Student Number: (enter on the line below)Student Name: (enter on the line below)HI6007statistics for business DECISIONS final assessmeNtTrimester 2, 2022TIME ALLOWED: 24...

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Student Number: (enter on the line below) Student Name: (enter on the line below) HI6007 statistics for business DECISIONS final assessmeNt Trimester 2, 2022 TIME ALLOWED: 24 hours Assessment Weight: 50 total marks Instructions: · All questions must be answered by using the answer boxes provided in this paper. · Completed answers must be submitted to Blackboard by the published due date and time. Please ensure you follow the submission instructions at the end of this paper. Purpose: This assessment consists of five (5) questions and is designed to assess your level of knowledge of the key topics covered in this unit. HI6007 Final Assessment T2 2022 Question 1 (10 marks) a. With suitable examples, discuss the importance of scale of measurements in statistics. (2 marks) ANSWER a): ** Answer box will enlarge as you type b. The advertising expenditure per month, in dollars, at a tourism company are given below. 1600 1800 2500 1500 3200 4500 6000 3200 1200 5000 i. Calculate the mean, median, first quartile and third quartile.(2 marks) ANSWER b (i): ** Answer box will enlarge as you type ii. Calculate the variance and standard deviation, interquartile range and coefficient of variation.(2 marks) ANSWER b (ii): iii. What conclusion can you reach about advertising expenditure at this store.(4 marks) ANSWER b (iii): Question 2 (10 marks) The marketing manager of a Home deco company in Australia wants to determine whether outlet location has any effect on their sales. Three different outlets are considered: Location A, B and C. A and their sales during last 5 months were recorded. Assume the size of the outlet and price of the product are constant for all stores. Sales (000) Location A Location B Location C 250 150 230 270 300 200 180 300 250 265 170 300 100 120 370 At the 5% level of significance, is there evidence of a significant difference in mean sales between the various aisle location? Use six steps process of hypothesis testing to answer the question. ANSWER: Question 3 (10 marks) a. Discuss minimum of two (2) Ordinary least square (OLS) assumptions and their importance for a validity of regression model (2 marks) ANSWER a): b. The Head of production at Amiba private limited needed to examine the key determinants of company profitability($,000). So, he collected relevant(monthly) data and following is the summary of his regression output. SUMMARY OUTPUT Regression Statistics Multiple R 0.5776 R Square 0.3336 Adjusted R Square 0.2670 Standard Error 2.2743 Observations 34 ANOVA   df SS MS F Significance F Regression 3 77.6774 25.8925 5.0060 0.0062 Residual 30 155.1693 5.1723 Total 33 232.8467         Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 10.49 2.9211 3.5927 0.0012 4.5291 16.4605 4.5291 16.4605 Variable X 0.99 1.2461 0.7937 0.4336 -1.5559 3.5340 -1.5559 3.5340 Variable Y 2.56 1.1291 2.2663 0.0308 0.2529 4.8648 0.2529 4.8648 Variable Z 2.06 1.2777 1.6107 0.1177 -0.5515 4.6674 -0.5515 4.6674 i. Interpret the meaning of intercept coefficients and at 5% level review the significance of those variables to the model (3 marks) ANSWER b(i): ii. Calculate the adjusted R square and interpret its meaning (2 marks) ANSWER b(ii): iii. Based on your opinion, decide the names of the explanatory variables used in the study. (Note: variable selection should have a valid justification) (3 marks) ANSWER b(iii): Question 4 (10 marks) The supply chain manager at D Dax conducts an audit to assess the quality of one of the imported components in their manufacturing process. As per the records the imported components are normally distributed, with mean of 116 cm and standard deviation of 2.6cm. a. Find the probability that one randomly selected unit has a length greater than 121cm.(2.5 marks) ANSWER a): b. Find the probability that each of the three randomly selected units have lengths exceeding 121cm.(2.5 marks) ANSWER b): c. Find the probability that if three units are randomly selected, their mean length exceeds 121cm.(2.5 marks) ANSWER c): d. Explain the differences between parts (a), (b) and (c).(2.5 marks) ANSWER: Question 5 (10 marks) a. The Victorian government has proposed a new bus network to south east regional Victoria. A survey is sent out to residents asking questions which relate to: 1. The resident’s age 2. Frequency of bus use 3. Usual ticket type purchased 4. Main purpose of using the bus i. Describe the population (1 mark) ANSWER a(i): ii. Identify the possible scale of measurements on answers related to each of the questions.(2 marks) ANSWER a(ii): iii. Develop one more categorical question and specify the scale of measurement.(2 marks) ANSWER a(iii): b. In your own words, discuss the main methods use to assign probabilities. Support your answer with suitable examples and critically review the use of each of these methods in real world business decision makings.(5 marks) ANSWER b): END OF FINAL ASSESSMENT Submission instructions Before you submit your assessment, please check all of the following: · You have named your file with your Student Number and Unit Code e.g. EMV12345 HI6007 It is critical you follow this file name instruction to ensure the file belongs to you. · You have saved your file in MICROSOFT WORD format only. No other format is accepted. · You have checked you are submitting the correct document as special consideration is not granted if you make a mistake. Once you have checked the above: Upload your file to the appropriate link on Blackboard. You have two attempts to submit your assessment with only the final submission being marked. ** Note: All submissions are automatically passed through SafeAssign to assess academic integrity.