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only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24500/glossary-organizational-planning-tools-hl.html" title="Glossary: Organizational planning tools (HL)">Glossary: Organizational planning tools (HL)</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21699/unit-2.html" title="Unit 2">Unit 2</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21753/21-functions-evolution-of-hrm.html" title="2.1 Functions & evolution of HRM">2.1 Functions & evolution of HRM</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25388/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right 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relations (HL only)">2.6 Industrial/employee relations (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25125/glossary-industrialemployee-relations.html" title="Glossary: Industrial/employee relations">Glossary: Industrial/employee relations</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21670/unit-3.html" title="Unit 3">Unit 3</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21744/31-sources-of-finance.html" title="3.1 Sources of finance">3.1 Sources of finance</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24501/glossary-sources-of-finance.html" title="Glossary: Sources of finance">Glossary: Sources of finance</a></li></ul><li class=" 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href="../22093/glossary-break-even-analysis.html" title="Glossary: Break-even analysis">Glossary: Break-even analysis</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21747/34-final-accounts.html" title="3.4 Final accounts">3.4 Final accounts</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31367/glossary-final-accounts.html" title="Glossary: Final accounts">Glossary: Final accounts</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21748/35-profitability-and-liquidity-ratio-analysis.html" title="3.5 Profitability and liquidity ratio analysis">3.5 Profitability and liquidity ratio analysis</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25111/glossary-profitability-and-liquidity-ratio-analysis.html" title="Glossary: Profitability and liquidity ratio analysis">Glossary: Profitability and liquidity ratio analysis</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21749/36-efficiency-ratio-analysis-hl-only.html" title="3.6 Efficiency ratio analysis (HL only)">3.6 Efficiency ratio analysis (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25114/glossary-efficiency-ratios.html" title="Glossary: Efficiency ratios">Glossary: Efficiency ratios</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21750/37-cash-flow.html" title="3.7 Cash flow">3.7 Cash flow</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25118/cash-flow-forecasts.html" title="Cash flow forecasts">Cash flow forecasts</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31376/glossary-cash-flow.html" title="Glossary: Cash flow">Glossary: Cash flow</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21751/38-investment-appraisal.html" title="3.8 Investment appraisal">3.8 Investment appraisal</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31377/glossary-investment-appraisal-.html" title="Glossary: Investment appraisal ">Glossary: Investment appraisal </a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21752/39-budgets-hl-only.html" title="3.9 Budgets (HL only)">3.9 Budgets (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31378/39-budgets-hl-only-glossary.html" title="3.9 Budgets (HL Only) Glossary">3.9 Budgets (HL Only) Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21684/unit-4.html" title="Unit 4">Unit 4</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21767/41-the-role-of-marketing.html" title="4.1 The role of marketing">4.1 The role of marketing</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25618/glossary-the-role-of-marketing.html" title="Glossary: The role of marketing">Glossary: The role of marketing</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21768/42-marketing-planning.html" title="4.2 Marketing planning">4.2 Marketing planning</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../28328/glossary-marketing-planning.html" title="Glossary: Marketing planning">Glossary: Marketing planning</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21769/43-sales-forecasting-hl-only.html" title="4.3 Sales forecasting (HL only)">4.3 Sales forecasting (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25713/glossary-sales-forecasting.html" title="Glossary: Sales forecasting">Glossary: Sales forecasting</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21713/44-market-research.html" title="4.4 Market research">4.4 Market research</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25208/glossary-market-research.html" title="Glossary: Market research">Glossary: Market research</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21770/45-the-four-ps.html" title="4.5 The four Ps">4.5 The four Ps</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Product">Product</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22627/glossary-product.html" title="Glossary: Product">Glossary: Product</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22525/price.html" title="Price">Price</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22548/glossary-price.html" title="Glossary: Price">Glossary: Price</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22567/promotion.html" title="Promotion">Promotion</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22704/45-promotion-glossary.html" title="4.5 Promotion - Glossary">4.5 Promotion - Glossary</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22745/place.html" title="Place">Place</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../23813/45-place-glossary.html" title="4.5 Place - Glossary">4.5 Place - Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21774/46-the-extended-marketing-mix-7-ps-hl.html" title="4.6 The extended marketing mix (7 Ps) (HL)">4.6 The extended marketing mix (7 Ps) (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23814/glossary-the-extended-marketing-mix-hl.html" title="Glossary: The extended marketing mix (HL)">Glossary: The extended marketing mix (HL)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21772/47-international-marketing-hl-only.html" title="4.7 International marketing (HL only)">4.7 International marketing (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23815/glossary-international-marketing-hl.html" title="Glossary: International Marketing (HL)">Glossary: International Marketing (HL)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21773/48-e-commerce.html" title="4.8 E-commerce">4.8 E-commerce</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23797/glossary-e-commerce.html" title="Glossary: E-commerce">Glossary: E-commerce</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21688/unit-5.html" title="Unit 5">Unit 5</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21937/51-the-role-of-operations-management.html" title="5.1 The role of operations management">5.1 The role of operations management</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24843/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21938/52-production-methods.html" title="5.2 Production methods">5.2 Production methods</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24848/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21939/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management (HL)">5.3 Lean production & quality management (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24839/glossary-lean-production-and-quality-management.html" title="Glossary: Lean Production and quality management">Glossary: Lean Production and quality management</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21700/54-location.html" title="5.4 Location">5.4 Location</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24959/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21695/55-production-planning-hl.html" title="5.5 Production planning (HL)">5.5 Production planning (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25032/glossary-production-planning.html" title="Glossary: Production planning">Glossary: Production planning</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../33222/56-research-development-hl.html" title="5.6 Research & development (HL)">5.6 Research & development (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../34014/glossary-research-development.html" title="Glossary: Research & Development">Glossary: Research & Development</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21941/57-crisis-management-contingency-planning-hl.html" title="5.7 Crisis management & contingency planning (HL)">5.7 Crisis management & contingency planning (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25042/glossary.html" title="Glossary">Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../25115/cuegis.html" title="CUEGIS">CUEGIS</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The 6 CUEGIS concepts">The 6 CUEGIS concepts</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Ethics">Ethics</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../21954/mcdonalds-supersize-me.html" title="McDonald's - Supersize Me">McDonald's - Supersize Me</a></li></ul></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The CUEGIS essay">The CUEGIS essay</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22876/planning-your-cuegis-essay.html" title="Planning your CUEGIS essay">Planning your CUEGIS essay</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../33806/paper-2-section-c-questions.html" title="Paper 2 Section C Questions">Paper 2 Section C Questions</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../33959/the-ia.html" title="The IA">The IA</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="HL IA">HL IA</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22190/35-sample-research-questions-for-the-hl-ia.html" title="35 sample research questions for the HL IA">35 sample research questions for the HL IA</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22200/hl-ia-student-checklist.html" title="HL IA - Student Checklist">HL IA - Student Checklist</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../33508/ia-hl-poster.html" title="IA HL Poster">IA HL Poster</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="SL IA">SL IA</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22146/sl-ia-20-sample-titles.html" title="SL IA - 20 Sample Titles">SL IA - 20 Sample Titles</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38181/faq-about-the-sl-ia.html" title="FAQ about the SL IA">FAQ about the SL IA</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../22114/exams.html" title="Exams">Exams</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22115/command-terms.html" title="Command Terms">Command Terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../36599/glossary-of-key-terms.html" title="Glossary of key terms">Glossary of key terms</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../38059/flashcards-revision.html" title="Flashcards - Revision">Flashcards - Revision</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38060/flashcards-revision-unit-1.html" title="Flashcards - Revision (Unit 1)">Flashcards - Revision (Unit 1)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38056/unit-11-revision-flashcards.html" title="Unit 1.1 Revision Flashcards">Unit 1.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38061/unit-12-revision-flashcards.html" title="Unit 1.2 Revision Flashcards">Unit 1.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38067/unit-13-revision-flashcards.html" title="Unit 1.3 Revision Flashcards">Unit 1.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38092/unit-14-revision-flashcards.html" title="Unit 1.4 Revision Flashcards">Unit 1.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38096/unit-15-revision-flashcards.html" title="Unit 1.5 Revision Flashcards">Unit 1.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38102/unit-16-revision-flashcards.html" title="Unit 1.6 Revision Flashcards">Unit 1.6 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38103/unit-17-revision-flashcards.html" title="Unit 1.7 Revision Flashcards">Unit 1.7 Revision Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38114/flashcards-revision-unit-2.html" title="Flashcards - Revision (Unit 2)">Flashcards - Revision (Unit 2)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38121/unit-21-revision-flashcards.html" title="Unit 2.1 Revision Flashcards">Unit 2.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38125/unit-22-revision-flashcards.html" title="Unit 2.2 Revision Flashcards">Unit 2.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38126/unit-23-revision-flashcards.html" title="Unit 2.3 Revision Flashcards">Unit 2.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38144/unit-24-revision-flashcards.html" title="Unit 2.4 Revision Flashcards">Unit 2.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38146/unit-25-revision-flashcards.html" title="Unit 2.5 Revision Flashcards">Unit 2.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38147/unit-26-revision-flashcards-hl-only.html" title="Unit 2.6 Revision Flashcards (HL only)">Unit 2.6 Revision Flashcards (HL only)</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38149/flashcards-revision-unit-3.html" title="Flashcards - Revision (Unit 3)">Flashcards - Revision (Unit 3)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38153/unit-31-revision-flashcards.html" title="Unit 3.1 Revision Flashcards">Unit 3.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38154/unit-32-revision-flashcards.html" title="Unit 3.2 Revision Flashcards">Unit 3.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38182/unit-33-revision-flashcards.html" title="Unit 3.3 Revision Flashcards">Unit 3.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38183/unit-34-revision-flashcards.html" title="Unit 3.4 Revision Flashcards">Unit 3.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38191/unit-35-revision-flashcards.html" title="Unit 3.5 Revision Flashcards">Unit 3.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38192/unit-36-revision-flashcards-hl.html" title="Unit 3.6 Revision Flashcards (HL)">Unit 3.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38193/unit-37-revision-flashcards.html" title="Unit 3.7 Revision Flashcards">Unit 3.7 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38194/unit-38-revision-flashcards.html" title="Unit 3.8 Revision Flashcards">Unit 3.8 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38195/unit-39-revision-flashcards.html" title="Unit 3.9 Revision Flashcards">Unit 3.9 Revision Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38196/flashcards-revision-unit-4.html" title="Flashcards - Revision (Unit 4)">Flashcards - Revision (Unit 4)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38198/unit-41-revision-flashcards.html" title="Unit 4.1 Revision Flashcards">Unit 4.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38203/unit-42-revision-flashcards.html" title="Unit 4.2 Revision Flashcards">Unit 4.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38217/unit-43-revision-flashcards.html" title="Unit 4.3 Revision Flashcards">Unit 4.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38218/unit-44-revision-flashcards.html" title="Unit 4.4 Revision Flashcards">Unit 4.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38219/unit-45a-product-revision-flashcards.html" title="Unit 4.5a Product Revision Flashcards">Unit 4.5a Product Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38220/unit-45b-price-revision-flashcards.html" title="Unit 4.5b Price Revision Flashcards">Unit 4.5b Price Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38221/unit-45c-promotion-revision-flashcards.html" title="Unit 4.5c Promotion Revision Flashcards">Unit 4.5c Promotion Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38222/unit-45d-promotion-revision-flashcards.html" title="Unit 4.5d Promotion Revision Flashcards">Unit 4.5d Promotion Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38223/unit-46-revision-flashcards-hl.html" title="Unit 4.6 Revision Flashcards (HL)">Unit 4.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38224/unit-47-revision-flashcards-hl.html" title="Unit 4.7 Revision Flashcards (HL)">Unit 4.7 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38225/unit-48-e-commerce-flashcards.html" title="Unit 4.8 E-commerce Flashcards">Unit 4.8 E-commerce Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38232/flashcards-revision-unit-5.html" title="Flashcards - Revision (Unit 5)">Flashcards - Revision (Unit 5)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38233/unit-51-revision-flashcards.html" title="Unit 5.1 Revision Flashcards">Unit 5.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38234/unit-52-revision-flashcards.html" title="Unit 5.2 Revision Flashcards">Unit 5.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38235/unit-53-revision-flashcards-hl.html" title="Unit 5.3 Revision Flashcards (HL)">Unit 5.3 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38236/unit-54-revision-flashcards.html" title="Unit 5.4 Revision Flashcards">Unit 5.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38237/unit-55-revision-flashcards-hl.html" title="Unit 5.5 Revision Flashcards (HL)">Unit 5.5 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38238/unit-56-revision-flashcards-hl.html" title="Unit 5.6 Revision Flashcards (HL)">Unit 5.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38239/unit-57-revision-flashcards-hl.html" title="Unit 5.7 Revision Flashcards (HL)">Unit 5.7 Revision Flashcards (HL)</a></li></ul></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../33830/formulae-quiz.html" title="Formulae Quiz">Formulae Quiz</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Paper 1 Pre-release case study">Paper 1 Pre-release case study</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44969/n22-case-study-ele-plc.html" title="N22 Case Study (ELE PLC)">N22 Case Study (ELE PLC)</a></li><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="M22 (Peacewick Uni)">M22 (Peacewick Uni)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../44106/additional-exam-questions-paper-1.html" title="Additional exam questions (Paper 1)">Additional exam questions (Paper 1)</a></li></ul><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../32840/may-2020-p-s-trawlers.html" title="May 2020 (P&S Trawlers)">May 2020 (P&S Trawlers)</a></li><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="M23 Paper 1">M23 Paper 1</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../47825/paper-1-svt-study-guide-shirin-karimi.html" title="Paper 1 SVT Study Guide (Shirin Karimi)">Paper 1 SVT Study Guide (Shirin Karimi)</a></li></ul></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../26095/exam-study-tips-resources.html" title="Exam & Study tips (resources)">Exam & Study tips (resources)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../31342/revision-exams-top-tips.html" title="Revision & Exams - Top tips">Revision & Exams - Top tips</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../47460/top-tips-for-m23-exams.html" title="Top Tips for M23 Exams">Top Tips for M23 Exams</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43522/unit-1-intro-to-bm.html" title="Unit 1 - Intro to BM">Unit 1 - Intro to BM</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44034/11-what-is-a-business.html" title="1.1 What is a business?">1.1 What is a business?