HI6007-Statistics For Business Decision Making Assessment-Holmes Institute Australia

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 the 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 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 fit business solution;

8. Explain and justify the 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

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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 questions for weeks 1 to 11 inclusive and submit these answers in a single document.

The questions to be answered are;

Question 1

1. With your own words, using relevant examples briefly define types of probability assigning methods

2. Transport trade association conducted a survey of their members to determine what they felt were the important issues to be discussed with the management. The survey results showed that 74% felt that job security was an important issue, while 65% felt that salary increment was an important issue. Of those who felt salary increment was an important issue, 60% also felt that job security was an important issue.

3. What percentage of the members felt that both job security and salary increment were important?

4. What percentage of the members felt that at least one of these two issues was important?

Question 2 

The annual food consumption survey shows that number of instant food meals consumed per month by university students is normally distributed with a mean of 10 and a standard deviation of 3.

1. Calculate the proportion of students who consume more than 12 instant meals per month?

2. Estimate the probability that in a random sample of 25 students’ more than 275 instant meals are consumed.

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Question 3

D Dax limited installed a piece of new safety equipment in order to reduce the number of person-hours lost as a result of the industrial accidents. In a test of the effectiveness of the equipment, a random sample of 50 departments was chosen. The number of person-hours lost in the month prior to and the month after the installation of the safety equipment was recorded. The percentage change was calculated and recorded. Assume that the population standard deviation is 5 and the sample mean is -1.2. Can we infer at the 10% significance level that the new safety equipment is effective?

You are required to 

1. Formulate hypotheses

2. Decide the suitable test statistics and justify your selection.

3. Calculate the value of the relevant test statistics and identify the P-value

4. Based on the test statistics in part (III), decide the decision criteria.

5. Make the final conclusion based on the analysis.

Question 4

The table below shows data on research to examine the perception of business ethics among 3 groups of employees (higher score indicates higher ethical values).

ABC
656
557
446
545
656
446
556
466
654
565

1. State the null and alternative hypothesis for single-factor ANOVA to test for any significant difference in the perception among the three groups.

2. State the decision rule at a 5% significance level.                                                           

3. Calculate the test statistic.

4. Based on the calculated test statistics decide whether any significant difference in the mean price of gasoline for the three bands.

Note: No excel ANOVA output allowed. Students need to show all the steps in calculations. 

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Question 5 

Relax mortgage has gathered the following data to examine the relationship between housing starts and mortgage interest rate.

Interest rate3.53.02.83.62.753.43.122.863.022.63.3
Housing starts10012015013017013513018512719096

You are required to;

1. Derive the regression equation

2. Estimate the no of housing starts if the mortgage interest rate is 2.5%

3. Calculate and interpret the correlation between interest rate and no of housing starts.

Question 6  

D& T LTD’s marketing team needed more information about the effectiveness of their 3 main modes of advertising.  To determine which type is the most effective, the manager collected one week’s data from 25 randomly selected stores.

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