Posted: October 27th, 2022

HI6007 MID TERM STATISTICS FOR BUSINESS DECISIONS

HI6007 MID TERM
STATISTICS FOR BUSINESS DECISIONS
FINAL ASSESSMENT
TRIMESTER 2, 2022
TIME ALLOWED: 24 hours
Assessment Weight: 50 complete marks
Directions:
• All questions should be answered by utilizing the reply containers offered on this paper.
• Accomplished solutions should be submitted to Blackboard by the printed due date and time.
Please make sure you observe the submission directions on the finish of this paper.
Objective:
This Assessment consists of 5 (5) questions and is designed to evaluate your stage of information of the important thing matters lined on this unit.

Question Assignment 1 (10 marks)
a. Utilizing your individual phrases, differentiate descriptive statistics from inferential statistics.
(2 marks)
ANSWER a): ** Reply field will enlarge as you kind
b. The gross sales per day, in dollars, at a retail retailer are given beneath.
1520 2620 3360 1350 2545
1430 2400 1550 2390 1560
i. Calculate the imply, median, first quartile and third quartile. (2 marks)
ANSWER b i:
ii. Calculate the variance and normal deviation, interquartile vary and coefficient of variation. (2 marks)
ANSWER b :
iii. What conclusion are you able to attain about every day gross sales at this retailer. (four marks)
ANSWER b iii:
Question Assignment 2 (10 marks)
The unit coordinator of the MBA statistics unit at Holmes institute needs to find out whether or not there are important variations between scholar efficiency throughout campuses. A random pattern of 18 college students had been chosen with 6 college students in every campus. The desk beneath exhibits the scholar grades in T1 2022.
Campus Location
Melbourne Sydney Brisbane
75 55 77
68 70 55
79 65 70
90 60 60
65 70 65
72 78 70
On the 5% stage of significance, is there proof of a big distinction in college students’ efficiency between three campuses? Use the six steps strategy of speculation testing to reply the Question Assignment.
ANSWER:
Question Assignment three (10 marks)
a. Critically Assessment the significance of residual Assessment in regression (2 marks)
ANSWER a):
b. A researcher needs to evaluate the influence of interet charge and alternate charge on S&P/ASX 200 Benchmark Index. So, he gathered a knowledge set from 1992 -2021. The beneath is the summarizes regression output. Nonetheless, it’s incompete to a sure lengthen.
SUMMARY OUTPUT
Regression Statistics
A number of R zero.748527
R Sq. zero.560293
Adjusted R Sq. A
Normal Error 1159.889
Observations 30
ANOVA
df SS MS F Significance F
Regression 2 46285802 23142901 D zero.0000152
Residual B 36324234 C
Whole 29 82610035
Coefficients Normal Error t Stat P-value Decrease 95% Higher 95%
Intercept 6394.028643 572.7939949 11.16288 zero.000000zero 5218.752444 7569.304841
Inflation Charges E 20261.7341 1.38328 zero.1779114 -13545.99714 69601.29154
Curiosity Charges -63459.36165 10886.28913 -5.82929 zero.0000033 -85796.18191 -41122.5414
Based mostly on the above incomplete regression output, you’re required to:
i. State the a number of regression equation. (1 mark)
ANSWER b i:
ii. Interpret the which means of regression coefficients. (three marks)
ANSWER b :
iii. Calculate the adjusted R sq. and interpret its which means. (2 marks)
ANSWER b iii:
iv. Decide whether or not there’s a important relationship between dependent variable and the 2 impartial variables on the 5% stage of Significance. (2 marks)
ANSWER b iv:
Question Assignment four (10 marks)
Apex firm is likely one of the foremost producers of Diet bars in Australia. The Manufacturing supervisor of Apex firm has reported that the load of every Diet bar is a usually distributed random variable with a imply of 31.7g and a normal deviation of zero.3g.
a. Discover the likelihood that if a buyer buys one chocolate bar, that bar will weigh lower than 31.4g. (2.5 marks)
ANSWER a):
b. Discover the likelihood that, if a buyer buys a pack of 4 bars, the imply weight of the 4 bars might be lower than 31.4g. (2.5 marks)
ANSWER b):
c. Discover the likelihood that, if a buyer buys a pack of 4 bars, the imply weight of the 4 bars might be better than 31.4g. (2.5 marks)
ANSWER c):
d. Discover the likelihood that, if a buyer buys a pack of 4 bars, the imply weight of the 4 bars might be between 31.4g and 31.9g. (2.5 marks)
ANSWER d):
Question Assignment 5 (10 marks)
a. Amiba Personal restricted produce 10 merchandise of their manufacturing plant. The corporate’s analysis and growth (R& D) division needs to estimate a worth for his or her 11th product. Therefore, R & D division has chosen 10 websites thought to have primarily similar gross sales potential and supplied the product in every location at a special worth. The ensuing gross sales are recorded within the following desk.
You’re required to search out the equation of the regression line and forecast the gross sales if firm repair the value at $15.25. (5 marks)
Location 1 2 three four 5 6 7 eight 9 10
Value 15.00 15.50 16.00 16.5 17.00 17.50 18.00 18.50 19.00 19.50
Gross sales ($’00zero) 15 14 16 9 12 10 eight 9 6 5
ANSWER a):
b. Victorian authorities has proposed a brand new bus community to south east regional Victoria. A survey is shipped out to residents asking questions which relate to:
1. The resident’s age
2. Frequency of bus use
three. Ordinary ticket kind bought
four. Major function of utilizing the bus
i. Describe the inhabitants (1 mark)
ANSWER b i:
ii. Point out whether or not every of the questions above is categorical or numerical.
(2 marks)
ANSWER b :
iii. Establish the attainable scale of measurements on solutions associated to every of the questions. (2 marks)
ANSWER b iii:
iv. Develop two extra numerical questions and state whether or not the variables are discrete or steady. (three marks)
ANSWER b iv:
END OF FINAL ASSESSMENT
Submission directions
Earlier than you submit your Assessment, please examine all the following:
• You’ve named your file together with your Scholar Quantity and Unit Code e.g. NTR1234 HI6007
It’s essential you observe this file identify instruction to make sure the file belongs to you.
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After you have checked the above:
Add your file to the suitable hyperlink on Blackboard.
You’ve two makes an attempt to submit your Assessment with solely the ultimate submission being marked.
** Notice: All submissions are robotically handed by way of SafeAssign to evaluate tutorial integrity.

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