</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399695.html" title="The nature of business">The nature of business</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399694.html" title="Primary, secondary, tertiary, & quaternary sectors">Primary, secondary, tertiary, & quaternary sectors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399693.html" title="Entrepreneurship">Entrepreneurship</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399692.html" title="Challenges & opportunities for starting a business">Challenges & opportunities for starting a business</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399691.html" title="1.1 True or False Quiz">1.1 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399690.html" title="1.1 Revision Flashcards">1.1 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399689.html" title="1.1 Glossary of key terms">1.1 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399681.html" title="1.2 Types of business entities">1.2 Types of business entities</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399688.html" title="Public & private sectors">Public & private sectors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399687.html" title="Types of for-profit organizations">Types of for-profit organizations</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399686.html" title="For-profit social enterprises">For-profit social enterprises</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399685.html" title="Non-profit social enterprises">Non-profit social enterprises</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399684.html" title="True or False quiz">True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399683.html" title="1.2 Revision Flashcards">1.2 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399682.html" title="1.2 Glossary of key terms">1.2 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44041/13-business-objectives.html" title="1.3 Business objectives">1.3 Business objectives</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399679.html" title="Vision and mission statements">Vision and mission statements</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399680.html" title="Common business objectives">Common business objectives</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399678.html" title="Strategic & tactical objectives">Strategic & tactical objectives</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399677.html" title="Corporate social responsibility">Corporate social responsibility</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399676.html" title="1.3 Revision Flashcards">1.3 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399674.html" title="True or False quiz">True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399675.html" title="1.3 Glossary of Key terms">1.3 Glossary of Key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44044/14-stakeholders.html" title="1.4 Stakeholders">1.4 Stakeholders</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399673.html" title="The interests of stakeholders">The interests of stakeholders</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399672.html" title="Conflict between stakeholders">Conflict between stakeholders</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399670.html" title="Unit 1.4 Revision Flashcards">Unit 1.4 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399669.html" title="1.4 True or False">1.4 True or False</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399671.html" title="1.4 Glossary of Key terms">1.4 Glossary of Key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44045/15-growth-and-evolution.html" title="1.5 Growth and evolution">1.5 Growth and evolution</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44212/economies-diseconomies-of-scale-1.html" title="Economies & diseconomies of scale">Economies & diseconomies of scale</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44214/internal-and-external-growth-1.html" title="Internal and external growth">Internal and external growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44220/external-growth-methods-1.html" title="External growth methods">External growth methods</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44219/reasons-to-grow-or-stay-small-1.html" title="Reasons to grow or stay small">Reasons to grow or stay small</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45586/unit-15revision-flashcards-1.html" title="Unit 1.5 Revision Flashcards">Unit 1.5 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45450/true-or-false-quiz-1.html" title="True or False quiz">True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43673/15-glossary-of-key-terms-1.html" title="1.5 Glossary of key terms">1.5 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44046/16-multinational-companies.html" title="1.6 Multinational companies">1.6 Multinational companies</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44236/the-impact-of-mncs-on-host-countries-ao3-1.html" title="The impact of MNCs on host countries (AO3)">The impact of MNCs on host countries (AO3)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44240/video-documentaries-mncs-1.html" title="Video documentaries - MNCs">Video documentaries - MNCs</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45587/16-glossary-of-key-terms-1.html" title="1.6 Glossary of key terms">1.6 Glossary of key terms</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43530/unit-2-hrm.html" title="Unit 2 - HRM">Unit 2 - HRM</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44253/21-introduction-to-hrm.html" title="2.1 Introduction to HRM">2.1 Introduction to HRM</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44256/role-of-hrm.html" title="Role of HRM">Role of HRM</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44257/factors-that-influence-hr-planning.html" title="Factors that influence HR planning">Factors that influence HR planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44282/reasons-for-resistance-to-change.html" title="Reasons for resistance to change">Reasons for resistance to change</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44283/hr-strategies-for-reducing-the-impact-of-change-resistance-to-ch.html" title="HR strategies for reducing the impact of change & resistance to change">HR strategies for reducing the impact of change & resistance to change</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45458/21-true-or-false-quiz.html" title="2.1 True or False quiz">2.1 True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43677/21-glossary-of-key-terms.html" title="2.1 Glossary of key terms">2.1 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43875/22-organizational-structure.html" title="2.2 Organizational structure">2.2 Organizational structure</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44296/terminology-for-understanding-organizational-structures-1.html" title="Terminology for understanding organizational structures">Terminology for understanding organizational structures</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44310/types-of-organization-charts-1.html" title="Types of organization charts">Types of organization charts</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44323/appropriateness-of-organizational-structures-and-external-factor-1.html" title="Appropriateness of organizational structures and external factors">Appropriateness of organizational structures and external factors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44316/changes-in-organizational-structures-hl-1.html" title="Changes in organizational structures (HL)">Changes in organizational structures (HL)</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44338/23-leadership-and-management.html" title="2.3 Leadership and management">2.3 Leadership and management</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44343/scientific-intuitive-management-hl-1.html" title="Scientific & intuitive management (HL)">Scientific & intuitive management (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44339/management-and-leadership-1.html" title="Management and leadership">Management and leadership</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44340/leadership-styles-1.html" title="Leadership styles">Leadership styles</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45462/23-true-or-false-quiz.html" title="2.3 True or False Quiz">2.3 True or False Quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43829/24-motivation-and-demotivation.html" title="2.4 Motivation and demotivation">2.4 Motivation and demotivation</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44349/motivation-theories-sl-hl-1.html" title="Motivation theories (SL & HL)">Motivation theories (SL & HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44353/motivation-theories-hl-1.html" title="Motivation theories (HL)">Motivation theories (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44354/labour-turnover-hl-1.html" title="Labour turnover (HL)">Labour turnover (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44361/types-of-appraisal-hl-1.html" title="Types of appraisal (HL)">Types of appraisal (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44383/methods-of-recruitment-hl-1.html" title="Methods of recruitment (HL)">Methods of recruitment (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44382/internal-external-recruitment-hl-1.html" title="Internal & external recruitment (HL)">Internal & external recruitment (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44363/types-of-financial-rewards-1.html" title="Types of financial rewards">Types of financial rewards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44370/types-of-non-financial-rewards-1.html" title="Types of non-financial rewards">Types of non-financial rewards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44371/types-of-training.html" title="Types of training">Types of training</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44390/25-organizational-corporate-culture-hl.html" title="2.5 Organizational (corporate) culture (HL)">2.5 Organizational (corporate) culture (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44392/organizational-culture-hl-1.html" title="Organizational culture (HL)">Organizational culture (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44393/types-of-organizational-culture-hl-1.html" title="Types of organizational culture (HL)">Types of organizational culture (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44394/cultural-clashes-hl-1.html" title="Cultural clashes (HL)">Cultural clashes (HL)</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44247/26-communication.html" title="2.6 Communication">2.6 Communication</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43545/unit-3-finance.html" title="Unit 3 - Finance">Unit 3 - Finance</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44435/31-introduction-to-finance.html" title="3.1 Introduction to finance">3.1 Introduction to finance</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44431/31-introduction-to-finance-role-of-finance.html" title="3.1 Introduction to finance - role of finance">3.1 Introduction to finance - role of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45634/31-glossary-of-key-term.html" title="3.1 Glossary of key term">3.1 Glossary of key term</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44436/32-sources-of-finance.html" title="3.2 Sources of finance">3.2 Sources of finance</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44437/internal-sources-of-finance.html" title="Internal sources of finance">Internal sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44450/external-sources-of-finance.html" title="External sources of finance">External sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44479/appropriateness-of-sources-of-finance.html" title="Appropriateness of sources of finance">Appropriateness of sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45483/32-true-or-false-quiz.html" title="3.2 True or False Quiz">3.2 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43688/32-glossary-of-key-terms.html" title="3.2 Glossary of key terms">3.2 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44486/33-costs-and-revenues.html" title="3.3 Costs and revenues">3.3 Costs and revenues</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44487/types-of-costs-1.html" title="Types of costs">Types of costs</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44491/total-revenue-revenue-streams-1.html" title="Total revenue & revenue streams">Total revenue & revenue streams</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45484/33-true-or-false-quiz-1.html" title="3.3 True or false quiz">3.3 True or false quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45657/33-glossary-of-key-terms-1.html" title="3.3 Glossary of key terms">3.3 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44492/34-final-accounts.html" title="3.4 Final accounts">3.4 Final accounts</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44527/the-purpose-of-accounts-to-different-stakeholders-1.html" title="The purpose of accounts to different stakeholders">The purpose of accounts to different stakeholders</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44577/profit-loss-account-2.html" title="Profit & loss account">Profit & loss account</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44579/balance-sheets-1.html" title="Balance sheets">Balance sheets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44560/types-of-intangible-assets-1.html" title="Types of intangible assets">Types of intangible assets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44585/depreciation-hl-1.html" title="Depreciation (HL)">Depreciation (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45919/34-true-or-false-quiz-1.html" title="3.4 True or False Quiz">3.4 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45658/34-glossary-of-key-terms-1.html" title="3.4 Glossary of key terms">3.4 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44593/35-profitability-liquidity-ratio-analysis.html" title="3.5 Profitability & liquidity ratio analysis">3.5 Profitability & liquidity ratio analysis</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44595/profitability-ratios.html" title="Profitability ratios">Profitability ratios</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44626/liquidity-ratios-1.html" title="Liquidity ratios">Liquidity ratios</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45486/35-true-or-false-quiz-1.html" title="3.5 True or False Quiz">3.5 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45661/35-glossary-of-key-terms-1.html" title="3.5 Glossary of key terms">3.5 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44627/36-efficiency-ratio-analysis-hl-only.html" title="3.6 Efficiency ratio analysis (HL only)">3.6 Efficiency ratio analysis (HL only)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44805/efficiency-ratios-hl-1.html" title="Efficiency ratios (HL)">Efficiency ratios (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44633/insolvency-versus-bankruptcy-1.html" title="Insolvency versus bankruptcy">Insolvency versus bankruptcy</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45488/36-true-or-false-quiz-1.html" title="3.6 True or False Quiz">3.6 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45662/36-glossary-of-key-terms-1.html" title="3.6 Glossary of key terms">3.6 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44493/37-cash-flow.html" title="3.7 Cash flow">3.7 Cash flow</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44502/the-difference-between-profit-cash-flow-1.html" title="The difference between profit & cash flow">The difference between profit & cash flow</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44506/working-capital-1.html" title="Working capital">Working capital</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44557/liquidity-position-1.html" title="Liquidity position">Liquidity position</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44558/cash-flow-forecasts-1.html" title="Cash flow forecasts">Cash flow forecasts</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44507/relationship-between-investment-profit-cash-flow-1.html" title="Relationship between investment, profit & cash flow">Relationship between investment, profit & cash flow</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44509/strategies-for-dealing-with-cash-flow-problems-1.html" title="Strategies for dealing with cash flow problems">Strategies for dealing with cash flow problems</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45493/37-true-or-false-1.html" title="3.7 True or False">3.7 True or False</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43687/37-glossary-of-key-terms-1.html" title="3.7 Glossary of key terms">3.7 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44515/38-investment-appraisal.html" title="3.8 Investment appraisal">3.8 Investment appraisal</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44516/payback-period-average-rate-of-return-1.html" title="Payback period & Average rate of return">Payback period & Average rate of return</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44519/net-present-value-npv-hl.html" title="Net present value (NPV) (HL)">Net present value (NPV) (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45494/38-true-or-false-quiz-1.html" title="3.8 True or False Quiz">3.8 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43693/38-glossary-of-key-terms-1.html" title="3.8 Glossary of key terms">3.8 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44564/39-budgets-hl.html" title="3.9 Budgets (HL)">3.9 Budgets (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44565/the-difference-between-cost-profit-centres-1.html" title="The difference between cost & profit centres">The difference between cost & profit centres</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44568/the-roles-of-cost-profit-centres-1.html" title="The roles of cost & profit centres">The roles of cost & profit centres</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44576/constructing-budgets-1.html" title="Constructing budgets">Constructing budgets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44569/variances-1.html" title="Variances">Variances</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44571/the-importance-of-budgets-variances-1.html" title="The importance of budgets & variances">The importance of budgets & variances</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45495/39-true-or-false-quiz-1.html" title="3.9 True or False Quiz">3.9 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43694/39-glossary-of-key-terms.html" title="3.9 Glossary of key terms">3.9 Glossary of key terms</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43547/unit-4-marketing.html" title="Unit 4 - Marketing">Unit 4 - Marketing</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44637/41-introduction-to-marketing.html" title="4.1 Introduction to marketing">4.1 Introduction to marketing</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44638/market-orientation-vs-product-orientation-1.html" title="Market orientation vs Product orientation">Market orientation vs Product orientation</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44639/market-share-1.html" title="Market share">Market share</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44641/market-growth-1.html" title="Market growth">Market growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44642/importance-of-market-share-market-leadership-hl-1.html" title="Importance of market share & market leadership (HL)">Importance of market share & market leadership (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43695/41-glossary-of-key-terms-1.html" title="4.1 Glossary of key terms">4.1 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43823/42-marketing-planning.html" title="4.2 Marketing planning">4.2 Marketing planning</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44645/the-role-of-marketing-planning-1.html" title="The role of marketing planning">The role of marketing planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44654/segmentation-targeting-and-positioning-1.html" title="Segmentation, targeting, and positioning">Segmentation, targeting, and positioning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44646/difference-between-niche-mass-market-1.html" title="Difference between niche & mass market">Difference between niche & mass market</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43821/the-importance-of-having-a-usp-1.html" title="The importance of having a USP">The importance of having a USP</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44655/how-organizations-differentiate-themselves-1.html" title="How organizations differentiate themselves">How organizations differentiate themselves</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43834/42-vocab-quiz-1.html" title="4.2 Vocab Quiz">4.2 Vocab Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45528/42-true-or-false-quiz-1.html" title="4.2 True or False Quiz">4.2 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43696/42-glossary-of-key-terms-1.html" title="4.2 Glossary of key terms">4.2 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44660/43-sales-forecasting-hl.html" title="4.3 Sales forecasting (HL)">4.3 Sales forecasting (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44669/benefits-limitations-of-sales-forecasting.html" title="Benefits & limitations of sales forecasting">Benefits & limitations of sales forecasting</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45530/43-true-or-false-quiz-1.html" title="4.3 True or False Quiz">4.3 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43711/43-glossary-of-key-terms-1.html" title="4.3 Glossary of key terms">4.3 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44679/44-market-research.html" title="4.4 Market research">4.4 Market research</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44680/why-how-organizations-carry-out-market-research.html" title="Why & how organizations carry out market research">Why & how organizations carry out market research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44692/methodstechniques-of-primary-market-research-1.html" title="Methods/techniques of primary market research">Methods/techniques of primary market research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44693/methodstechniques-of-secondary-market-research-1.html" title="Methods/techniques of secondary market research">Methods/techniques of secondary market research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44694/qualitative-quantitative-research-1.html" title="Qualitative & quantitative research">Qualitative & quantitative research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44695/methods-of-sampling-1.html" title="Methods of sampling">Methods of sampling</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45531/44-true-or-false-quiz-1.html" title="4.4 True or False Quiz">4.4 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43712/44-glossary-of-key-terms-1.html" title="4.4 Glossary of key terms">4.4 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44720/45-the-seven-ps-of-the-marketing-mix.html" title="4.5 The seven Ps of the marketing mix">4.5 The seven Ps of the marketing mix</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44740/451-product.html" title="4.5.1 Product">4.5.1 Product</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44741/the-product-life-cycle-1.html" title="The product life cycle">The product life cycle</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44745/extension-strategies-1.html" title="Extension strategies">Extension strategies</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44981/relationship-between-the-plc-investment-profit-cash-flow-1.html" title="Relationship between the PLC, investment, profit & cash flow">Relationship between the PLC, investment, profit & cash flow</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44748/aspects-of-branding.html" title="Aspects of branding">Aspects of branding</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44757/the-importance-of-branding-1.html" title="The importance of branding">The importance of branding</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../45766/starterplenary-activity-anagrams-quiz-brands-1.html" title="Starter/Plenary activity - Anagrams Quiz (Brands)">Starter/Plenary activity - Anagrams Quiz (Brands)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../45957/starterplenary-activity-whats-in-a-brand-name-1.html" title="Starter/Plenary activity - What's in a (brand) name?">Starter/Plenary activity - What's in a (brand) name?