Day: February 19, 2021

THE BASIC IDEA BUILDING UP AN INDEX NUMBER Introduction In commercial and economic affairs (and in some others, too) there are some very important quantities which are too complex to be measured directly; such things, for example, as the “level Read More …

INTRODUCTION In the previous study unit we discussed the idea of taking a sample of items from a much larger population. Calculations may be carried out on the sample data, and the results used to make inferences regarding the whole Read More …

INTRODUCTION   TO DISPERSION In order to get an idea of the general level of values in a frequency distribution, we have studied the various  measures  of  location   that  are  available.  However,   the  figures  which  go  to  make  up  a distribution Read More …

THE NEED FOR MEASURES OF LOCATION We looked at frequency distributions in detail in the previous study unit and you should, by means of a quick revision, make sure that you have understood them before proceeding. A frequency distribution may Read More …

INTRODUCTION TO SAMPLING METHODS A large amount of statistics is concerned with the use of samples. Before we look closely at this important area, we must be certain of what we mean by certain terms. Some Definitions A sample is Read More …

ESTIMATING PROBABILITIES Introduction Suppose someone tells you “there is a 50-50 chance that we will be able to deliver your order on Friday”. This statement means something intuitively, even though when Friday arrives there are only two outcomes. Either the Read More …

INTRODUCTION TO STATISTICS What do we mean by “Statistics”? “Statistics” is a word which is used in a variety of ways and with a variety of meanings, but, in whatever way it is used, it is always concerned with numerical Read More …

BUSINESS PROCESS RE-ENGINEERING Read this section to understand what business process re-engineering is. Also think about how business process re-engineering affects systems development and its influence on organisational performance (see the Case study). Business process re-engineering involves focusing attention inwards Read More …

BENCHMARKING BENEFITS AND DIFFICULTIES Traditionally, control involves the comparison of actual results with an internal standard or target. The practice of setting targets using external information is known as benchmarking. The value of external data to management accounting systems is Read More …

INFORMATION NEEDS OF MANUFACTURING AND SERVICE BUSINESSES Information needs of manufacturing businesses All manufacturing businesses follow a simple model. The information required by even modern manufacturing organisations is still based on the demands of this model. A variety of performance Read More …