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HI6007 Statistics and Research Methods for Business Decision Making T1 2019

Trimester 	      T1 2019 
Unit Code 	      HI6007 
Unit Title 	      Statistics and Research Methods for Business Decision Making 
Assessment Type       Assessment 2 
Assessment Title      Group Assignment 
Holmes Institute

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.

Assignment Specifications

Purpose:

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

Please read below information carefully and respond all questions listed.

Question 1

Australian exports (goods and services) along with its top 8 export markets in 2004-05 and 2014-15 are shown in the table stored in file EXPORTS.XLSX (in the course website). Using this data, answer

the questions below. (4 Marks)

  • Use an appropriate graphical technique to compare the value of Australian exports (in A$ bn) in 2004-05 and 2014-15, broken down by country of export destination.

(1 mark)

  • Use an appropriate graphical technique to compare the percentage value of Australian exports (in %) in 2004-05 and 2014-15, broken down by country of export destination.

(1 mark)

  • Comment your observations in parts (a) and (b). (2 marks)

Question 2.

The following data are the 40 days umbrella sales from a store. (8 Marks)

63

74

42

65

51

54

36

56

68

57

62

64

76

67

79

61

81

77

59

38

84

68

71

94

71

86

69

75

91

55

48

82

83

54

79

62

68

58

41

47

  1. Construct a frequency distribution and a relative frequency distribution for the data.

(2 marks)

  1. Construct a cumulative frequency distribution and a cumulative relative frequency distribution for the data. (2 marks)
  2. Plot a relative frequency histogram for the data. (1 mark)
  3. Construct an ogive for the data. (1 mark)
  4. What proportion of the grades is less than 60? (1 mark)
  5. What proportion of the grades is more than 70? (1mark)

Use following class intervals to answer the above questions

Classes

Frequency

Relative Frequency

Cumulative Frequency

Cumulative Relative

Frequency

30 - 40

40 - 50

50 - 60

60 - 70

70 - 80

80 - 90

90 - 100

Question 3. (18 Marks)

Assume you are a research analyst in an economic consultancy firm. Your team leader has given you a research task to investigate whether the per capita retail turnover in Australia is a good predictor of the final consumption expenditure of the country.

Relevant Variables:

FINAL CONSUMPTION EXPENDITURE: (Trend) in $ Millions; - quarterly data from September 1983 to March 2016.

RETAIL TURNOVER PER CAPITA - (Trend) Total (State) in $;- quarterly data from September 1983 to March 2016.

[Quarterly time series data (for the period September 1983 to March 2016) are from the Australian Bureau of Statistics (ABS)]

The data are stored in the file named “ASSIGNMENTDATA.XLSX” in the course website. Using EXCEL, answer below questions:

  1. Using an appropriate graphical descriptive measure (relevant for time series data) describe the two variables. (1 mark)
  2. Use an appropriate plot to investigate the relationship between FINAL CONSUMPTION EXPENDITURE and RETAIL TURNOVER PER CAPITA. Briefly explain the selection of each variable on the X and Y axes and why? (2 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, coefficient of variation, smallest and largest values, and the three quartiles, for each variable.
    • marks)
  4. Calculate the coefficient of correlation (r) between FINAL

CONSUMPTION EXPENDITURE and RETAIL TURNOVER PER CAPITA. Then, interpret it.

(2 marks)

  1. Estimate a simple linear regression model and present the estimated linear equation. Then, interpret the coefficient estimates of the linear model. (4 marks)
  2. Determine the coefficient of determination R2 and interpret it. (2 marks)
  3. Test whether FINAL CONSUMPTION EXPENDITURE positively and significantly increases with RETAIL TURNOVER PER CAPITA at the 5% significance level.
    • marks)
  4. What is the value of the standard error of the estimate (se). Then, comment on the fitness of the linear regression model? (1 mark) Marking criteria

Marking criteria

Weighting

1. Australian Exports Analysis:

a) Appropriate graphical technique for comparing the values

b) Appropriate graphical technique for comparing the percentage values

c) Comparing a and b

4 marks

1 mark

1 mark

2 marks

2. Analysis of sales of a product:

a) Appropriate frequency distribution

b) Appropriate cumulative frequency distribution

c) Histogram

d) Ogive

e) and f) Proportion

8 marks

2 marks

2 marks

1 mark

1 mark

2 marks

3. Estimation and testing significance level:

a) Descriptive measure

b) Scatter plot

c) Numerical summary report

d) Correlation coefficient

e) Estimating regression line

f) Estimating coefficient of determination

g) Testing significance

h) Standard error

18 marks

1 mark

2 marks

3 marks

2 marks

4 marks

2 marks

3 marks

1 mark

TOTAL Weight

30%

Assessment Feedback to the Student:

Marking Rubric

Excellent

Very Good

Good

Satisfactory

Unsatisfactory

Australian Export Analysis

Demonstration of outstanding knowledge on descriptive

techniques

Demonstration of very good knowledge on descriptive

techniques

Demonstration of good knowledge on descriptive

techniques

Demonstration of basic knowledge on descriptive

techniques

Demonstration of poor knowledge on

descriptive

techniques

Analysis of sales of a product

Demonstration of outstanding knowledge on descriptive

measures

Demonstration of very good knowledge on descriptive

measures

Demonstration of good knowledge on descriptive

measures

Demonstration of basic knowledge on descriptive

measures

Demonstration of poor knowledge on

descriptive

measures

Estimation and testing significance

level

Demonstration of outstanding knowledge on correlation and

regression analysis

Demonstration of very good knowledge on correlation and regression

analysis

Demonstration of good knowledge on correlation and regression

analysis

Demonstration of basic knowledge on correlation and regression

analysis

Demonstration of poor knowledge on correlation and

regression analysis