</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43713/45-glossary-of-key-terms-product-1.html" title="4.5 Glossary of key terms (Product)">4.5 Glossary of key terms (Product)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../42547/452-price-1.html" title="4.5.2 Price">4.5.2 Price</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43719/45-key-terms-price-1.html" title="4.5 Key Terms (Price)">4.5 Key Terms (Price)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44782/453-promotion.html" title="4.5.3 Promotion">4.5.3 Promotion</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44783/above-the-line-promotion-1.html" title="Above the line promotion">Above the line promotion</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44795/below-the-line-promotion-1.html" title="Below the line promotion">Below the line promotion</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44797/through-the-line-promotion-1.html" title="Through the line promotion">Through the line promotion</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44801/social-media-marketing-1.html" title="Social media marketing">Social media marketing</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43721/45-glossary-of-key-terms-1.html" title="4.5 Glossary of key terms">4.5 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44803/454-place-1.html" title="4.5.4 Place">4.5.4 Place</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44804/the-importance-of-different-distribution-channels-1.html" title="The importance of different distribution channels">The importance of different distribution channels</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43722/45-glossary-of-key-terms-1.html" title="4.5 Glossary of key terms">4.5 Glossary of key terms</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44758/455-people-1.html" title="4.5.5 People">4.5.5 People</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44773/456-processes-1.html" title="4.5.6 Processes">4.5.6 Processes</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44774/457-physical-evidence-1.html" title="4.5.7 Physical evidence">4.5.7 Physical evidence</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44982/appropriate-marketing-mixes-1.html" title="Appropriate marketing mixes">Appropriate marketing mixes</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44697/46-international-marketing-hl.html" title="4.6 International marketing (HL)">4.6 International marketing (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44698/opportunities-threats-posed-by-entry-into-international-markets-1.html" title="Opportunities & threats posed by entry into international markets">Opportunities & threats posed by entry into international markets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45537/46-true-or-false-quiz-1.html" title="4.6 True or False Quiz">4.6 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45736/46-glossary-of-key-terms-1.html" title="4.6 Glossary of key terms">4.6 Glossary of key terms</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43565/unit-5-operations-mgt.html" title="Unit 5 - Operations Mgt">Unit 5 - Operations Mgt</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44817/51-introduction-to-operations-management.html" title="5.1 Introduction to operations management">5.1 Introduction to operations management</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44818/the-role-of-operations-management-1.html" title="The role of operations management">The role of operations management</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44812/52-operations-methods.html" title="5.2 Operations methods">5.2 Operations methods</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44815/operations-methods-1.html" title="Operations methods">Operations methods</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44861/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management (HL)">5.3 Lean production & quality management (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44864/features-of-lean-production.html" title="Features of lean production">Features of lean production</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44872/methods-of-lean-production.html" title="Methods of lean production">Methods of lean production</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44874/cradle-to-cradle-design-manufacturing.html" title="Cradle to cradle design & manufacturing">Cradle to cradle design & manufacturing</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44875/quality-control-quality-assurance.html" title="Quality control & quality assurance">Quality control & quality assurance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44876/methods-of-managing-quality.html" title="Methods of managing quality">Methods of managing quality</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44877/the-impact-of-lean-production-tqm.html" title="The impact of lean production & TQM">The impact of lean production & TQM</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44878/national-international-quality-standards.html" title="National & international quality standards">National & international quality standards</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44840/55-break-even-analysis.html" title="5.5 Break-even analysis">5.5 Break-even analysis</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44843/contribution.html" title="Contribution">Contribution</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44848/aspects-of-break-even-analysis.html" title="Aspects of break-even analysis">Aspects of break-even analysis</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44851/changes-in-price-and-costs.html" title="Changes in price and costs">Changes in price and costs</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44852/limitations-of-break-even-analysis.html" title="Limitations of break-even analysis">Limitations of break-even analysis</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44890/56-production-planning-hl.html" title="5.6 Production planning (HL)">5.6 Production planning (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44902/the-local-global-supply-chain-process.html" title="The local & global supply chain process">The local & global supply chain process</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44922/the-difference-between-jit-jic.html" title="The difference between JIT & JIC">The difference between JIT & JIC</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44931/stock-control-charts.html" title="Stock control charts">Stock control charts</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44970/capacity-utilization-rate.html" title="Capacity utilization rate">Capacity utilization rate</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45125/defect-rate.html" title="Defect rate">Defect rate</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43832/productivity.html" title="Productivity">Productivity</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45187/cost-to-buy-cost-to-make.html" title="Cost to buy & Cost to make">Cost to buy & Cost to make</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../46353/sinterklaas-putting-ctb-vs-ctm-into-practice.html" title="Sinterklaas - Putting CTB vs CTM into practice">Sinterklaas - Putting CTB vs CTM into practice</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45242/57-crisis-management-contingency-planning-hl.html" title="5.7 Crisis management & contingency planning (HL)">5.7 Crisis management & contingency planning (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45243/difference-between-crisis-management-contingency-planning.html" title="Difference between crisis management & contingency planning">Difference between crisis management & contingency planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45268/impact-of-contingency-planning.html" title="Impact of contingency planning">Impact of contingency planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45260/factors-that-affect-effective-crisis-management.html" title="Factors that affect effective crisis management">Factors that affect effective crisis management</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45554/57-true-or-false-quiz.html" title="5.7 True or False Quiz">5.7 True or False Quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45669/59-management-information-systems-hl.html" title="5.9 Management Information Systems (HL)">5.9 Management Information Systems (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../42633/data-analytics.html" title="Data analytics">Data analytics</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45861/database.html" title="Database">Database</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44966/cybersecurity-and-cybercrime.html" title="Cybersecurity and cybercrime">Cybersecurity and cybercrime</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45859/critical-infrastructures.html" title="Critical infrastructures">Critical infrastructures</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../46175/virtual-reality.html" title="Virtual reality">Virtual reality</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45862/the-internet-of-things.html" title="The internet of things">The internet of things</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45858/artificial-intelligence.html" title="Artificial intelligence">Artificial intelligence</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../42634/big-data.html" title="Big data">Big data</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43392/customer-loyalty-programmes.html" title="Customer loyalty programmes">Customer loyalty programmes</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43395/digital-taylorism.html" title="Digital Taylorism">Digital Taylorism</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45671/data-mining.html" title="Data mining">Data mining</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45856/benefits-risks-ethical-implications-of-mis.html" title="Benefits, risks, & ethical implications of MIS">Benefits, risks, & ethical implications of MIS</a></li></ul></ul><li class="ancestor parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="../42640/bmt-.html" title="BMT ">BMT </a></li><ul class="level-1 expanded"><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399696.html" title="BMT 1 - SWOT analysis">BMT 1 - SWOT analysis</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399697.html" title="BMT 2 - Ansoff matrix">BMT 2 - Ansoff matrix</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44027/bmt-3-steeple-analysis.html" title="BMT 3 - STEEPLE analysis">BMT 3 - STEEPLE analysis</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42577/bmt-4-boston-consulting-group-matrix.html" title="BMT 4 - Boston Consulting Group matrix">BMT 4 - Boston Consulting Group matrix</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42956/bmt-5-business-plans.html" title="BMT 5 - Business plans">BMT 5 - Business plans</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43606/bmt-6-decision-trees.html" title="BMT 6 - Decision trees">BMT 6 - Decision trees</a></li><li class="current" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="bmt-7-descriptive-statistics.html" title="BMT 7 - Descriptive statistics">BMT 7 - Descriptive statistics</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42226/bmt-8-circular-business-models.html" title="BMT 8 - Circular Business Models">BMT 8 - Circular Business Models</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43605/bmt-9-gantt-chart-hl-only.html" title="BMT 9 - Gantt chart (HL only)">BMT 9 - Gantt chart (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42214/bmt-10-porters-generic-strategies-hl-only.html" title="BMT 10 - Porter's generic strategies (HL only)">BMT 10 - Porter's generic strategies (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42216/bmt-11-hofstedes-cultural-dimensions-hl-only.html" title="BMT 11 - Hofstede's cultural dimensions (HL only)">BMT 11 - Hofstede's cultural dimensions (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399698.html" title="BMT 12 - Force field analysis (HL only)">BMT 12 - Force field analysis (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42375/bmt-13-critical-path-analysis-hl-only.html" title="BMT 13 - Critical path analysis (HL only)">BMT 13 - Critical path analysis (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42344/bmt-14-contribution-hl-only-.html" title="BMT 14 - Contribution (HL only) ">BMT 14 - Contribution (HL only) </a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42311/bmt-15-simple-linear-regression-hl-only.html" title="BMT 15 - Simple linear regression (HL only)">BMT 15 - Simple linear regression (HL only)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../42758/concepts.html" title="Concepts">Concepts</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43633/creativity.html" title="Creativity">Creativity</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43631/ethics.html" title="Ethics">Ethics</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43435/sustainability.html" title="Sustainability">Sustainability</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43668/change.html" title="Change">Change</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../42836/ia-.html" title="IA ">IA </a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44415/formulating-suitable-ia-questions.html" title="Formulating suitable IA questions">Formulating suitable IA questions</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../47685/supporting-documents-for-the-ia.html" title="Supporting documents for the IA">Supporting documents for the IA</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../47840/top-tips-for-the-ia-primary-research.html" title="Top tips for the IA – Primary research">Top tips for the IA – Primary research</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44047/50-sample-ia-research-questions-1.html" title="50+ Sample IA research questions">50+ Sample IA research questions</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../46719/recommended-format-for-the-ia.html" title="Recommended format for the IA">Recommended format for the IA</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43603/exams.html" title="Exams">Exams</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44091/paper-1.html" title="Paper 1">Paper 1</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Paper 2">Paper 2</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../46637/01-ikea.html" title="01 - IKEA">01 - IKEA</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45839/quantitative-techniques.html" title="Quantitative techniques">Quantitative techniques</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../46025/abbreviations-quiz.html" title="Abbreviations Quiz">Abbreviations Quiz</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43740/command-terms.html" title="Command terms">Command terms</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45612/glossary-of-key-terms.html" title="Glossary of key terms">Glossary of key terms</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../33955/the-core.html" title="The Core">The Core</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../34902/cas-bm.html" title="CAS & BM">CAS & BM</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21665/the-ee.html" title="The EE">The EE</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21934/the-bm-extended-essay.html" title="The BM Extended Essay">The BM Extended Essay</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32857/ee-planning-form.html" title="EE Planning form">EE Planning form</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37390/managing-the-ee-process.html" title="Managing the EE process">Managing the EE process</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37496/top-10-tips-for-the-bm-ee.html" title="Top 10 tips for the BM EE">Top 10 tips for the BM EE</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21930/70-top-bm-ee-research-questions.html" title="70 top BM EE Research Questions">70 top BM EE Research Questions</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22196/tools-techniques-theories-for-the-ee.html" title="Tools, techniques & theories for the EE">Tools, techniques & theories for the EE</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44048/the-triple-bottom-line.html" title="The triple bottom line">The triple bottom line</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21836/understanding-the-assessment-criteria.html" title="Understanding the assessment criteria">Understanding the assessment criteria</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37960/reflections-and-engagement-in-the-ee.html" title="Reflections and engagement in the EE">Reflections and engagement in the EE</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../41874/the-mandatory-reflection-sessions.html" title="The mandatory reflection sessions">The mandatory reflection sessions</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37659/top-10-tips-for-completing-the-rppf-1.html" title="Top 10 Tips for completing the RPPF">Top 10 Tips for completing the RPPF</a></li><li class="" style="padding-left: 28px"><i 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href="../22208/how-well-do-you-know-the-bm-course.html" title="How well do you know the BM course?">How well do you know the BM course?</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Distance Learning">Distance Learning</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39730/financial-literacy-simulation-game.html" title="Financial literacy simulation game">Financial literacy simulation game</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34551/starter-activities-business-management-trivia-quizzes.html" title="Starter Activities - Business Management Trivia Quizzes">Starter Activities - Business Management Trivia Quizzes</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" 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<div id="main-column" class="span9"> <article id="bmt-7-descriptive-statistics" style="margin-top: 16px;">
<h1 class="section-title">BMT 7 - Descriptive statistics</h1>
