Numeracy and Data Analysis
Name:
ID:
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Table of Contents
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Introduction
This assignment is all about numeric data analysis in business studies. The calculation will help
to understand how to analyse with logical reasoning by analysis of data and increase the ability
to forecast things in a numerical way which is very important for bigger statistical analysis. This
report will cover the basic data analysis structure with few of the statistical terms like mean,
median, mode, standard deviation and the lineal forecasting.
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Main Body
Data Table
This data table is the base of all the calculation. Here we got 10 months with simultaneous
electricity bills.
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Charts
Clustered column chart
Clustered column chart is clearly showing that month February, April, August and October got the
highest electricity bill.
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Stacked area chart
Stacked area chart signifies the distance and top liner fluctuation with proper visibility.
Calculations and discussions
Mean
Mean is symbolising with µ and this is a statistical average value of a data set (Bowerman,
2017).
Mean is calculated using this formula: µ ¿
∑x
N
µ = Mean
∑ = Sum of / Total
x = Individual data value
N = Number of items
55
Mean value for this data set is: = 5.5
10
6
Total sum of the bill cumulatively is 55 and the data set number is 10. So, by dividing the total
sum with total number the mean value has been calculated.
Median
In a data set, Median is calculated by calculating the average value of the data set . After
arranging the data set median can be find in the middle of the data set.
N +1
The formula used for calculating median is:
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N have to be equal of the number of values.
10+1 11
For this specific scenario median and its position is = = 5.5
2 2
So, the 5th and 6th number’s average is median.
2 3 4 5 5 6 6 7 8 9
So,
5+6 11
Median = = = 5.5
2 2
The average value of 5th and 6th value is considered as Median and which is 5.5
Mode
Most frequent number used in a data set is considered as mode. Three types of mode is found in
statistics which are as below-
i. Single Mode
ii. More Than one Mode
iii. No Mode
2 3 4 5 5 6 6 7 8 9
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This data set is bimodal under more than one mode category. Here first mode is 5 and second
mode is 6
Range
2 3 4 5 5 6 6 7 8 9
In a data set the difference between the lowest and highest value is considered as Range.
highest value
minus the lowest value is the formula of Range.
The value of Range for this data is: (9 – 2) = 7
Here 9 is the highest value and 2 is the lowest value. For calculating the range, the lowest value
has to be deducted from the highest value. So, the range will be 9-2= 7.
Standard deviation
For finding the deviation value of a data set standard deviation is the way to calculate
(Anderson,2014). It is square root of the variance
The formula of Standard Deviation is: σ =
√ ∑ (x ¿−µ)2 ¿
N
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standard deviation for the data tables above is,
σ =¿
√ 42.5
10
= √ 4.25 = 2.06
Standard deviation is 2.06 as per the calculation of the data set.
Linear forecasting
Liner equation is the most used methods to find forecasting value.
The formula of linear forecasting: y = mx + c
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No of Months (x) Valies of bill's (y) x^2 xy
1 4 1 4
2 8 4 16
3 6 9 18
4 7 16 28
5 3 25 15
6 5 36 30
7 2 49 14
8 9 64 72
9 5 81 45
10 6 100 60
So, the forecasting of electricity bill for the day 12th and 14th will be:
For day 12: y = m x + c = -0.006×12+ 5.53 = 5.26
For day 14: y = m x + c = -0.006×14+ 5.53 = 5.45
For the result the predictions are in the day 12 the bill will be $5.26 and at the day of 14 the bill
will be $5.45.
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Conclusion
In this report data are arranged in a table first. Later that the data is shown graphically using
column chart and area chart. Mean, Median, Mode, Range and Standard Deviation is calculated
after arranging in the table. Forecasting is used later for calculating the bill of the day 12 th and
day 14th of November.
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References
Anderson, D., Sweeney, D. and Williams, T., (2014). Essentials of Modern Business Statistics 6e
with Microsoft Office Excel. 1st ed. Boston: Cengage Learning, pp.67-69.
Bowerman, B. and O'connell, R., (2017). Business Statistics in Practise. 4th ed. Miami:
McGraw-Hill/Irwin.
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