unit 31 Statistics management

LO1 Evaluate business and economic data/information obtained from published sources

Scenario

You work as a junior analyst in a large market research company TESLA and have been asked by the senior data analyst (your line manager) to support with three specific tasks.

Regarding the first task, your organisation has been approached by a regional TV station who are producing a "Business Breakfast" series of podcasts aimed at working professionals. They have asked if your company can produce a short 5minute podcast "The value of data and statistical management". You are tasked (working with a colleague) with researching, preparing recording this short piece which will then be streamed through the TV station's website and social media platforms. You are required to cover the following within the podcast:1. What is data and why is it important? What is the relationship between data, information and knowledge providing illustrations and examples where appropriate.2. An evaluation of the range of published data sources with examples.3. A critical evaluation of different methods of data analysis including descriptive, exploratory and confirmatory methods.