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<div class="panel panel-purple"><div class="panel-heading"><span style="font-family:arial,helvetica,sans-serif;"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a></span><div><p><strong><span style="font-family:arial,helvetica,sans-serif;">Business Management Toolkit 7 - Descriptive statistics</span></strong></p></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../../ib/businessmanagement/images/bmt/descriptive-statistics.png" style="width: 320px; height: 182px;"></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Descriptive statistics</strong> are statistical tools used in Business Management to summarize and present statistical data in a user-friendly way. The purpose is to enable managers and decision makers to interpret and analyse the data more easily and to support them in making non-biased (rational), objective, evidence-based, and well-informed decisions. Examples of descriptive statistics include the use of the following methods:</span></p><ul class="branded"><li><p>Averages, i.e., mean, mode, and median measures of the average values in a data set</p></li><li><p>Graphical tools, such as bar charts, pie charts, and infographics to visually represent the data, and</p></li><li><p>Statistical measures of dispersion or spread of numbers in a data set, such as quartiles and standard deviation.</p></li></ul><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> <span style="color:#FF0000;">Case study - InThinking Business Management</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">As an example, here are some descriptive statistics from the InThinking Business Management website, benchmarked against the site average for all InThinking subject websites, as of 31st July 2023.</span></p><hr class="hidden"><p><em>Table 1 - Selected benchmark data from InThinking subject websites</em></p><table border="0" cellpadding="0" cellspacing="3"><tbody><tr><td><p><strong>Data item</strong></p></td><td><p align="center"><strong>Business Management</strong></p></td><td><p align="center"><strong>Site average</strong></p></td></tr><tr><td><p>Registered schools</p></td><td><p align="center">991*</p></td><td><p align="center">749</p></td></tr><tr><td><p>Registered teachers</p></td><td><p align="center">1,886</p></td><td><p align="center">1,598</p></td></tr><tr><td><p>Registered students<span tabindex="-1"><span tabindex="-1"><span tabindex="-1"><span tabindex="-1"><sup data-widget="footnotemarker">#</sup><span style="background:rgba(220,220,220,0.5);background-image:url(../../../ckeditor/plugins/widget/images/handle-1.png)"></span></span><span style="background:rgba(220,220,220,0.5);background-image:url(../../../ckeditor/plugins/widget/images/handle-1.png)"></span></span><span style="background:rgba(220,220,220,0.5);background-image:url(../../../ckeditor/plugins/widget/images/handle-1.png)"></span></span><span style="background:rgba(220,220,220,0.5);background-image:url(../../../ckeditor/plugins/widget/images/handle-1.png)"></span></span></p></td><td><p align="center">10,861</p></td><td style="text-align: center;">3,963</td></tr><tr><td><p>Free trials</p></td><td><p align="center">15</p></td><td><p align="center">5</p></td></tr><tr><td><p>Percentage of teachers using Student Access</p></td><td><p align="center">38%</p></td><td><p align="center">23%</p></td></tr><tr><td><p>Schools using Student Access</p></td><td><p align="center">52%</p></td><td><p align="center">39%</p></td></tr><tr><td><p>Number of qBank questions (MCQ)</p></td><td><p align="center">1,976</p></td><td><p align="center">573</p></td></tr><tr><td><p>Images / photos</p></td><td><p align="center">3,898</p></td><td><p align="center">1,956</p></td></tr><tr><td><p>PDF documents</p></td><td><p align="center">405</p></td><td><p align="center">608</p></td></tr><tr><td><p>Quizzes created</p></td><td><p align="center">1,554</p></td><td><p align="center">1,545</p></td></tr><tr><td><p>Number of site pages</p></td><td><p align="center">933</p></td><td><p align="center">794</p></td></tr><tr><td><p>Free pages</p></td><td><p align="center">14%</p></td><td><p align="center">11%</p></td></tr><tr><td><p>Blogs</p></td><td><p align="center">63</p></td><td><p align="center">97</p></td></tr><tr><td><p>Newsletter subscribers</p></td><td><p align="center">2,657</p></td><td><p align="center">-</p></td></tr><tr><td><p>Number of words</p></td><td><p align="center">1,266,201</p></td><td><p align="center">681,335</p></td></tr></tbody></table><span style="font-family:arial,helvetica,sans-serif;">* This figure represents around 69% of the IB World Schools offering DP Business Management, with subscribers across 113 countries.</span><p><span style="font-family:arial,helvetica,sans-serif;"><span tabindex="-1"><span tabindex="-1"><span tabindex="-1"><span tabindex="-1"><sup data-widget="footnotemarker">#</sup><span style="background:rgba(220,220,220,0.5);background-image:url(../../../ckeditor/plugins/widget/images/handle-1.png)"></span></span><span style="background:rgba(220,220,220,0.5);background-image:url(../../../ckeditor/plugins/widget/images/handle-1.png)"></span></span><span style="background:rgba(220,220,220,0.5);background-image:url(../../../ckeditor/plugins/widget/images/handle-1.png)"></span></span><span style="background:rgba(220,220,220,0.5);background-image:url(../../../ckeditor/plugins/widget/images/handle-1.png)"></span></span> Subscribing schools can activate Student Access for <strong>free</strong>, enabling all their students to access the website.</span></p><hr class="hidden"><p><em>Table 2 - Countries with the highest number of subscribing schools to InThinking Business Management</em></p><table border="0" cellpadding="0" cellspacing="0" width="192"><colgroup><col width="64"><col width="64"><col width="64"></colgroup><tbody><tr height="19"><td class="xl63" height="19" style="height: 14.5pt; width: 48pt; text-align: center;" width="64"><strong>Ranking</strong></td><td class="xl64" style="width:48pt" width="64"><strong>Country</strong></td><td class="xl63" style="width: 48pt; text-align: center;" width="64"><strong>No. of schools</strong></td></tr><tr height="19"><td class="xl63" height="19" style="height: 14.5pt; text-align: center;">1</td><td class="xl64">USA</td><td class="xl63" style="text-align: center;">130</td></tr><tr height="19"><td class="xl63" height="19" style="height: 14.5pt; text-align: center;">2</td><td class="xl64">China</td><td class="xl63" style="text-align: center;">81</td></tr><tr height="19"><td class="xl63" height="19" style="height: 14.5pt; text-align: center;">3</td><td class="xl64">India</td><td class="xl63" style="text-align: center;">79</td></tr><tr height="19"><td class="xl63" height="19" style="height: 14.5pt; text-align: center;">4</td><td class="xl64">Spain</td><td class="xl63" style="text-align: center;">49</td></tr><tr height="19"><td class="xl63" height="19" style="height: 14.5pt; text-align: center;">5</td><td class="xl64">Australia</td><td class="xl63" style="text-align: center;">37</td></tr><tr height="19"><td class="xl63" height="19" style="height: 14.5pt; text-align: center;">6</td><td class="xl64">United Arab Emirates</td><td class="xl63" style="text-align: center;">32</td></tr><tr height="19"><td class="xl63" height="19" style="height: 14.5pt; text-align: center;">7</td><td class="xl64">UK</td><td class="xl63" style="text-align: center;">26</td></tr><tr height="19"><td class="xl63" height="19" style="height: 14.5pt; text-align: center;">8</td><td class="xl64">Indonesia</td><td class="xl63" style="text-align: center;">24</td></tr><tr height="19"><td class="xl63" height="19" style="height: 14.5pt; text-align: center;">9</td><td class="xl64">Egypt</td><td class="xl63" style="text-align: center;">23</td></tr><tr height="19"><td class="xl63" height="19" style="height: 14.5pt; text-align: center;">10</td><td class="xl64">Canada</td><td class="xl63" style="text-align: center;">21</td></tr></tbody></table></div><p><span style="font-family:arial,helvetica,sans-serif;">The IB syllabus refers to the following eight descriptive statistical techniques:</span></p><div class="row-fluid"><div class="span6 col-left"><div><p><span style="font-family:arial,helvetica,sans-serif;">(1) Mean</span></p><p><span style="font-family:arial,helvetica,sans-serif;">(2) Mode</span></p><p><span style="font-family:arial,helvetica,sans-serif;">(3) Median</span></p><p><span style="font-family:arial,helvetica,sans-serif;">(4) Bar charts</span></p></div></div><div class="span6"><div><p><span style="font-family:arial,helvetica,sans-serif;">(5) Pie charts</span></p><p><span style="font-family:arial,helvetica,sans-serif;">(6) Infographics</span></p><p><span style="font-family:arial,helvetica,sans-serif;">(7) Quartiles</span></p><p><span style="font-family:arial,helvetica,sans-serif;">(8) Standard deviation</span></p></div></div></div><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><em>Note:</em> The focus of this tool for business management teachers and students is to demonstrate how and why businesses use descriptive statistics to inform decision making. The focus is <u>not</u> on the mathematical techniques per se.</span></p><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(61, 30, 128);"> </span> ATL Activity 1 (Thinking and Communication skills) - IB Diploma Exam Results</span></span></h5><p>Discuss how school managers might make use of the following statistics for May centres in IB World Schools.</p><table border="0" cellpadding="0" cellspacing="0" width="493"><colgroup><col width="64"><col span="3" width="143"></colgroup><tbody><tr height="77"><td class="xl65" height="77" style="height: 58pt; width: 48pt; text-align: center;" width="64"><strong>Year</strong></td><td class="xl66" style="width: 107pt; text-align: center;" width="143"><strong>IB DP global average points</strong></td><td class="xl66" style="width: 107pt; text-align: center;" width="143"><strong>Global pass rate %</strong></td><td class="xl66" style="width: 107pt; text-align: center;" width="143"><strong>No. of students globally</strong></td></tr><tr height="19"><td class="xl66" height="19" style="height: 14.5pt; width: 48pt; text-align: center;" width="64">2022</td><td class="xl66" style="width: 107pt; text-align: center;" width="143">31.98</td><td class="xl68" style="width: 107pt; text-align: center;" width="143">85.60%</td><td class="xl67" style="width: 107pt; text-align: center;" width="143">173,878</td></tr><tr height="19"><td class="xl66" height="19" style="height: 14.5pt; width: 48pt; text-align: center;" width="64">2021</td><td class="xl66" style="width: 107pt; text-align: center;" width="143">32.98</td><td class="xl66" style="width: 107pt; text-align: center;" width="143">88.95</td><td class="xl67" style="width: 107pt; text-align: center;" width="143">165,884</td></tr><tr height="19"><td class="xl66" height="19" style="height: 14.5pt; width: 48pt; text-align: center;" width="64">2020</td><td class="xl66" style="width: 107pt; text-align: center;" width="143">31.34</td><td class="xl66" style="width: 107pt; text-align: center;" width="143">85.18</td><td class="xl67" style="width: 107pt; text-align: center;" width="143">170,335</td></tr><tr height="19"><td class="xl66" height="19" style="height: 14.5pt; width: 48pt; text-align: center;" width="64">2019</td><td class="xl66" style="width: 107pt; text-align: center;" width="143">29.65</td><td class="xl66" style="width: 107pt; text-align: center;" width="143">77.81</td><td class="xl67" style="width: 107pt; text-align: center;" width="143">166,465</td></tr><tr height="19"><td class="xl66" height="19" style="height: 14.5pt; width: 48pt; text-align: center;" width="64">2018</td><td class="xl66" style="width: 107pt; text-align: center;" width="143">29.76</td><td class="xl66" style="width: 107pt; text-align: center;" width="143">78.18</td><td class="xl67" style="width: 107pt; text-align: center;" width="143">163,173</td></tr><tr height="19"><td class="xl66" height="19" style="height: 14.5pt; width: 48pt; text-align: center;" width="64">2017</td><td class="xl66" style="width: 107pt; text-align: center;" width="143">29.87</td><td class="xl66" style="width: 107pt; text-align: center;" width="143">78.4</td><td class="xl67" style="width: 107pt; text-align: center;" width="143">157,488</td></tr><tr height="19"><td class="xl66" height="19" style="height: 14.5pt; width: 48pt; text-align: center;" width="64">2016</td><td class="xl66" style="width: 107pt; text-align: center;" width="143">29.95</td><td class="xl66" style="width: 107pt; text-align: center;" width="143">79.3</td><td class="xl67" style="width: 107pt; text-align: center;" width="143">149,446</td></tr></tbody></table></div></div></div><div class="panel-footer"><div><span style="font-family:arial,helvetica,sans-serif;"></span></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>1 Mean average</strong></p></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;">The <strong>mean </strong>(also known as the <strong>arithmetic mean</strong>) is the main mathematical method used to calculate the average value in a data set. The mean calculates the sum of all the numbers in a data set divided by the number of items in that data set.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">As an example, suppose five customers give the following ratings (out of 10) for the quality of service at a restaurant: </span>3, 4, 5, 6, and 7. The mean score or rating is calculated by adding all the numbers in the data set and dividing this by the number of items in the data set:</p><p>(3 + 4 + 5 + 6 + 7) / 5 = 25 / 5 = <strong>5</strong> out of 10.</p><p><span style="font-family:arial,helvetica,sans-serif;">As a second example, suppose a business has the following sales revenue figures for the past three years:</span></p><ul><li><p><span style="font-family:arial,helvetica,sans-serif;">2022 = $240,000</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">2021 = $230,000</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">2020 = $220,000</span></p></li></ul><p><span style="font-family:arial,helvetica,sans-serif;">The mean average is then calculated as:</span></p><ul><li><p><span style="font-family:arial,helvetica,sans-serif;">($240,000 + $230,000 + $240,000) / 3 months =<strong> $230,000 </strong>per month.</span></p></li></ul><div class="greenBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-calculator fa-lg" style="color: rgb(103, 7, 124);"> </span> Worked example 1</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">Suppose a restaurant chain has reported the following sales revenue for the first four months of this year:</span></p><table border="1" cellpadding="0" cellspacing="0" width="311"><tbody><tr><td nowrap="nowrap" style="width:66px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Month</strong></span></p></td><td nowrap="nowrap" style="width:141px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;"><strong>Sales revenue ($)</strong></span></p></td></tr><tr><td nowrap="nowrap" style="width:66px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;">Jan</span></p></td><td nowrap="nowrap" style="width:141px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">200,000</span></p></td></tr><tr><td nowrap="nowrap" style="width:66px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;">Feb</span></p></td><td nowrap="nowrap" style="width:141px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">180,000</span></p></td></tr><tr><td nowrap="nowrap" style="width:66px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;">Mar</span></p></td><td nowrap="nowrap" style="width:141px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">210,000</span></p></td></tr><tr><td nowrap="nowrap" style="width:66px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;">Apr</span></p></td><td nowrap="nowrap" style="width:141px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">200,000</span></p></td></tr></tbody></table><p><span style="font-family:arial,helvetica,sans-serif;">Calculate the mean sales revenue for the restaurant chain. <em>[2 marks]</em></span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><strong><span style="color:#FF0000;">Answer</span></strong></span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">To calculate the mean, first determine the sum of the sales revenues figures, i.e. $200,000 + $180,000 + $210,000 + $200,000 = $790,000</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Then divide this figure by the number of items in the data set (four months) = $790,000 ÷ 4 = <strong>$197,500</strong></span></span></p></li></ul><p><em><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Award [1 mark] for the correct answer and [1 mark] for showing appropriate working out.</span></span></em></p></section></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-calculator fa-lg" style="color: rgb(61, 30, 128);"> </span> Worked example 2</span></span></h5><p>A firm produces four units of output at an average total cost (ATC) of $18. The firm subsequently makes a fifth unit of output which costs the firm $20. Calculate the value of the average total cost of the five units of output.</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><strong>Answer</strong></span></p><ul><li><p><span style="color:#FF0000;">The total cost of producing four units = $18 × 4 = </span><dollar><span style="color:#FF0000;">$</span></dollar><span style="color:#FF0000;">72.</span></p></li><li><p><span style="color:#FF0000;">Adding the cost of a fifth unit at </span><dollar><span style="color:#FF0000;">$</span></dollar><span style="color:#FF0000;">20 = $72 + $20 = $92</span></p></li><li><p><span style="color:#FF0000;">Hence, the average total cost of producing five units = </span><dollar><span style="color:#FF0000;">$</span></dollar><span style="color:#FF0000;">92 / 5 = </span><dollar><span style="color:#FF0000;">$</span></dollar><span style="color:#FF0000;">18.40.</span></p></li></ul></section></div><div class="pinkBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-lightbulb-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Top tip!</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../../ib/businessmanagement/images/businesses/tesla.jpg" style="width: 300px; height: 200px;"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">Be careful when interpreting the mean average (or any measure of the average). Take the example of Tesla below:</span></p><table border="1" cellpadding="0" cellspacing="0" width="643"><tbody><tr><td style="width:123px;"><span style="font-family:arial,helvetica,sans-serif;"></span></td><td style="width:104px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;"><strong>2017</strong></span></p></td><td style="width:104px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;"><strong>2018</strong></span></p></td><td style="width:104px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;"><strong>2019</strong></span></p></td><td style="width:104px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;"><strong>2020</strong></span></p></td><td style="width:104px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;"><strong>2021</strong></span></p></td></tr><tr><td style="width:123px;"><p><span style="font-family:arial,helvetica,sans-serif;">Production*</span></p></td><td style="width:104px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">100,757</span></p></td><td style="width:104px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">254,530</span></p></td><td style="width:104px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">365,232</span></p></td><td style="width:104px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">509,737</span></p></td><td style="width:104px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">930,422</span></p></td></tr></tbody></table><p><span style="font-family:arial,helvetica,sans-serif;">* Total number of vehicles produced</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#696969;">Source: adapted from</span> <a href="https://ir.tesla.com/#tab-quarterly-disclosure">Tesla Investor Relations</a></span></p><p><span style="font-family:arial,helvetica,sans-serif;">Calculating the mean average of the number of Tesla cars produced between 2017 - 2021 is straightforward:</span></p><ul><li><p><span style="font-family:arial,helvetica,sans-serif;">100,757 + 254,530 + 365,232 + 509,737 + 930,422 = 2,160,678 vehicles</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">2,160,678 / 5 years = 432,136 vehicles per year</span></p></li></ul><p><span style="font-family:arial,helvetica,sans-serif;">However, looking at the data, it is clear that between 2017 - 2019, production was significantly lower than the 5-year average. The output in 2021 is more than double the mean average, so this has skewed the result significantly.</span></p></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(103, 7, 124);"> </span> ATL Activity 2 (Thinking and Communication skills) - IB Diploma exam results</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="124" src="../../../ib/businessmanagement/images/exams/graduation2.jpg" width="315"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">Each year, the IB publishes a Statistical Bulletin which contains a wealth of data following the external examinations. This includes average point scores for each subject, each subject group, the Diploma Core (the Extended Essay and TOK)*, as well as world averages for the IB Diploma.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">The data below are from the May 2022 examination session.</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">Mean subject score = 5.12</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Mean total points = 31.98</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">IB Diploma pass rate = 85.85%</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Mean score for Diploma Core = 1.53*</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Candidates awarded 45 points = 0.74%</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Candidates submitted Group 3 (Individuals and societies) Extended Essays = 46.13%</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Business Management HL mean points = 5.24</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Business Management SL mean points = 5.10</span></p></li></ul><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#696969;">Source: adapted from </span><a href="https://www.ibo.org/about-the-ib/facts-and-figures/statistical-bulletins/diploma-programme-statistical-bulletin/">IB Statistical Bulletin, May 2022</a></span></p><p><span style="font-family:arial,helvetica,sans-serif;">Discussion points:</span></p><ol><li><p><span style="font-family:arial,helvetica,sans-serif;">How does your school compare with the data shown above?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Why might the rankings of an IB World School be regarded as important for certain stakeholder groups?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">How might these descriptive statistics support the senior leadership of your school in relation to the organization's vision or mission statement?</span></p></li></ol><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Possible reasons could include:</span></span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">The perceived reputation of the school in delivering a quality education.