023).

Bhat, A. (2019) Data Collection Methods: Sources & Examples, QuestionPro. Available at:
https://www.questionpro.com/blog/data-collection-methods/

(Accessed: March 31, 2023).

Mutongi, C. (2016) Revisiting Data , Information , Knowledge and Wisdom ( DIKW ) Model and
Introducing the Green Leaf Model, Semanticscholar. Available at:
https://www.semanticscholar.org/paper/Revisiting-Data-%2C-Information-%2C-Knowledge-and-
%28-%29-Mutongi/14b904f0e28b26eaa214fe086f0df90ce502ae53/figure/0

(Accessed: March 31, 2023)

Chandler (2017) Descriptive Decision Theory, Plato.stanford.edu. Available at:

https://plato.stanford.edu/entries/decision-theory-descriptive/

(Accessed: March 31, 2023).

Vingroup company (2021) “SKM_308e-6022033118430,” Consolidated financial report, p. 9.

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https://static2.vietstock.vn/data/HOSE/2021/BCTC/VN/NAM/VIC_Baocaotaichinh_2021_Kiemtoa
n_Hopnhat.pdf

Copyright 2008 (2023) How do I interpret data in SPSS for Pearson’s r and scatterplots?, tatistics-
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(Accessed: April 3, 2023).

Hillier, W. (2022) What Is Descriptive Analytics? A Complete Guide, CareerFoundry. Available at:
https://careerfoundry.com/en/blog/data-analytics/descriptive-analytics/

(Accessed: April 3, 2023).

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(Accessed: April 3, 2023).

Rinaldi, C., D’Aguilar, M. and Egan, M. (2022) “Understanding the Online Environment for the
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(Accessed: April 3, 2023).

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(Accessed: April 3, 2023).

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(Accessed: April 3, 2023).

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(Accessed: April 26, 2023).