HI6007 MID TERM
\nSTATISTICS FOR BUSINESS DECISIONS
\nFINAL ASSESSMENT
\nTRIMESTER 2, 2022
\nTIME ALLOWED: 24 hours
\nAssessment Weight: 50 total marks
\nInstructions:
\n\u2022 All questions must be answered by using the answer boxes provided in this paper.
\n\u2022 Completed answers must be submitted to Blackboard by the published due date and time.
\nPlease ensure you follow the submission instructions at the end of this paper.
\nPurpose:
\nThis assessment consists of five (5) questions and is designed to assess your level of knowledge of the key topic (sample nursing essay examples by the best nursing assignment writing service)s covered in this unit.<\/p>\n
Question 1 (10 marks)
\na. Using your own words, differentiate descriptive statistics from inferential statistics.
\n(2 marks)
\nANSWER a): ** Answer box will enlarge as you type
\nb. The sales per day, in dollars, at a retail store are given below.
\n1520 2620 3360 1350 2545
\n1430 2400 1550 2390 1560
\ni. Calculate the mean, median, first quartile and third quartile. (2 marks)
\nANSWER b {i}:
\nii. Calculate the variance and standard deviation, interquartile range and coefficient of variation. (2 marks)
\nANSWER b {ii}:
\niii. What conclusion can you reach about daily sales at this store. (4 marks)
\nANSWER b {iii}:
\nQuestion 2 (10 marks)
\nThe unit coordinator of the MBA statistics unit at Holmes institute wants to determine whether there are significant differences between student performance across campuses. A random sample of 18 students were selected with 6 students in each campus. The table below shows the student grades in T1 2022.
\nCampus Location
\nMelbourne Sydney Brisbane
\n75 55 77
\n68 70 55
\n79 65 70
\n90 60 60
\n65 70 65
\n72 78 70
\nAt the 5% level of significance, is there evidence of a significant difference in students\u2019 performance between three campuses? Use the six steps process of hypothesis testing to answer the question.
\nANSWER:
\nQuestion 3 (10 marks)
\na. Critically review the importance of residual analysis in regression (2 marks)
\nANSWER a):
\nb. A researcher wants to assess the impact of interet rate and exchange rate on S&P\/ASX 200 Benchmark Index. So, he gathered a data set from 1992 -2021. The below is the summarizes regression output. However, it is incompete to a certain extend.
\nSUMMARY OUTPUT
\nRegression Statistics
\nMultiple R 0.748527
\nR Square 0.560293
\nAdjusted R Square A
\nStandard Error 1159.889
\nObservations 30
\nANOVA
\ndf SS MS F Significance F
\nRegression 2 46285802 23142901 D 0.0000152
\nResidual B 36324234 C
\nTotal 29 82610035
\nCoefficients Standard Error t Stat P-value Lower 95% Upper 95%
\nIntercept 6394.028643 572.7939949 11.16288 0.0000000 5218.752444 7569.304841
\nInflation Rates E 20261.7341 1.38328 0.1779114 -13545.99714 69601.29154
\nInterest Rates -63459.36165 10886.28913 -5.82929 0.0000033 -85796.18191 -41122.5414
\nBased on the above incomplete regression output, you are required to:
\ni. State the multiple regression equation. (1 mark)
\nANSWER b {i}:
\nii. Interpret the meaning of regression coefficients. (3 marks)
\nANSWER b {ii}:
\niii. Calculate the adjusted R square and interpret its meaning. (2 marks)
\nANSWER b {iii}:
\niv. Determine whether there is a significant relationship between dependent variable and the two independent variables at the 5% level of Significance. (2 marks)
\nANSWER b {iv}:
\nQuestion 4 (10 marks)
\nApex company is one of the main producers of Nutrition bars in Australia. The Production manager of Apex company has reported that the weight of each Nutrition bar is a normally distributed random variable with a mean of 31.7g and a standard deviation of 0.3g.
\na. Find the probability that if a customer buys one chocolate bar, that bar will weigh less than 31.4g. (2.5 marks)
\nANSWER a):
\nb. Find the probability that, if a customer buys a pack of four bars, the mean weight of the four bars will be less than 31.4g. (2.5 marks)
\nANSWER b):
\nc. Find the probability that, if a customer buys a pack of four bars, the mean weight of the four bars will be greater than 31.4g. (2.5 marks)
\nANSWER c):
\nd. Find the probability that, if a customer buys a pack of four bars, the mean weight of the four bars will be between 31.4g and 31.9g. (2.5 marks)
\nANSWER d):
\nQuestion 5 (10 marks)
\na. Amiba Private limited produce 10 products in their production plant. The company\u2019s research and development (R& D) department wants to estimate a price for their 11th product. Hence, R & D department has selected 10 sites thought to have essentially identical sales potential and offered the product in each location at a different price. The resulting sales are recorded in the following table.
\nYou are required to find the equation of the regression line and forecast the sales if company fix the price at $15.25. (5 marks)
\nLocation 1 2 3 4 5 6 7 8 9 10
\nPrice 15.00 15.50 16.00 16.5 17.00 17.50 18.00 18.50 19.00 19.50
\nSales ($\u2019000) 15 14 16 9 12 10 8 9 6 5
\nANSWER a):
\nb. 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:
\n1. The resident\u2019s age
\n2. Frequency of bus use
\n3. Usual ticket type purchased
\n4. Main purpose of using the bus
\ni. Describe the population (1 mark)
\nANSWER b {i}:
\nii. Indicate whether each of the questions above is categorical or numerical.
\n(2 marks)
\nANSWER b {ii}:
\niii. Identify the possible scale of measurements on answers related to each of the questions. (2 marks)
\nANSWER b {iii}:
\niv. Develop two more numerical questions and state whether the variables are discrete or continuous. (3 marks)
\nANSWER b {iv}:
\nEND OF FINAL ASSESSMENT
\nSubmission instructions
\nBefore you submit your assessment, please check all of the following:
\n\u2022 You have named your file with your Student Number and Unit Code e.g. NTR1234 HI6007
\nIt is critical you follow this file name instruction to ensure the file belongs to you.
\n\u2022 You have saved your file in MICROSOFT WORD format only. No other format is accepted.
\n\u2022 You have checked you are submitting the correct document as special consideration is not granted if you make a mistake.
\nOnce you have checked the above:
\nUpload your file to the appropriate link on Blackboard.
\nYou have two attempts to submit your assessment with only the final submission being marked.
\n** Note: All submissions are automatically passed through SafeAssign to assess academic integrity.<\/p>\n","protected":false},"excerpt":{"rendered":"
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