</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">The data can be used for benchmarking purposes, to see which subjects/departments are doing better than others and how this information can help everyone to improve. Benchmarking can be internal (comparing results of different subjects/departments) and/or external (comparing the quantitative measures against the performance of other IB World schools).</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">To determine areas for improvement (especially t</span><span style="color:#FF0000;">hose measures that appear in the bottom quartile).</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">To hold teachers, subject coordinators, and departments accountable for their teaching and delivery of the IB syllabus.</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">To motivate students and staff to work harder and more efficiently in order to improve the organization's overall ranking based on measures such as those above.</span></span></p></li></ul><hr class="hidden"><p><span style="color:#FF0000;">Teachers can download a PDF version of this activity to use in class with their students.</span></p><div readonly="true" style="background: #ddd; margin: 20px 0; width: 100%;"><iframe frameborder="0" scrolling="no" src="../../../media/ib/businessmanagement/files/bmt/bmt-7---descriptive-statistics-m22.pdf.html" style="width: 100%; height: 480px;"></iframe></div></section></div></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="font-family:arial,helvetica,sans-serif;">2 Mode (modal average)</span></strong></p></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;">The <strong>mode </strong>(also referred to as the <strong>modal average</strong>) is the number that occurs more frequently than any other value in a data set.</span> Suppose five workers at a firm have the following number of days off work due to illness: 1, 1, 2, 3, and 4. The mode is the number (of sick days) that appears most frequently in the data set. In this case, 1 appears twice and all other numbers only appear once, so the modal average is 1 day.</p><p>Examples of scenarios when calculating the mode is appropriate include:</p><ul class="branded"><li><p>The most popular item in a firm's product portfolio.</p></li><li><p>The average waiting times of customers before they are served.</p></li><li><p>The most frequent age group of a firm’s customers.</p></li><li><p>The most common category of complaints from customers.</p></li></ul><p><span style="font-family:arial,helvetica,sans-serif;"> Consider the data below as an example, which shows the sales revenue generated by 12 workers in a given time period.</span></p><table border="1" cellpadding="0" cellspacing="0" width="643"><tbody><tr><td style="width: 123px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$3,200</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">$2,900</span></span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$3,000</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$3,400</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$2,950</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">$2,900</span></span></td></tr><tr><td style="width: 123px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$2,850</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$3,000</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">$2,900</span></span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$3,150</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$3,250</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$3,300</span></td></tr></tbody></table><p><span style="font-family:arial,helvetica,sans-serif;">The mode is the value in the data set that appears the most time. In this case, the mode is $2,900 as it appears three times (the highest frequency in the data set). This means that on average, most of the 12 workers generate $2,900 in sales revenue during the given time period.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Although it is possible to sell more than $2,900 - such as the two workers who both generate $3,000 or the single worker who generated $3,400 - these are not the most frequent (or typical) value for the business. The mode value can be used to as a performance benchmark to measure productivity. In this case, workers who account for more than $2,900 can be acknowledged through financial and/or non-financial methods. For those who are below average, corrective measures might be used to support workers to improve their productivity.</span></p><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-calculator fa-lg" style="color: rgb(103, 7, 124);"> </span> Worked example 3</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">Consider the data set below which shows the IB Diploma scores for candidates in a particular school.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">23, 27, 25, 33, 30, 33, 39, 33, 41, 33, 24, 22, 36, 32, 40</span></p><p><span style="font-family:arial,helvetica,sans-serif;">To find the mode it is easiest to put the numbers in ascending order as this makes it more straightforward to include and count each item.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">22, 23, 24, 25, 27, 30, 32, <span style="color:#FF0000;">33, 33, 33</span>, 36, 39, 40, 41</span></p><p><span style="font-family:arial,helvetica,sans-serif;">The mode is then the figure that has the highest frequency (appears the most times). In this case, it is 33.</span></p></div><p><span style="font-family:arial,helvetica,sans-serif;">However, the key limitation of the modal average is that there is no mode in the case of bi-modal and multi-modal data sets. Having two mode values in a data set is known as bi-modal. In the example below, there are 12 students who have taken a test, marked out of 25. The bi-modal averages are 12 and 20. Clearly, this has no real meaning given the context.</span></p><table border="1" cellpadding="0" cellspacing="0" width="643"><tbody><tr><td style="width: 123px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#0000FF;">12</span></span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#0000FF;">12</span></span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">15</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#0000CD;">20</span></span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">10</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#0000FF;">12</span></span></td></tr><tr><td style="width: 123px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">13</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#0000CD;">20</span></span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">11</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">24</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">25</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#0000CD;">20</span></span></td></tr></tbody></table><p><span style="font-family:arial,helvetica,sans-serif;">Having more than two mode values in a data set is known as multi-modal. In both of these cases (bi-modal and multi-modal), the mode cannot be used to locate the centre of the distribution of the test scores. This is also the case when there is no mode value in a data set (non-modal).</span></p></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><div><p><strong><span style="font-family:arial,helvetica,sans-serif;">3 Median average</span></strong></p></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;">The <strong>median </strong>is the average based on the middle value of the data set <span style="font-family:arial,helvetica,sans-serif;"> when a set of data is arranged in order of magnitude</span>, i.e., it splits values in the higher half from those in the lower half. For example, suppose the five directors of a company earn the following salaries per year:</span></p><table border="1" cellpadding="0" cellspacing="0" width="643"><tbody><tr><td style="width: 123px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$52,200</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#000000;">$52,900</span></span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$53,000</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$53,400</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$52,950</span></td></tr></tbody></table><p><span style="font-family:arial,helvetica,sans-serif;">It is easier to place these values in ascending numerical order to help determine the median (middle) value:</span></p><table border="1" cellpadding="0" cellspacing="0" width="643"><tbody><tr><td style="width: 123px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$52,200</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#000000;">$52,900</span></span></td><td style="width: 104px; text-align: center;"><strong><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">$52,950</span></span></strong></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$53,000</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$53,400</span></td></tr></tbody></table><p><span style="font-family:arial,helvetica,sans-serif;">This means that the average director of the company earns $52,950 per year based on the median average. There are two directors who earn more than the median, and two who earn less. In this particular case, using the median average might be more meaningful than the mean average. The latter gives a figure of $52,890 but we can clearly see that only <em>one </em>of the directors earns less than the mean average salary.</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../../ib/businessmanagement/images/2-hrm/manager.jpg" style="width: 300px; height: 199px;"></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#696969;"><em>It can be useful for a business to know the median salary of its managers</em></span></span></p><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;">Using the example from above for the modal average, for the 12 workers, we can calculate the median value.</span></p><table border="1" cellpadding="0" cellspacing="0" width="643"><tbody><tr><td style="width: 123px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$3,200</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#000000;">$2,900</span></span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$3,000</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$3,400</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$2,950</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#000000;">$2,900</span></span></td></tr><tr><td style="width: 123px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$2,850</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$3,000</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#000000;">$2,900</span></span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$3,150</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$3,250</span></td><td style="width: 104px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">$3,300</span></td></tr></tbody></table><p><span style="font-family:arial,helvetica,sans-serif;">Again, it is easier to put these values in numerical order so as to determine the median (middle) value:</span></p><p><span style="font-family:arial,helvetica,sans-serif;">$2,850, $2,900, $2,900, $2,900, $2,950, <span style="color:#FF0000;">$3,000, $3,000</span>, $3,150, $3,200, $3,250, $3,300, $3,400</span><span style="font-family:arial,helvetica,sans-serif;">In this case, there are two middle value (shown in red above). The median value is the mid-point between the two numbers. In this case, as the two numbers are exactly the same, the median is simply $3,000.</span></p><p>The benefit of using the median average is that it reduces the significance of outliers. These extreme values can have a large impact on the mean average (arithmetic mean) but only a small impact, if any, on the median average.</p></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><div><p><strong><span style="font-family:arial,helvetica,sans-serif;">4 Bar charts</span></strong></p></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Bar graphs</strong> are used to compare figures in a study, such as sales figures during different time periods. They are useful for presenting frequencies and for ease of comparison. The example below shows the sales of three different products (burgers, fries and drinks) for a restaurant chain with 4 outlets. The graph allows the restaurant owners to see at a glance which store has the highest sales for the various products it sells.</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="284" src="../../../ib/businessmanagement/images/4.4-bar-charts.jpg" width="480"></span></p><table><tbody><tr><td><span style="font-family:arial,helvetica,sans-serif;">Which restaurant has the highest sales revenue for burgers?</span></td><td><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Restaurant 3</span></span></p></section></td></tr><tr><td><span style="font-family:arial,helvetica,sans-serif;">Which restaurant has the highest sales revenue for fries?</span></td><td><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Restaurant 1</span></span></p></section></td></tr><tr><td><span style="font-family:arial,helvetica,sans-serif;">Which restaurant has the highest sales revenue for drinks?</span></td><td><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Restaurant 3</span></span></p></section></td></tr><tr><td><span style="font-family:arial,helvetica,sans-serif;">Which restaurant has sold more than $2,000 of fries?</span></td><td><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Restaurant 1</span></span></p></section></td></tr><tr><td><span style="font-family:arial,helvetica,sans-serif;">Which restaurant(s) sold less than $2,000 of drinks?</span></td><td><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Restaurant 1<br><span style="color:#FF0000;">Restaurant </span>2</span></span></p></section></td></tr></tbody></table><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Histograms</strong> are a type of bar chart, used to show frequency and the range within a data set. The example below shows the distribution of IB grades for students of Business Management in a particular school. The grades (Levels 2 to 7) are shown along the x-axis, with the number of students achieving each of these grades shown on the y-axis. The school strives for all students to achieve at least a Level 4 target grade.</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="281" src="../../../ib/businessmanagement/images/4.4-histogram.jpg" width="480"></span></p><table><tbody><tr><td><span style="font-family:arial,helvetica,sans-serif;">How many students achieved a Level 2 grade?</span></td><td><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">5</span></span></p></section></td></tr><tr><td><span style="font-family:arial,helvetica,sans-serif;">How many students achieved a Level 7 grade?</span></td><td><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">4</span></span></p></section></td></tr><tr><td><span style="font-family:arial,helvetica,sans-serif;">How many students in total did not meet the school's target grade?</span></td><td><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">5 + 11 = 16</span></span></p></section></td></tr><tr><td><span style="font-family:arial,helvetica,sans-serif;">How many students in total achieved a Level 5 or Level 6 grade?</span></td><td><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">24 + 9 = 33</span></span></p></section></td></tr></tbody></table></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="font-family:arial,helvetica,sans-serif;">5 Pie charts</span></strong></p></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Pie charts</strong> are used for expressing percentages, such as data on market share<strong> </strong>or the proportion of participants who chose a particular option in a survey. The pie chart below, for example, shows the percentage of candidates who chose to write their Extended Essay in a particular Diploma Programme subject group.</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="254" src="../../../ib/businessmanagement/images/4.4-pie-chart.jpg" width="430"></span></p><table><tbody><tr><td><span style="font-family:arial,helvetica,sans-serif;">Which subject group was the most popular for the Extended Essay?</span></td><td><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Group 3 (Individuals and societies)</span></span></p></section></td></tr><tr><td><span style="font-family:arial,helvetica,sans-serif;">Which subject group was the least popular for the Extended Essay?</span></td><td><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Group 5 (Mathematics)</span></span></p></section></td></tr><tr><td><span style="font-family:arial,helvetica,sans-serif;">What percentage of candidates chose to write an Extended Essay in Group 4?</span></td><td><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">18%</span></span></p></section></td></tr><tr><td><span style="font-family:arial,helvetica,sans-serif;">What is the total percentage of students who wrote an essay in Group 1 (Studies in language and literature) or Group 2 (Language acquisition)?</span></td><td><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">15 + 11 = 26%</span></span></p></section></td></tr></tbody></table><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;">Suppose a new cinema outlet has conducted market research asking 200 people what their favourite flavour of popcorn is. The results are shown below.</span></p><table border="1" cellpadding="0" cellspacing="0" width="294"><tbody><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Flavour of popcorn</strong></span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;"><strong>Frequency</strong></span></p></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;">Butter and salt</span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">20</span></p></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;">Caramel</span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">30</span></p></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;">Salt</span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">60</span></p></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;">Sweet</span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">50</span></p></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;">Salt and sweet</span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">40</span></p></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;"></span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><span style="font-family:arial,helvetica,sans-serif;"></span></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">Total</span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">200</span></p></td></tr></tbody></table><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;">To construct a pie chart from this data, first work out the proportion (percentage) that each segment represents:</span></p><table border="1" cellpadding="0" cellspacing="0" width="434"><tbody><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Flavour of popcorn</strong></span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;"><strong>Frequency</strong></span></p></td><td style="width:140px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;"><strong>Percentage</strong></span></p></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;">Butter and salt</span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">20</span></p></td><td style="width:140px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">20 / 200 = 10%</span></p></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;">Caramel</span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">30</span></p></td><td style="width:140px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">30 / 200 = 15%</span></p></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;">Salt</span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">60</span></p></td><td style="width:140px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">60 / 200 = 30%</span></p></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;">Sweet</span></p></td><td nowrap="nowrap" style="width: 125px; height: 19px; text-align: center;"><span style="font-family:arial,helvetica,sans-serif;">50</span></td><td style="width:140px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">50 / 200 = 25%</span></p></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;">Salt and sweet</span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">40</span></p></td><td style="width:140px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">40 / 200 = 20%</span></p></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;"></span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><span style="font-family:arial,helvetica,sans-serif;"></span></td><td style="width:140px;height:19px;"><span style="font-family:arial,helvetica,sans-serif;"></span></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">Total</span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">200</span></p></td><td style="width:140px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">100%</span></p></td></tr></tbody></table><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;">Finally, to represent the data as a pie chart, express each segment in terms of the degrees for each sector (a full circle has 360 degrees):</span></p><table border="1" cellpadding="0" cellspacing="0" width="595"><tbody><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Flavour of popcorn</strong></span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;"><strong>Frequency</strong></span></p></td><td