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 XXXXXXXXXX10 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
. 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 XXXXXXXXXX10 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 XXXXXXXXXX10 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):
. 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 E
o
2.2743
Observations
34
ANOVA
df
SS
MS
F
Significance F
Regression
3
77.6774
25.8925
5.0060
0.0062
Residual
30
XXXXXXXXXX
5.1723
Total
33
XXXXXXXXXX
Coefficients
Standard E
o
t Stat
P-value
Lower
95%
Upper
95%
Lower
95.0%
Uppe
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 XXXXXXXXXX3 marks)
ANSWER b(iii):
Question 4 XXXXXXXXXX10 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):
. 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 XXXXXXXXXX10 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):
. 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
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