# HI6007 Statistics For Business Decisions

HI6007 STATISTICS FOR BUSINESS DECISIONS GROUP ASSIGNMENT

Holmes Institute

Faculty of Higher Education

To ensure that all students participate equitably in the group assignment and that students are responsible for the academic integrity of all components of the assignment. You need to complete the following table which identifies which student/students are responsible for the various sections of the assignment

Assignment Section Student/Students

 Assignment Section Student/Students

This table needs to be completed and submitted with the assignment as it is a compulsory component required before any grading is undertaken.

Trimester: T3 2019
Unit Code: HI6007
Unit Title : Statistics and Research Methods for Business Decision Making

Assessment Type : Assessment 2

Assessment Title: Group Assignment

Purpose of the assessment (with ULO Mapping): Students are required to show the understanding of the principles and techniques of business research and statistical analysis taught in the course.

Assessment Details and Submission Guidelines

 Submission Guidelines All work must be submitted on Blackboard by the due date along with a completed Assignment Cover Page.The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers.Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using Harvard referencing style.

HI6007 STATISTICS FOR BUSINESS DECISIONS GROUP ASSIGNMENT

Purpose:

Assignment Specifications

This assignment aims at Understand various qualitative and quantitative research methodologies and techniques, and other general purposes are:

1. Explain how statistical techniques can solve business problems
2. Identify and evaluate valid statistical techniques in a given scenario to solve business problems
3. Explain and justify the results of a statistical analysis in the context of critical reasoning for a business
problem solving
4. Apply statistical knowledge to summarize data graphically and statistically, either manually or via a
computer package
5. Justify and interpret statistical/analytical scenarios that best fits business solution

Assignment Structure should be as the following:

This is an applied assignment. Students have to show that they understand the principles and techniques taught in this course. Therefore students are expected to show all the workings, and all problems must be completed in the format taught in class, the lecture notes or prescribed text book. Any problems not done in the prescribed format will not be marked, regardless of the ultimate correctness of the answer.

(Note: The questions and the necessary data are provided under “Assignment and Due date” in the Blackboard.)

Instructions:

• Your assignment must be submitted in WORD format only!
• When answering questions, wherever required, you should copy/cut and paste the Excel output (e.g., plots, regression output etc.) to show your working/output.
• Submit your assignment through Safe-Assign in the course website, under the Assignments and due dates, Assignment Final Submission before the due date.
• You are required to keep an electronic copy of your submitted assignment to re-submit, in case the original submission is failed and/or you are asked to resubmit.
Important Notice:
All assignments submitted undergo plagiarism checking; if found to have cheated, all involving submissions would receive a mark of zero for this assessment item.

Question 1

Australian food and fibre exports have been on the increase for decades. Among the six Australian states, Victoria leads food and fibre exports. The following table lists the value of food and fibre exports (in millions of dollars) by states in Australia for the years 2010 and 2015. The table is stored in file AUSTRALIAN FOOD AND FIBRE EXPORTS.XLSX (in the course website). Using this data, answer the questions below. (6 Marks)

1. (a)  Use an appropriate graphical technique to compare the amount of food and fibre exports (in millions of dollars) in 2010 and 2015, broken down by the Australian states. (2 marks)
2. (b)  Use an appropriate graphical technique to compare the percentage value of the amount of food and fibre exports (in %) in 2010 and 2015, broken down by the Australian states.
(2 marks)
3. (c)  Comment your observations in parts (a) and (b). (2 marks)

Question 2.

The numbers of weekly sales calls by a sample of 40 telemarketers were recorded in the table below.

• Construct a frequency distribution and a relative frequency distribution for the data.
• Construct a cumulative frequency distribution and a cumulative relative frequency distribution for the data.
• Plot a relative frequency histogram for the data. Construct an ogive for the data.
• What proportion of the data is less than 20? What proportion of the data is more than 24?

Use following class intervals to answer the above questions

Because inflation reduces the purchasing power of the dollar, investors seek investments that will provide protection against inflation; that is, investments that will provide higher returns when inflation is higher. It is frequently stated that ordinary shares provide just such a hedge against inflation. The annual Australian inflation rate (as measured by percentage changes in the consumer price index) and the annual All-Ordinaries Index from 1995 to 2015 are stored in file INFLATION.XLSX(in the course website).

1. Using an appropriate graphical descriptive measure (relevant for time series data) describe the
two variables. (2 marks)
2. Use an appropriate plot to investigate the relationship between RATE OF INFLATION and ALL- ORDINARIES INDEX. Briefly explain the selection of each variable on the X and Y axes and why?
(3 marks)
3. Prepare a numerical summary report about the data on the two variables by including the summary measures, mean, median, range, variance, standard deviation, and coefficient of variation, smallest and largest values, and the three quartiles, for each variable.
(4 marks)
4. Calculate the coefficient of correlation (r) between RATE OF INFLATION and ALL-ORDINARIES INDEX. Then, interpret it. (2 marks)
5. Estimate a simple linear regression model and present the estimated linear equation. Then, interpret the coefficient estimates of the linear model.
6. Determine the coefficient of determination R2 and interpret it.
7. Test the significance of the relationship at the 5% significance level.
8. What is the value of the standard error of the estimate (se). Then, comment on the fitness of

Marking criteria

 Marking criteria Weighting 1. Australian Food and Fibre Export analysis:a)  Appropriate graphical technique for comparing the valuesb)  Appropriate graphical technique for comparing the percentagevaluesc)  Comparing a and b 6 marks2 marks 2 marks2 marks 2. Analysis of number of sales calls:a)  Appropriate frequency distributionb)  Appropriate cumulative frequency distributionc)  Histogramd)  Ogivee)  and f) Proportion 10 marks2 marks 2 marks 2 marks 2 marks 2 marks 3. Estimation and testing significance level:a)  Descriptive measureb)  Scatter plotc)  Numerical summary reportd)  Correlation coefficiente)  Estimating regression linef)  Estimating coefficient of determinationg)  Testing significanceh)  Standard error 24 marks2 marks 3 marks 4 marks 2 marks 5 marks 2 marks 4 marks 2 marks