style="width:112px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;"><strong>Percentage</strong></span></p></td><td style="width:189px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;"><strong>Degrees*</strong></span></p></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;">Butter and salt</span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">20</span></p></td><td style="width:112px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">10</span></p></td><td style="width:189px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">10% × 360 = 36</span></p></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;">Caramel</span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">30</span></p></td><td style="width:112px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">15</span></p></td><td style="width:189px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">15% × 360 = 54</span></p></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;">Salt</span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">60</span></p></td><td style="width:112px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">30</span></p></td><td style="width:189px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">30% × 360 = 108</span></p></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;">Sweet</span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">50</span></p></td><td style="width:112px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">25</span></p></td><td style="width:189px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">25% × 360 = 90</span></p></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p><span style="font-family:arial,helvetica,sans-serif;">Salt and sweet</span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">40</span></p></td><td style="width:112px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">20</span></p></td><td style="width:189px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">20% × 360 = 72</span></p></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;"></span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><span style="font-family:arial,helvetica,sans-serif;"></span></td><td style="width:112px;height:19px;"><span style="font-family:arial,helvetica,sans-serif;"></span></td><td style="width:189px;height:19px;"><span style="font-family:arial,helvetica,sans-serif;"></span></td></tr><tr><td nowrap="nowrap" style="width:169px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">Total</span></p></td><td nowrap="nowrap" style="width:125px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">200</span></p></td><td style="width:112px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">100%</span></p></td><td style="width:189px;height:19px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">360 degrees</span></p></td></tr></tbody></table><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;">With these figures, it is now possible to construct the pie chart:</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../../ib/businessmanagement/images/bmt/piechartbmt.png" style="width: 450px; height: 281px;"></span></p></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="font-family:arial,helvetica,sans-serif;">6 Infographics</span></strong></p></div></div><div class="panel-body"><div><div><p><span style="font-family:arial,helvetica,sans-serif;">As the name suggests, an <strong>infographic </strong>is a visual tool use to present information by combining information and graphics. Many infographics are visually stunning, so help to captivate the attention of people. Infographics will typically include a combination of texts and graphics such as images, charts, and graphs.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">The infographic below shows the extent to which different countries have banned the use of plastic carrier bags, which are harmful to the planet due to the nature of plastic wastes.</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><a href="https://www.statista.com/chart/14120/the-countries-banning-plastic-bags/" title="Infographic: The Countries Banning Plastic Bags | Statista"><img alt="Infographic: The Countries Banning Plastic Bags | Statista" height="600" src="../../../Infographic/images/normal/14120.jpeg" style="max-width: 960px;" width="600"></a></span></p></div><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#696969;">Source: </span><a href="https://www.statista.com/chart/14120/the-countries-banning-plastic-bags/">Statista</a></span></p><hr class="hidden"><p>A second example, shown below, is an infographic illustrating the top 50 fast food brands in America. Founded in 1940, McDonald’s is still the most popular fast food brand in the US today.</p><p><img alt="" src="../../../ib/businessmanagement/images/4-marketing/fastfoodcompanies-2.webp" style="width: 600px; height: 1029px;"></p><p><span style="color:#696969;">Source: </span><a href="https://www.visualcapitalist.com/ranked-the-most-popular-fast-food-brands-in-america/">Visual Capitalist</a></p><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(103, 7, 124);"> </span> ATL Activity 3 (Research, Communication, and Self-management skills)</span></span></h5><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">Go to the Statista website (<a href="http://www.statista.com/markets/">www.statista.com/markets/</a>).</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">In small groups of 2 or 3, decide on an infographic or chart that you could use for to consolidate your understanding of descriptive statistics.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Create a short list of questions / activities for other members of the class to help them with elements of this set of tools.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Swap your activities with other groups and have a go at the activities / answering the questions.</span></p></li></ul><p>Click the icon below to see a sample created by students at <strong>St. Dominic High School</strong>, Sint Maarten.</p><section class="tib-hiddenbox"><p>Many thanks to IB educator <strong>Saakshi Anil Daryani </strong>(Business Management Professor at St. Dominic High School in Sint Maarten) for sharing this with the InThinking Business Management community).</p><div readonly="true" style="background: #ddd; margin: 20px 0; width: 100%;"><iframe frameborder="0" scrolling="no" src="../../../media/ib/businessmanagement/files/bmt/bmt7---descriptive-statistics-infographic-(st.-dominic-high-school).pdf.html" style="width: 100%; height: 480px;"></iframe></div></section></div></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="font-family:arial,helvetica,sans-serif;">7 Quartiles</span></strong></p></div></div><div class="panel-body"><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../../ib/businessmanagement/images/bmt/quartiles2.jpg" style="width: 300px; height: 188px;"></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Quartiles </strong>refer to the <span style="font-family:arial,helvetica,sans-serif;">statistical </span>technique of dividing a data set (such as sales revenue data from different stores or branches of large company or IB examination results from a particular IB World School) into four proportionate parts. Quartiles are used to divide a set of data into four equal parts, so each quartile represents one quarter of the data.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Essentially, quartiles are an extended version of the median average in a data set (the median divides the data, arranged in numerical order, into two equal parts whereas quartiles divide this into four parts).</span> However, the median does not tell managers anything about the spread of the data on either side. Using quartiles enables managers to see the spread of values above and below the mean.</p><p><span style="font-family:arial,helvetica,sans-serif;">Using quartiles allows managers and decision makers to see the distribution of the items in a data set. In the case of IB examination results for the Diploma Programme, the quartiles might be used to show the following for a particular cohort of candidates:</span></p><p><img alt="" src="../../../ib/businessmanagement/images/bmt/quartiles-v3.jpg" style="width: 600px; height: 317px;"></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">The <strong>first quartile</strong> (Q1), also known as the <strong>lower quartile</strong>, shows the data representing the lowest 25% of the candidates’ examination results. It is the number halfway between the lowest number and the middle number in the data set, i.e., it is the middle value of the lower half of the IB scores. Candidates to the left of Q1 represent those in the bottom 25% for the cohort, as measured by their IB score.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">The <strong>second quartile</strong> (Q2), also known as the <strong>median</strong>, shows the data representing the middle number, halfway between the lowest IB score and the highest IB score in the data set. Hence, Q2 divides the data set into a lower half and an upper half. It shows the value at which 50% of the candidate's IB scores is below the median score.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">The <strong>third quartile </strong>(Q3), also known as the <strong>upper quartile</strong>, shows the data representing the number halfway between the middle number and the highest number, i.e., it is the middle value of the upper half of the IB scores. </span><span style="font-family:arial,helvetica,sans-serif;"><span style="font-family:arial,helvetica,sans-serif;">This shows the value at which 75% of the candidate's IB scores is below the median score.</span> Candidates to the right of Q3 represent those in the top 25% for the cohort, as measured by their IB score.</span></p></li><li><p>The <strong>interquartile range </strong>(IQR) is a measure of the spread of the data in the set. It is a measure of variability around the median value in the data. Specifically, it is the difference between the 75th percentile (Q3) and the 25th percentile (Q1) of a dataset. The lower the IQR, the fewer the number of outliers in the data.</p></li></ul><p>Note that larger values of the IQR indicate that the central portion of the data (Q2 and Q3) is spread out further. Conversely, smaller values for the IQR show that the middle values are clustered more tightly.</p><p><span style="font-family:arial,helvetica,sans-serif;">The use of quartiles puts data into context so that they become more comprehensible. For example, it is not possible to determine if a particular candidate scored 34 points in the Diploma Programme. This will depend of numerous factors such as how this score compares with the school's mean, median, or modal averages. If this score puts the candidate in the fourth (top) quartile in the school, this would be a very impressive result. However, if this result puts the candidate in the first (bottom) quartile, it would be far less impressive.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">In a business context, a for-profit company might use quartiles to inform its human resource management. For example, salespeople in the top quartile might be awarded a bonus as part of the company's performance-related pay form of <a href="../44363/types-of-financial-rewards-1.html" title="New syllabus 2022 » Unit 2 - Human resource management » 2.4 Motivation and demotivation » Types of financial rewards">financial motivation</a>. The business might fund further <a href="../44371/types-of-training.html" title="New syllabus 2022 » Unit 2 - Human resource management » 2.4 Motivation and demotivation » Types of training">training</a> and/or conduct performance <a href="../44361/types-of-appraisal-hl-1.html" title="New syllabus 2022 » Unit 2 - Human resource management » 2.4 Motivation and demotivation » Types of appraisal (HL)">appraisal</a> reviews for salespeople in the bottom quartile.</span></p><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-calculator fa-lg" style="color: rgb(61, 30, 128);"></span><span style="color:#FF0000;"> Worked example</span></span></h5><p>A fast food franchise with a chain of nine restaurants has compiled the following data for the past month.</p><table border="0" cellpadding="0" cellspacing="0" width="167"><tbody><tr><td nowrap="nowrap" style="width:81px;height:19px;"><p><strong>Restaurant</strong></p></td><td nowrap="nowrap" style="width:85px;height:19px;"><p align="center"><strong>Sales ($'000)</strong></p></td></tr><tr><td nowrap="nowrap" style="width:81px;height:19px;"><p align="center">1</p></td><td nowrap="nowrap" style="width:85px;height:19px;"><p align="center">8</p></td></tr><tr><td nowrap="nowrap" style="width:81px;height:19px;"><p align="center">2</p></td><td nowrap="nowrap" style="width:85px;height:19px;"><p align="center">18</p></td></tr><tr><td nowrap="nowrap" style="width:81px;height:19px;"><p align="center">3</p></td><td nowrap="nowrap" style="width:85px;height:19px;"><p align="center">5</p></td></tr><tr><td nowrap="nowrap" style="width:81px;height:19px;"><p align="center">4</p></td><td nowrap="nowrap" style="width:85px;height:19px;"><p align="center">15</p></td></tr><tr><td nowrap="nowrap" style="width:81px;height:19px;"><p align="center">5</p></td><td nowrap="nowrap" style="width:85px;height:19px;"><p align="center">6</p></td></tr><tr><td nowrap="nowrap" style="width:81px;height:19px;"><p align="center">6</p></td><td nowrap="nowrap" style="width:85px;height:19px;"><p align="center">9</p></td></tr><tr><td nowrap="nowrap" style="width:81px;height:19px;"><p align="center">7</p></td><td nowrap="nowrap" style="width:85px;height:19px;"><p align="center">21</p></td></tr><tr><td nowrap="nowrap" style="width:81px;height:19px;"><p align="center">8</p></td><td nowrap="nowrap" style="width:85px;height:19px;"><p align="center">20</p></td></tr><tr><td nowrap="nowrap" style="width:81px;height:19px;"><p align="center">9</p></td><td nowrap="nowrap" style="width:85px;height:19px;"><p align="center">13</p></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="517"><tbody><tr><td nowrap="nowrap" style="width:41px;height:19px;"><p>(a)</p></td><td nowrap="nowrap" style="width:393px;height:19px;"><p>From the data above, calculate the 25th percentile.</p></td><td nowrap="nowrap" style="width:83px;height:19px;"><p><em>[2 marks]</em></p></td></tr><tr><td nowrap="nowrap" style="width:41px;height:19px;"><p>(b)</p></td><td nowrap="nowrap" style="width:393px;height:19px;"><p>Determine the 50th percentile.</p></td><td nowrap="nowrap" style="width:83px;height:19px;"><p><em>[2 marks]</em></p></td></tr><tr><td nowrap="nowrap" style="width:41px;height:19px;"><p>(c)</p></td><td nowrap="nowrap" style="width:393px;height:19px;"><p>Calculate the 75th percentile.</p></td><td nowrap="nowrap" style="width:83px;height:19px;"><p><em>[2 marks]</em></p></td></tr><tr><td nowrap="nowrap" style="width:41px;height:19px;"><p>(d)</p></td><td nowrap="nowrap" style="width:393px;height:19px;"><p>Calculate the interquartile range for the data set.</p></td><td nowrap="nowrap" style="width:83px;height:19px;"><p><em>[2 marks]</em></p></td></tr></tbody></table><p> Click the icon below to see the working out and answer for each of the above questions.</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><strong>Answers</strong></span></p><p><strong>(a) From the data above, calculate the 25th percentile. <em>[2 marks]</em></strong></p><ul class="branded"><li><span style="color:#FF0000;"><span style="font-family: arial, helvetica, sans-serif; background-color: initial;">The first step is to place the values in <span style="font-family: arial, helvetica, sans-serif; background-color: initial;">numerical order: <span style="font-family: arial, helvetica, sans-serif; background-color: initial;">5 6 8 9 13 15 18 20 21</span></span></span></span></li><li><span style="color:#FF0000;"><span style="font-family: arial, helvetica, sans-serif; background-color: initial;"><span style="font-family: arial, helvetica, sans-serif; background-color: initial;"></span>Then determine the median value: 5 6 8 9 <strong>13</strong> 15 18 20 21</span></span></li><li><span style="color:#FF0000;"><span style="font-family: arial, helvetica, sans-serif; background-color: initial;">The 25th percentile is the median value of the lower set of numbers (those to the left of the media):</span></span></li><li><span style="color:#FF0000;">5 <strong>6 8</strong> 9 = <strong>7</strong></span></li><li><span style="color:#FF0000;">This means the 25th percentile is <strong>$7,000 </strong>(i.e., 25% of the restaurants earned less than $7,000 last month, and 75% of the restaurants earned more than this).</span></li></ul><p><em><span style="color:#FF0000;">Award [1 mark] for the correct answer, and [1 mark] for showing appropriate working out.</span></em></p><hr class="hidden"><p><strong>(b) Determine the 50th percentile. <em>[2 marks]</em></strong></p><ul class="branded"><li><p><span style="color:#FF0000;">The 50th percentile is the median value</span></p></li><li><p><span style="color:#FF0000;"><span style="font-family: arial, helvetica, sans-serif; background-color: initial;">5 6 8 9 <strong>13</strong> 15 18 20 21 =<strong> $13,000 </strong>(i.e., 50% of the restaurants had sales of less than $13,000 and 50% earned more than this amount last month).</span></span></p></li></ul><p><em><span style="color:#FF0000;">Award [1 mark] for the correct answer, and [1 mark] for showing appropriate working out.</span></em></p><hr class="hidden"><p><strong>(c) Calculate the 75th percentile. <em>[2 marks]</em></strong></p><ul class="branded"><li><span style="color:#FF0000;"><span style="font-family: arial, helvetica, sans-serif; background-color: initial;">The 75th percentile is the median value of the higher set of numbers (those to the right of the media):</span></span></li><li><span style="color:#FF0000;">15 <strong>18 20</strong> 21 = <b>19</b></span></li><li><span style="color:#FF0000;">This means the 75th percentile is <strong>$19,000 </strong>(i.e., 25% of the restaurants earned more than $19,000 last month, and 75% of the restaurants earned less than this amount).</span></li></ul><p><em><span style="color:#FF0000;">Award [1 mark] for the correct answer, and [1 mark] for showing appropriate working out.</span></em></p><hr class="hidden"><p><strong>(d) Calculate the interquartile range for the data set. <em>[2 marks]</em></strong></p><ul class="branded"><li><p><span style="color:#FF0000;">The IQR is the difference between upper quartile (19) and the lower quartile (7)</span></p></li><li><p><span style="color:#FF0000;">Hence, the IQR = 19 – 7 = 12 = <strong>$12,000</strong></span></p></li><li><p><span style="color:#FF0000;">This figure represents the middle 50% of values in the data set. It is more statistically meaningful than using the full range of data, because it omits possible outliers (namely restaurants 3 and 7 in this case).</span></p></li></ul><p><em><span style="color:#FF0000;">Award [1 mark] for the correct answer, and [1 mark] for showing appropriate working out. Apply the own figure rule (OFR) as appropriate.</span></em></p></section></div><div class="greenBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-lightbulb-o fa-lg" style="color: rgb(61, 30, 128);"> </span> <span style="color:#FF0000;">Top tip</span></span></h5>For further guidance on the use of quartiles take a look at the <a href="http://Interquartile Range Calculatorhttps://www.statisticshowto.com/calculators/interquartile-range-calculator/">Statistics How To</a> webpage, which include a useful quartiles and interquartile range calculator.</div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="font-family:arial,helvetica,sans-serif;">8 Standard deviation</span></strong></p></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Standard deviation</strong> is a statistical measure of the variation (or dispersion) of a set of values. It allows a business to see the extent to which the values or results from a set of data show divergence from the mean (also called the <strong>expected value</strong>). For example, in <a href="../44660/43-sales-forecasting-hl.html" title="New syllabus (first teaching 2022) » Unit 4 - Marketing » 4.3 Sales forecasting (HL)">sales forecasting</a> (HL only), a high standard deviation indicates that sales fluctuate significantly from the mean average.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">The standard deviation from a data set is represented by the symbol<span lang="EN-US" style="color:windowtext"> "σ".</span> It shows how numbers within a set of data are spread out or distributed, i.e., whether there is a small or large spread of results in the first instance. The greater the standard deviation, the more spread out the numbers are and the greater the variation from the mean. By contrast, a low standard deviation means that the values in the data set tend to be close to the mean.</span></p><div class="box"><p>The formula for calculating standard deviation is:</p><p>σ = √(Σ(x-μ)2/N)</p><p>where:</p><ul><li><p>x = an individual data point</p></li><li><p>μ = mean value of the data set, and</p></li><li><p>N = the total number of data items in the data set</p></li></ul></div><p><span style="font-family:arial,helvetica,sans-serif;">Managers and entrepreneurs are interested in the spread as it gives an indication of the variation or dispersion (from the mean), which can have a direct impact on their strategic planning and decision making. If the standard deviation is low, this gives businesses greater confidence in their planning. For instance, if a supermarket's average weekly sales revenue is $1.5 million and there is only a small standard deviation, the general manager can go ahead and plan to order stocks and staffing schedules based on this sales figure. By contrast, a large standard deviation would require the business to be far more flexible given the market uncertainties.</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../../ib/businessmanagement/images/5-ops-mgt/supermarket-stock.jpg" style="width: 280px; height: 161px;"></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#696969;"><em>Standard deviation is important to effective stock control</em></span></span></p><p>As a worked example, consider the data below that shows the weekly sales revenue of five branches of a retailer. Managers can use this data to calculate the standard deviation.</p><table border="1" cellpadding="0" cellspacing="0" width="187"><tbody><tr><td nowrap="nowrap" style="width:70px;height:19px;"><p><strong>Branch</strong></p></td><td nowrap="nowrap" style="width:117px;height:19px;"><p align="center"><strong>Sales revenue ($)</strong></p></td></tr><tr><td nowrap="nowrap" style="width:70px;height:19px;"><p align="center">1</p></td><td nowrap="nowrap" style="width:117px;height:19px;"><p align="center">15,000</p></td></tr><tr><td nowrap="nowrap" style="width:70px;height:19px;"><p align="center">2</p></td><td nowrap="nowrap" style="width:117px;height:19px;"><p align="center">50,000</p></td></tr><tr><td nowrap="nowrap" style="width:70px;height:19px;"><p align="center">3</p></td><td nowrap="nowrap" style="width:117px;height:19px;"><p align="center">25,000</p></td></tr><tr><td nowrap="nowrap" style="width:70px;height:19px;"><p align="center">4</p></td><td nowrap="nowrap" style="width:117px;height:19px;"><p align="center">30,000</p></td></tr><tr><td nowrap="nowrap" style="width:70px;height:19px;"><p align="center">5</p></td><td nowrap="nowrap" style="width:117px;height:19px;"><p align="center">30,000</p></td></tr></tbody></table><p class="Default" style="margin-left:35.45pt;text-align:justify;text-justify:
