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1 Assessment Task – Tutorial Questions Unit Code: HI6007 Unit Name: Statistics for Business Decisions Assignment: Tutorial Questions Assignment Due: week 13 Weighting: 50% Purpose: This assignment is designed to assess your level of knowledge of the key topics covered in this unit Unit Learning Outcomes Assessed.: 1. Understand appropriate business research methodologies and how to apply them to support decision-making process. 2. Understand various qualitative and quantitative research methodologies and techniques. 3. Explain how statistical techniques can solve business problems; 4. Identify and evaluate valid statistical techniques in a given scenario to solve business problems; 5. Explain and justify the results of a statistical analysis in the context of critical reasoning for a business problem solving 6. Apply statistical knowledge to summarize data graphically and statistically, either manually or via a computer package; 7. Justify and interpret statistical/analytical scenarios that best fits business solution; 8. Explain and justify value and limitations of the statistical techniques to business decision making and; 9. Explain how statistical techniques can be used in research and trade publication Description: Each week students were provided with three tutorial questions of varying degrees of difficulty. The tutorial questions are available in the Tutorial Folder, for each week, on Blackboard. The interactive tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial question for weeks 1 to 11 inclusive and submit these answers in a single document. 2 The questions to be answered are; Question 1: Week 2 Question 4 (7 Marks) a. The following data shows the results for 20 students in one of the post graduate unit. 42 66 67 71 78 62 61 76 71 67 61 64 61 54 83 63 68 69 81 53 Based on the information given you are required to i. Compute the mean, median and mode. (3 marks) ii. Compute the first and third quartiles. (1 mark) iii. Compute and interpret the 90th percentile. (1 mark) b. In your own word, explain what is inferential statistics with relevant examples. (2 marks) Question 2: Week 3 Question 4, (7 Marks) a. Holmes Institute conducted a survey about International Students in Melbourne. The survey results are given in the table below. Applied to more than 1 university Yes No Age Group 23 and under 207 201 24-26 299 379 27-30 185 268 31-35 66 193 36 and over 51 169 i. Prepare a joint probability table (1 mark) ii. Given that a student applied to more than 1 university, what is the probability that the student is 24-26 years old. (1 mark) iii. Is the number of universities applied to independent of student age? Explain (2 marks) b. Assume, North Origano, is a country with highest domestic violence cases (approximately 5 cases per 1000 families). Working with counselors, a researcher developed the following probability distribution for x= the number of new clients for counseling for 2021. x f(x) 10 0.05 20 0.10 30 0.10 40 0.20 50 0.35 60 0.20 3 i. Compute the expected value and variance of x. (3 marks) Question 3: Week 8 Question 3, (11 Marks) According to the Annual survey of drugs expenditure in country X, the annual expenditure for prescription drugs is $838 per person in the Northeast region of the country. A sample of 60 individuals in the Midwest shows a per person expenditure for prescription drugs of $745. Further, it is given that the population standard deviation of $300. I. Formulate hypotheses for a test to determine whether the sample data support the conclusion that the population annual expenditure for prescription drugs per person is lower in the Midwest than in the Northeast and Identify whether it is a two-tail test or a one tail test (Left or right tail). (3 marks) II. Decide the suitable test statistics and justify your selection. (1 mark) III. Calculate the value of the relevant test statistics and identify the P value (3 marks) IV. Based on the p value in part (III), at 99% confidence level, decide the decision criteria. (1 mark) V. Make the final conclusion based on the analysis. (3 marks) Question 4: Week 9 Question 2, (11 Marks) The gasoline price often varies a great deal across different regions across country X. The following data show the price per gallon for regular gasoline for a random sample of gasoline service station for three major brands of gasoline (A, B and C) located in 10 metropolitan areas across the country X. A B C 3.77 3.83 3.78 3.72 3.83 3.87 3.87 3.85 3.89 3.76 3.77 3.79 3.83 3.84 3.87 3.85 3.84 3.87 3.93 4.04 3.99 3.79 3.78 3.79 3.78 3.84 3.79 3.81 3.84 3.86 a. State the null and alternative hypothesis for single factor ANOVA to test for any significant difference in the mean price of gasoline for the three brands. (1 marks) b. State the decision rule at 5% significance level. (2 marks) c. Calculate the test statistic. (6 marks) 4 d. Based on the calculated test statistics decide whether any significant difference in the mean price of gasoline for three bands. (2 marks) Note: No excel ANOVA output allowed. Students need to show all the steps in calculations. Question 5: Week 11 Question 3, (7 Marks) Dex Research Limited conducted a research to investigate consumer characteristics that can be used to predict the amount charged by credit card users. The following multiple regression output is based on a data collected by this research company on annual income, household size and annual credit card charges for a sample if 50 consumers. Regression Statistics Multiple R 0.9086 R Square A Adjusted R Square 0.8181 Standard Error 398.0910 Observations B ANOVA df SS MS F Significance F Regression 2 D E G 1.50876E-18 Residual C 7448393.148 F Total 49 42699148.82 Coefficients Standard Error t Stat P-value Intercept 1304.9048 197.6548 6.6019 3.28664E-08 Income ($1000s) 33.1330 3.9679 H 7.68206E-11 Household Size 356.2959 33.2009 10.7315 3.12342E-14 a. Complete the missing entries from A to H in this output (4 marks) b. Estimate the annual credit card charges for a three-person household with an annual income of $40,000. (2 marks) c. Did the estimated regression equation provide a good fit to the data? Explain (1 mark) 5 Question 6 : Week 12 Question 2, (7 Marks) Amex PLC has gathered following information on the sales of face mask from April 2020 to September 2020. Month Sales ($) April 17,000 May 18,000 June 19,500 July 22,000 August 21,000 September 23,000 You are required to; a. Using linear trend equation forecast the sales of face masks for October 2020. (5 marks) b. Calculate the forecasted sales difference if you use 3-period weighted moving average designed with the following weights: July 0.2, August 0.3 and September 0.5. (2 marks) Note: You need to show all the steps in your calculation. No excel files will be graded. FORMULA SHEET 6 K = 1 + 3.3 log10 n Summary Measures (n – sample size; N – Population size) ? = ∑ ?? ? ?=1 ? �̅� = ∑ ?? ? ?=1 ? �̂� = ? ? ?2 = 1 ?−1 ∑ (?? − �̅�) 2? ?=1 Or ? 2 = 1 ?−1 [(∑ ?? 2? ?=1 ) − ?�̅� 2] Or ?2 = 1 ?−1 [(∑ ?? 2? ?=1 ) − (∑ ?? ? ?=1 ) 2 ? ] ?2 = 1 ? ∑ (?? − µ) 2? ?=1 Or ? 2 = 1 ? [(∑ ?? 2? ?=1 ) − ?µ 2] ?~ ????? 4 ?? = ? µ ?? = ? �̅� Location of the pth percentile: ? ?= ? 100 (?+1) IQR = Q3 – Q1 Expected value of a discrete random variable ?(?) = ? = ∑ ? ∗ ?(?) Variance of a discrete random variable ???(?) = ∑(? − ?)2 ?(?) Z and t formulas: ? = ?−? ? ? = �̅�−? ? √? ? = ?−? √ ?? ? ? = �̅�−? ? √? Confidence intervals Mean: �̅� ± ??/2