inter-ideograph;text-indent:-35.45pt;tab-stops:432.35pt"><span lang="EN-US" style="color:windowtext">To calculate the standard deviation (σ):</span></p><ul class="branded"><li><p><span lang="EN-US" style="color:windowtext">Work out the mean average, i.e., (15,000 + 50,000 + 25,000 + 30,000 + 30,000) / 5 = 150,000 / 5 = $30,000.</span></p></li><li><p><span lang="EN-US" style="color:windowtext">Calculate the deviations of each data point from the mean average (see table below). For example, the deviation for Branch 2 with the largest sales revenue is $50,000 – $30,000 = +$20,000.</span></p></li><li><p><span lang="EN-US" style="color:windowtext">For each data point, square the deviation from the mean. For example, for Branch 1, this 15,000<span tabindex="-1"><span tabindex="-1"><span tabindex="-1"><span tabindex="-1"><sup data-widget="footnotemarker">2</sup><span style="background:rgba(220,220,220,0.5);background-image:url(../../../ckeditor/plugins/widget/images/handle-1.png)"></span></span><span style="background:rgba(220,220,220,0.5);background-image:url(../../../ckeditor/plugins/widget/images/handle-1.png)"></span></span><span style="background:rgba(220,220,220,0.5);background-image:url(../../../ckeditor/plugins/widget/images/handle-1.png)"></span></span><span style="background:rgba(220,220,220,0.5);background-image:url(../../../ckeditor/plugins/widget/images/handle-1.png)"></span></span> = $225,000,000.</span></p></li><li><p><span lang="EN-US" style="color:windowtext">Finally, find the square root of the average of the squared differences to determine the standard deviation (<span lang="EN-US" style="color:windowtext">σ)</span>. In this case, 1 standard variation or deviation from the mean is σ = √130,000,000 = <b>$11,401</b>.<sup>#</sup></span></p></li></ul><table border="1" cellpadding="0" cellspacing="0" width="482"><tbody><tr><td nowrap="nowrap" style="width:70px;height:19px;"><p><strong>Branch</strong></p></td><td nowrap="nowrap" style="width:117px;height:19px;"><p align="center"><strong>Sales<br>($'000)</strong></p></td><td style="width:78px;height:19px;"><p align="center"><strong>Mean ($'000)</strong></p></td><td style="width:113px;height:19px;"><p align="center"><strong>Deviation from mean ($'000)</strong></p></td><td style="width:104px;height:19px;"><p align="center"><strong>Squared difference<br>($'000,000)</strong></p></td></tr><tr><td nowrap="nowrap" style="width:70px;height:19px;"><p align="center">1</p></td><td nowrap="nowrap" style="width:117px;height:19px;"><p align="center">15</p></td><td style="width:78px;height:19px;"><p align="center">30</p></td><td style="width:113px;height:19px;"><p align="center">-15</p></td><td style="width:104px;height:19px;"><p align="center">225</p></td></tr><tr><td nowrap="nowrap" style="width:70px;height:19px;"><p align="center">2</p></td><td nowrap="nowrap" style="width:117px;height:19px;"><p align="center">50</p></td><td style="width:78px;height:19px;"><p align="center">30</p></td><td style="width:113px;height:19px;"><p align="center">+20</p></td><td style="width: 104px; height: 19px; text-align: center;">400</td></tr><tr><td nowrap="nowrap" style="width:70px;height:19px;"><p align="center">3</p></td><td nowrap="nowrap" style="width:117px;height:19px;"><p align="center">25</p></td><td style="width:78px;height:19px;"><p align="center">30</p></td><td style="width:113px;height:19px;"><p align="center">-5</p></td><td style="width:104px;height:19px;"><p align="center">25</p></td></tr><tr><td nowrap="nowrap" style="width:70px;height:19px;"><p align="center">4</p></td><td nowrap="nowrap" style="width:117px;height:19px;"><p align="center">30</p></td><td style="width:78px;height:19px;"><p align="center">30</p></td><td style="width:113px;height:19px;"><p align="center">0</p></td><td style="width: 104px; height: 19px; text-align: center;">0</td></tr><tr><td nowrap="nowrap" style="width:70px;height:19px;"><p align="center">5</p></td><td nowrap="nowrap" style="width:117px;height:19px;"><p align="center">30</p></td><td style="width:78px;height:19px;"><p align="center">30</p></td><td style="width:113px;height:19px;"><p align="center">0</p></td><td style="width:104px;height:19px;"><p align="center">0</p></td></tr><tr><td nowrap="nowrap" style="width:70px;height:19px;"><p align="center">Total</p></td><td nowrap="nowrap" style="width:117px;height:19px;"><p align="center">150</p></td><td style="width:78px;height:19px;"><p align="center"></p></td><td style="width:113px;height:19px;"><p align="center">Average</p></td><td style="width:104px;height:19px;"><p align="center">130*</p></td></tr><tr><td nowrap="nowrap" style="width:70px;height:19px;"><p align="center">Mean</p></td><td nowrap="nowrap" style="width:117px;height:19px;"><p align="center">30</p></td><td style="width:78px;height:19px;"><p align="center"></p></td><td style="width:113px;height:19px;"><p align="center">Standard deviation (σ)</p></td><td style="width:104px;height:19px;"><p align="center"><strong>11,401.75</strong></p></td></tr></tbody></table><p>* This figure is known as the variance. To calculate the standard deviation, find the square root of the variance.</p><p><sup>#</sup>Each restaurant deviates from the mean by $11,401.75 on average.</p><p>The standard deviation will be larger if the spread of the results is bigger due to greater variations in the data points from the mean (as in this case in the above example). Outliers of a data set (anomalies, irregularities, or extreme values that deviate from the mean) can drastically change the value of σ (standard deviation).</p><p>Mathematically, a typical or normal distribution of data dispersed in a data set show that:</p><ul class="branded"><li><p>68% of the data is less than 1 standard deviation (1SD) away from the mean.</p></li><li><p>95% of the data is less than two standard deviations (2SD) away from the mean.</p></li><li><p>99.7% of the data is less than three (3SD) away from the mean.</p></li></ul><p class="Default" style="text-align:justify;text-justify:inter-ideograph;
tab-stops:432.35pt"><span lang="EN-US" style="color:windowtext"></span></p><div class="greenBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-cogs fa-lg" style="color: rgb(61, 30, 128);"> </span> <span style="color:#FF0000;">Theory of Knowledge (TOK)</span></span></h5><p><em>“You may prove anything by figures” - </em>Thomas Carlyle, Scottish writer (1795 - 1881)</p><div class="box"><span style="font-family:arial,helvetica,sans-serif;">Discuss whether data reveal as much as they conceal?</span></div><p><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-youtube fa-lg" style="color: rgb(202, 72, 26);"> </span> Before answering the above question, watch this entertaining short <a href="https://youtu.be/1Totz8aa2Gg">TED Talk</a> about TED Talks(!), which shows that statistics can reveal whatever you want them to. The video is fittingly titled “Lies, damned lies, and statistics (about TED Talks)”</span></p><p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/1Totz8aa2Gg" title="Lies, damned lies and statistics (about TEDTalks)" width="640"></iframe></p><p><span style="font-family:arial,helvetica,sans-serif;"></span></p></div><div class="blueBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-lightbulb-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Top tip!</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">When analysing numerical data and descriptive statistics, consider the <strong>range</strong> and not just the various measures of the <strong>average</strong>. The range in a data set refers to the difference between the highest and the lowest values in the data set. This can enable you to determine the percentage difference between the highest and lowest values to add substance to your analysis.</span></p></div><div class="blueBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-lightbulb-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Top tip!</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../../ib/businessmanagement/images/4-marketing/market-research3.jpg" style="width: 300px; height: 199px;"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">For the <a href="../42836/the-new-internal-assessment.html" title="New syllabus 2022 » The new internal assessment">Internal Assessment</a>, students can choose to include primary and/or secondary research. The results of this research can be presented under a section called “Main results and findings”. This section should make clear what the primary and/or secondary research data show. Where appropriate, the findings can supported by use of tables, graphs, and statistics (which are not part of the word count). See page 56 of the Business Management Guide for clarification.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">In any case, data (such as infographics, the results of questionnaires, or interview transcripts) should be placed in the appendices, as evidence of data collection. This is also important for academic integrity reasons. However, the analysis of the research data must appear within the main body of the research project.</span></p></div></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>Descriptive statistics - Key terms</strong></p></div></div><div class="panel-body"><div><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Bar graphs</strong> are used to compare figures in a study, such as sales figures during different time periods. They are useful for presenting frequencies and for ease of comparison.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Descriptive statistics </strong>are quantitative tools used to summarise and present statistical data in a user-friendly way.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Histograms</strong> are a type of bar chart, used to show frequency and the range within a data set.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Infographics </strong>are visual representations of information, used to captivate people's attention<span style="font-family:arial,helvetica,sans-serif;"> by combining information and graphics.</span> </span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"></span><span style="font-family:arial,helvetica,sans-serif;">The <strong>mean </strong>(or the <strong>arithmetic mean</strong>) is a measure of the average value in a data set by calculating the sum of all the numbers in a data set and then dividing it by the number of items in that data set.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"></span> <span style="font-family:arial,helvetica,sans-serif;">The <strong>median </strong>is the average based on the middle value of the data set, which splits values in the higher half from those in the lower half.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">The <strong>mode </strong>(or the <strong>modal average</strong>) is the number that occurs more frequently than any other value in a data set.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Pie charts</strong> are used for expressing percentages, such as data on market share<strong> </strong>or the proportion of participants who chose a particular option in a survey.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"></span> <span style="font-family:arial,helvetica,sans-serif;"><strong>Quartiles</strong> divides a data set into four proportionate parts, enabling managers and decision makers to see the distribution of the items in the data set.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Standard deviation</strong> is a statistical technique that allows a business to see the extent to which the results from a set of data show divergence from the mean average. The greater the standard deviation, the more spread out the numbers are and the greater the variation from the mean.</span></p></li></ul></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>Descriptive statistics - Exam Practice Questions</strong></p></div></div><div class="panel-body"><p>To test your understanding of this topic, have a go at the following exam practice questions.</p><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-pencil-square-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Exam Practice Question 1</span></span></h5><table border="0" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:56px;"><p><span style="font-family:arial,helvetica,sans-serif;">(a)</span></p></td><td style="width:501px;"><p>Define the term <em>bar chart.</em></p></td><td style="width:85px;"><span style="font-family:arial,helvetica,sans-serif;"><em>[2 marks]</em></span></td></tr><tr><td style="width:56px;"><p><span style="font-family:arial,helvetica,sans-serif;">(b)</span></p></td><td style="width:501px;"><p><span style="font-family:arial,helvetica,sans-serif;">A business has reported the following sales revenue figures over the last 4 months: $50,000, $52,000, $53,000, and $52,000. Calculate the mean average sales revenue for the firm.</span></p></td><td style="width:85px;"><p><span style="font-family:arial,helvetica,sans-serif;"><em>[2 marks]</em></span></p></td></tr><tr><td style="width:56px;">(c)</td><td style="width:501px;"><span style="font-family:arial,helvetica,sans-serif;">Explain the value of descriptive statistics to senior managers.</span></td><td style="width:85px;"><span style="font-family:arial,helvetica,sans-serif;"><em>[4 marks]</em></span></td></tr></tbody></table><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><span style="font-family:arial,helvetica,sans-serif;"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</span></div><div class="content" readonly="false"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><strong>Answers</strong></span></span></p><p><strong>(a) Define the term <em>bar chart. </em><em>[2 marks]</em></strong></p><p><span style="color:#FF0000;">A bar chart is a visual presentation of data, used to compare figures in a study, e.g., sales revenue figures during different time of the year.</span></p><p><em><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Award [1 mark] for a definition that shows some understanding of bar chart.</span></span></em></p><p><em><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Award [2 marks] for a definition that shows a clear and accurate understanding of bar chart, similar to the example above.</span></span></em></p><hr class="hidden"><p><strong>(b) A business has reported the following sales revenue figures over the last 4 months: $50,000, $52,000, $53,000, and $52,000. Calculate the mean average sales revenue for the firm. <em>[2 marks]</em></strong></p><ul class="branded"><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">$50,000 + $52,000 + $53,000 + $52,000 = $207,000</span></span></p></li><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Mean average = </span></span><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">207,000 </span></span>/ 4 = <strong>$51,750</strong></span></span></p></li></ul><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">i.e., the firm’s sales revenue was an average of $51,750 per month for the past 4 months.</span></span></p><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>(c) Explain the value of descriptive statistics to senior managers. <em>[4 marks]</em></strong></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">A major part of a senior manager's role is strategic decision-making. The use of descriptive statistics can help these managers to make decisions in a rational or logical way, based on empirical evidence, in order to minimize risks and maximise opportunities.</span></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Descriptive statistic summarise data to help senior managers to analyse their relevance and significance to the organization and its operations. For example, managers could use average (mean, mode, and/or median) sales figures to measure financial performance or visual tools (such as pie charts, bar charts, and infographics) to support analysis of data or information about the organization's market share, costs, revenue streams, and profits.</span></span></p><p><em><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Award [1 - 2 marks] for an answer that shows limited understanding of the demands of the question.</span></span></em></p><p><em><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Award [3 - 4 marks] for an answer that shows good understanding of the demands of the question, with appropriate use of relevant terminology throughout the response, similar to the example above.</span></span></em></p></div></section></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-pencil-square-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Exam Practice Question 2</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">The data below show the number of minutes that subscribers spend on a particular educational website on a given day.</span></p><ul><li><p><span style="font-family:arial,helvetica,sans-serif;">25 - 29 minutes: 9 subscribers</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">30 - 34 minutes: 20 subscribers</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">35 - 39 minutes: 15 subscribers</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">40 - 44 minutes: 12 subscribers</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">45 - 49 minutes: 25 subscribers</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">50 - 54 minutes: 13 subscribers</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">54 - 59 minutes: 8 subscribers</span></p></li></ul><p><span style="font-family:arial,helvetica,sans-serif;">Comment on the mode value of minutes spent on the website by the average subscriber. <em>[2 marks]</em></span></p><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><span style="font-family:arial,helvetica,sans-serif;"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</span></div><div class="content" readonly="false"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><strong>Answer</strong></span></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">In this case, the mode is 45 - 49 minutes as there are 25 subscribers who spend this range of time on the website (a higher frequency than any other in the data set).</span></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">This means that the average subscriber spends about <strong>47 minutes</strong> on the website.</span></span></p><hr class="hidden"><p><em><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Award [1 mark] for the correct answer, and [1 mark] for a suitable commentary.</span></span></em></p></div></section></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-pencil-square-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Exam Practice Question 3</span></span></h5><p>The data below shows the unemployment rate for selected countries in Europe and India, for August 2022.</p><table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:171px;height:28px;"><p><strong>Indicator</strong></p></td><td style="width:85px;height:28px;"><p align="center"><strong>Belgium</strong></p></td><td style="width:85px;height:28px;"><p align="center"><strong>France</strong></p></td><td style="width:85px;height:28px;"><p align="center"><strong>Spain</strong></p></td><td style="width:85px;height:28px;"><p align="center"><strong>UK</strong></p></td><td style="width:85px;height:28px;"><p align="center"><strong>India</strong></p></td></tr><tr><td style="width:171px;height:28px;"><p>Unemployment rate</p></td><td style="width:85px;height:28px;"><p align="center">5.5%</p></td><td style="width:85px;height:28px;"><p align="center">7.4%</p></td><td style="width:85px;height:28px;"><p align="center">12.5%</p></td><td style="width:85px;height:28px;"><p align="center">3.8%</p></td><td style="width:85px;height:28px;"><p align="center">7.8%</p></td></tr></tbody></table><p><span style="color:#696969;">Source: <a href="https://tradingeconomics.com/indicators">Trading Economics</a></span></p><hr class="hidden"><p>Explain <strong>two </strong>reasons why calculating the mean average for the unemployment rate in Europe and comparing this to the unemployment rate in India is of limited use to managers. <em> [4 marks]</em></p><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</div><div class="content" readonly="false"><p><span style="color:#FF0000;"><strong>Answers</strong></span></p><p><span style="color:#FF0000;">Possible limitations include an explanation of any two of the following points:</span></p><ul class="branded"><li><p><span style="color:#FF0000;">The selected countries are not the only ones in Europe, so the unemployment rates are not necessarily representative of Europe as a whole.</span></p></li><li><p><span style="color:#FF0000;">The mean average for Belgium, France, Spain, and the UK = 7.3% which might suggest that unemployment in "Europe" is lower than in India. However, it is clear that the unemployment rate in Spain is significantly higher at 12.5%.</span></p></li><li><p><span style="color:#FF0000;">In fact, the unemployment rate in "Europe" is much lower (5.57%) without including the data from Spain. Hence, it is easy to skew averages and interpretation of the figures, which is clearly a limitation to managers.</span></p></li><li><p><span style="color:#FF0000;">India's unemployment rate is higher than the rate in 3 of the 4 European countries, yet the averages (7.3% and 7.8%) hardly differ. Again, this highlights a limitation in using mean average figures to inform business decision making.</span></p></li><li><p><span style="color:#FF0000;">Although the unemployment rate of India is lower than that of Spain's, the population size of India is much larger (in fact, it is larger than the combined populations of Belgium, France, the UK, and Spain). Hence, despite a lower unemployment rate (than Spain) or a similar unemployment rate based on the mean average for "Europe" (7.3%), the unemployment problem is likely to much larger in India due to the greater number of people affected.</span></p></li><li><p><span style="color:#FF0000;"><em>Accept any other relevant and appropriate reason that is clearly explained.</em></span></p></li></ul><p><span style="color:#FF0000;"></span></p><hr class="hidden"><p><span style="color:#FF0000;"><em>Mark as a 2 + 2.</em></span></p><p><em><span style="color:#FF0000;">For each reason, award [1 mark] for a relevant point, and a further [1 mark] for an accurate explanation.</span></em></p></div></section></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-pencil-square-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Exam Practice Question 4 - Employee retention</span></span></h5><p>The Mathematics Faculty at an IB World School consists of 10 teachers. Data from the Human Resources department at the school shows the length of service (in number of years) at these teachers have worked at the school:</p><div class="row-fluid"><div class="span6 col-left"><div><ul><li><p>Alfred = 13 years</p></li><li><p>Bryan = 7 years</p></li><li><p>Donna = 11 years</p></li><li><p>Jacqueline = 19 years</p></li><li><p>Kim = 2 years</p></li></ul></div></div><div class="span6"><div><ul><li><p>Liam = 17 years</p></li><li><p>Margaret = 23 years</p></li><li><p>Paulo = 3 years</p></li><li><p>Rhia = 5 years</p></li><li><p>Terry = 29 years</p></li></ul></div></div></div><table border="0" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:56px;"><p><span style="font-family:arial,helvetica,sans-serif;">(a)</span></p></td><td style="width:501px;"><p>Calculate the median average number of years that teachers in the Mathematics department have worked at the school.</p></td><td style="width:85px;"><span style="font-family:arial,helvetica,sans-serif;"><em>[2 marks]</em></span></td></tr><tr><td style="width:56px;"><p><span style="font-family:arial,helvetica,sans-serif;">(b)</span></p></td><td style="width:501px;"><p>Calculate the interquartile range.</p></td><td style="width:85px;"><p><span style="font-family:arial,helvetica,sans-serif;"><em>[2 marks]</em></span></p></td></tr><tr><td style="width:56px;">(c)</td><td style="width:501px;">Comment on your findings in Question 4(b) above.</td><td style="width:85px;"><span style="font-family:arial,helvetica,sans-serif;"><em>[2 marks]</em></span></td></tr></tbody></table><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</div><div class="content" readonly="false"><p><span style="color:#FF0000;"><strong>Answers</strong></span></p><p><strong>(a) Calculate the median average number of years that teachers in the Mathematics department have worked at the school. <em>[2 marks]</em></strong></p><ul class="branded"><li><p><span style="color:#FF0000;">First rank the numbers in ascending numerical order: 2, 3, 5, 7, 11, 13, 17, 19, 23, 29</span></p></li><li><p><span style="color:#FF0000;">Then determine the middle (median) number. As there are ten teachers in the data set, take the mean average of the two numbers in the middle, i.e., (11 + 13 ) / 2 = 24 / 2 = <strong>12 years</strong></span></p></li></ul><p><em><span style="color:#FF0000;">Award [1 mark] for the correct answer, and [1 mark] for showing appropriate working out.</span></em></p><hr class="hidden"><p>(b) Calculate the interquartile range. <em>[2 marks]</em></p><ul class="branded"><li><p><span style="color:#FF0000;">There are 5 values to the left of the median, i.e., 2, 3, <strong>5</strong>, 7, and 11</span></p></li><li><p><span style="color:#FF0000;">The middle value is 5, so this is the value of Q1</span></p></li><li><p><span style="color:#FF0000;">There are 5 values to the right of the median, i.e., 13, 17, <strong>19</strong>, 23, and 29</span></p></li><li><p><span style="color:#FF0000;">The middle value is 19, so this is the value of Q3</span></p></li><li><p><span style="color:#FF0000;">Hence, the IQR = 19 minus 5 = <strong>14 </strong>(or 14 years)</span></p></li></ul><p><em><span style="color:#FF0000;">Award [1 mark] for the correct answer, and [1 mark] for showing appropriate working out.</span></em></p><hr class="hidden"><p><strong>(c) Comment on your findings in Question 4(b) above. <em>[2 marks]</em></strong></p><p><span style="color:#FF0000;">The interquartile range (IQR) measures the spread of the middle half of the data in a data set. It is the range for the middle 50% of the sample and shows where most of the values lie.</span></p><p><span style="color:#FF0000;">In this case, the IRQ is 14, as Q1 = 5 and Q3 = 19. This means that approximately 25% off the team have worked at the school for five years or less, and 25% of the teachers have worked at the school for 19 years or more.</span></p><p><em><span style="color:#FF0000;">Award [1 mark] for an answer that shows some understanding of the demands of the question.</span></em></p><p><em><span style="color:#FF0000;">Award [2 marks] for an answer that shows good understanding of the demands of the question.</span></em></p></div></section></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-pencil-square-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Exam Practice Question 5</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">The numbers below show the ages of different employees in the Marketing Department of a business, based on their hierarchical rank in the organization.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">56, 39, 23, 40, 23, 23, 21, 29, 23</span></p><table border="0" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:47px;"><p><span style="font-family:arial,helvetica,sans-serif;">(a)</span></p></td><td style="width:491px;"><p><span style="font-family:arial,helvetica,sans-serif;">Calculate the median age of the workers.</span></p></td><td style="width:76px;"><p><span style="font-family:arial,helvetica,sans-serif;"><em>[2 marks]</em></span></p></td></tr><tr><td style="width:47px;"><p><span style="font-family:arial,helvetica,sans-serif;">(b)</span></p></td><td style="width:491px;"><p><span style="font-family:arial,helvetica,sans-serif;">Comment on why the median or mode might be the preferred method of calculating the average over the mean average for this business.</span></p></td><td style="width:76px;"><p><span style="font-family:arial,helvetica,sans-serif;"><br><em>[2 marks]</em></span></p></td></tr></tbody></table><span style="font-family:arial,helvetica,sans-serif;"></span><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><span style="font-family:arial,helvetica,sans-serif;"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</span></div><div class="content" readonly="false"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><strong>Answers</strong></span></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><strong>(a) Calculate the median age of the workers. <em>[2 marks]</em></strong></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"></span></span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">First, place the numbers in ascending order: 21, <span class="largest">23</span>, 23, 23, 23, 29, 39, 40, 56</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Determine the middle value to get the median value: <span style="color:#FF0000;"><s>21, <span class="largest">23</span>, 23, 23</s>, <strong>23</strong>, <s>29, 39, 40, 56</s></span></span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Hence, the median age of the staff in the department is 23 (it does not matter there are four people of the this age).</span></span></p></li></ul><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"></span></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Award<em> [1 mark]</em> for the correct answer, and a further <em>[1 mark] </em>for showing appropriate working out.</span></span></p><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>(b) Comment on why the median or mode might be the preferred method of calculating the average over the mean average for this business. <em>[2 marks]</em></strong></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">In this case, both the median and mode show the average age of the 9 workers in the Marketing Department is 23 years. With the mean, the three people who are not in their twenties pull up the average to 30.8 years (or 31 years old). This is much higher than the median or modal average yet six of the nine workers are younger than this by about 8 years.</span></span></p><p><em><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Award [1 mark] for an answer that shows some understanding.</span></span></em></p><p><em><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Award [2 marks] for an answer that shows good understanding, similar to the example above.</span></span></em></p></div></section></div><div class="panel-body"><div><div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-pencil-square-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Exam Practice Question 6 - UK cinema box office revenues</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">The data below, from Statista, show the annual cinema box office revenues in GBP (£m) from 2010 - 2020.</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../../ib/businessmanagement/images/bmt/cinema-revenue-uk.jpg" style="width: 640px; height: 388px;"></span></p><table border="0" cellpadding="0" cellspacing="0" width="642"><tbody><tr><td style="width:47px;"><p><span style="font-family:arial,helvetica,sans-serif;">(a)</span></p></td><td style="width:501px;"><p><span style="font-family:arial,helvetica,sans-serif;">Calculate the mean value of annual box office revenues for the period 2010 - 2019.</span></p></td><td style="width:94px;"><p align="right"><span style="font-family:arial,helvetica,sans-serif;"><em>[2 marks]</em></span></p></td></tr><tr><td style="width:47px;"><p><span style="font-family:arial,helvetica,sans-serif;">(b)</span></p></td><td style="width:501px;"><p><span style="font-family:arial,helvetica,sans-serif;">Describe what the data suggest happened in 2020.</span></p></td><td style="width:94px;"><p align="right"><span style="font-family:arial,helvetica,sans-serif;"><em>[2 marks]</em></span></p></td></tr><tr><td style="width:47px;"><p><span style="font-family:arial,helvetica,sans-serif;">(c)</span></p></td><td style="width:501px;"><p><span style="font-family:arial,helvetica,sans-serif;">Suggest why including the 2020 sales figure to calculate the mean average for the entire period shown is unrepresentative.</span></p></td><td style="width:94px;"><p align="right"><span style="font-family:arial,helvetica,sans-serif;"><em>[2 marks]</em></span></p></td></tr></tbody></table><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><span style="font-family:arial,helvetica,sans-serif;"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</span></div><div class="content" readonly="false"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><strong>Answers</strong></span></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><strong>(a) Calculate the mean value of annual box office revenues for the period 2010 - 2019. <em>[2 marks]</em></strong></span></p><ul><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Mean average = Sum of revenues from 2010 to 2019 / 10 years</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Mean = 11,559.5 / 10 = 1,155.95 million</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Mean = £1,155,950,000</span></span></p></li></ul><p><em><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Award [1 mark] for the correct answer and [1 mark] for showing appropriate working out.</span></span></em></p><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>(b) Describe what the data suggest happened in 2020. <em>[2 marks]</em></strong></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">The bar chart shows that UK box office sales plummeted from £1,251.8 million to £296.7m, i.e. a <span style="color:#FF0000;">sudden and sharp fall </span>of around 76.3% in just a year. This is likely to have been caused by a major adverse change in the external business environment, namely the global COVID-19 pandemic.</span></span></p><p><em><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Award [1 mark] for identifying the data shows a sudden and sharp fall in box office sales, plus [1 mark] for an appropriate description of the likely reason behind this.</span></span></em></p><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>(c) Suggest why including the 2020 sales figure to calculate the mean average for the entire period shown is unrepresentative. <em> [2 marks]</em></strong></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">The sales figure in 2020 (£269.7 million) is only about 21.5% of the value of the box office revenues just a year earlier (£1,251.8 million). Including the sudden and sharp fall in box office sales for 2020 <span style="color:#FF0000;">(caused by an event beyond the control of the industry as a whole) </span>distorts the mean average box office sales to £1,075.38 million. This would be significantly distorted if only the last two years of data were used to calculate the mean average.</span></span></p><p><em><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Award [1 mark] for an answer that shows some understanding of the demands of the question.</span></span></em></p><p><em><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Award [2 marks] for an answer that suggests why including the 2020 figure is likely to distort the mean average for the period up to 2019 prior to the sudden and sharp fall in the box office sales.</span></span></em></p></div></section></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-pencil-square-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Exam Practice Question 7 - IB Group 3 Subjects</span></span></h5><p>The table below from the IB shows the number of candidates that took examinations in the given Group 3 subjects.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;width:675pt" width="900"><colgroup><col span="9" width="100"></colgroup><tbody><tr height="19" style="height:14.6pt"><td class="xl63" height="19" style="height:14.6pt;width:75pt" width="100">Year</td><td class="xl64" style="width:75pt" width="100">Bus Man</td><td class="xl64" style="width:75pt" width="100">Econ</td><td class="xl64" style="width:75pt" width="100">Geog</td><td class="xl64" style="width:75pt" width="100">Glo Pol</td><td class="xl64" style="width:75pt" width="100">History</td><td class="xl64" style="width:75pt" width="100">ITGS</td><td class="xl64" style="width:75pt" width="100">Phil</td><td class="xl64" style="width:75pt" width="100">Psych</td></tr><tr height="19" style="height:14.6pt"><td height="19" style="height:14.6pt">M23</td><td class="xl65">30,094</td><td class="xl65">27,310</td><td class="xl65">8,995</td><td class="xl65">7,859</td><td class="xl65">45,719</td><td class="xl65">2,275</td><td class="xl65">4,400</td><td class="xl65">26,751</td></tr></tbody></table><p>Construct a pie chart to represent the above data, showing the percentage share for each subject. <em>[4 marks]</em></p><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</div><div class="content" readonly="false"><p><span style="color:#FF0000;"><strong>Answer</strong></span></p><p><span style="color:#FF0000;">The total number of candidates = 153,403</span></p><p><img alt="" height="276" src="../../../ib/businessmanagement/images/one-use/m23group3.jpg" width="510"></p></div></section></div></div></div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><div><p><strong>Using descriptive statistics as part of the BMT in the syllabus</strong></p></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;">Suggested units for integration of BMT 7 (Descriptive statistics) in teaching the contents of the syllabus include (but is not limited to):</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">Unit 1.5 - Evaluate the use of descriptive statistics in assisting decision-makers about internal and external growth strategies.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Unit 2.1 - Discuss the importance of descriptive statistics in the process of human resource planning.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Unit 2.3 (HL only) - Discuss the role of descriptive statistics in supporting scientific management decision making.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Unit 2.4 - How might descriptive statistics be used to make cost-of-living adjustments in order to remunerate employees?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Unit 3.9 (HL only) - Discuss the role of descriptive statistics in the budgeting process.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Unit 4.3 - Discuss how the use of descriptive statistics can help a business to improve the accuracy of its sales forecasting.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Unit 4.4 - Examine the role of descriptive statistics in market research.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Unit 4.5 - Discuss the role of descriptive statistics in determining pricing methods.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Unit 5.5 (HL only) - Evaluate the role of descriptive statistics in production planning.</span></p></li><li><p>Unit 5.7 (HL only) - Discuss how the use of <a href="../42634/big-data.html" title="New syllabus (first teaching 2022) » Unit 5 - Operations Management » 5.9 Management Information Systems (HL) » Big data">big data</a> and descriptive statistics can support a business with its risk management (contingency planning).</p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Unit 5.9 (HL only) - Discuss the value of descriptive statistics in understanding the value of big data to businesses.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Unit 5.9 (HL only) - </span>Discuss the role of descriptive statistics in supporting managers to develop improved customer loyalty programmes.</p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">BMT 5 Business plans - Discuss the role of descriptive statistics in the compilation of business plans.</span></p></li><li><p>Key concept - Discuss the links between <a href="../43631/ethics.html" title="New syllabus (first teaching 2022) » The 4 key concepts » Ethics">ethics</a> in a business context and the use of descriptive statistics.</p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Internal Assessment (SL & HL) - How might the use of descriptive statistics help to address the research question in the internal assessment?</span></p></li></ul></div></div><div class="panel-footer"><div></div></div></div><p><span style="font-family:arial,helvetica,sans-serif;">Return to the <a href="../42640/business-management-toolkit-bmt.html" title="New syllabus 2022 » Business Management Toolkit (BMT)">Business Management Toolkit (BMT)</a> homepage</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><a href="../../../businessmanagement.html"><img alt="" src="../../../ib/businessmanagement/logo-blue-black-1.png" style="width: 170px; height: 54px;"></a></span></p><script>document.querySelectorAll('.tib-teacher-only').forEach(e => e.remove());</script>
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