Student Number: (enter on the line below) Student Name: (enter on the line below) HI6007Statistics for Business DecisionsFinal AssIGNMENt Trimester 1, 2021 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.Submission instructions are at the end of this paper. Purpose:This assessment consists of six (6) questions and is designed to assess your level of knowledge of the key topics covered in this unit Question 1 ( 7 marks) Holmes institute Students evaluation of the course they follow, askes following questions from students. Identify the type of data and measurement scale for each with relevant justifications.How many interactive tutorials did you attend in this semester?What was your group assignment grade (HD, D, C, P, F)?Rate the lecturer (very effective, effective, not too effective and not at all effective)Which campus you are registered in (Melbourne, Sydney, Brisbane or Gold coast) (2 marks) ANSWER: ** Answer box will enlarge as you type An investor recorded the following annual returns of one of his investments. You are required to calculate and comment on;Mean return.Variance and standard deviation of the return.Geometric return. Year20162017201820192020Return15%17%19%10%-5% (5 marks) ANSWER: ** Answer box will enlarge as you type Question 2 (11 marks) Nature lovers’ association of Australia, launched a campaign to encourage paper less communication and/or recycling of used papers to save the trees to reduce global warming. Hence, many small businesses have scaled up their business such as new forms of online document exchanges and collecting used papers and cardboards from households and companies. Abita Recycling Ltd is one such company which is operates in Melbourne. The financial analysist of the company has estimated that the firm would make a profit if the mean weekly collection of papers and cardboards from each household exceeded 1KG. To examine the feasibility of a recycling plant, a random sample of 100 households was selected and sample mean and standard deviations are 1.1KG and 0.35KG respectively. Following the 6-step process of hypothesis testing, you are required to examine do this information provide sufficient evidence at 99% confidence to allow the analyst to conclude that a recycling plant would be profitable? ANSWER: Question 3 (11 marks) Edex limited is a renowned agricultural chemical manufacturer in Australia. They conduct many research and development in the field of Agri and Horticulture. Company wanted to examine the effect of temperature on farming of their selected range of products. Company has produced following results based on their data gathering. 15° C352436393225° C303134232735° C2328283031 You are required to answer following questions; State the null and alternative hypothesis for single factor ANOVA to test for any significant difference in the perception among three groups. (1 marks) ANSWER: State the decision rule at 5% significance level. (2 marks) ANSWER: Calculate the test statistic. (6 marks) ANSWER: Based on the calculated test statistics, decide whether there are any significant differences between the yield based on the given temperature levels. (2 marks) ANSWER: Note: No excel ANOVA output allowed in question3. Students need to show all the steps in calculations. Question 4 (7 marks) Melbourne Uni Lodge has decided to provide cup of cold or hot drinks for their tenants to attract them after the Covid pandemic. They have determined that mean number of cups of drinks per day is 2.00 with the standard deviation of 0.6. There will be 125 new tenants in the upcoming months. What is the probability that the new tenants will consume more than 240 cups of drinks per day? ANSWER: Question 5 (7 marks) Yummy Lunch Restaurant needs to decide the most profitable location for their business expansion. Marketing manager plans to use a multiple regression model to achieve their target. His model considers yearly revenue as the dependent variable. He found that number of people within 2KM (People), Mean household income(income), no of competitors and price as explanatory variables of company yearly revenue. The following is the descriptive statistics and regression output from Excel. RevenuePeopleIncomeCompetitorsPriceMean343965.685970.2641522.962.85.68Standard Error5307.89863139.0845281582.13763850.1428570.051030203Median345166.5603241339.535.75Mode#N/A5917#N/A36Standard Deviation37532.51115983.476134116.3347181.0101530.360838027Sample Variance1408689393967225.298416944211.511.0204080.130204082Sum171982842985132076148140284Count5050505050 SUMMARY OUTPUTRegression StatisticsMultiple R0.77R SquareAAdjusted R SquareBStandard Error25139.79Observations50.00ANOVA dfSSMSFSignificance FRegressionC40585376295FH3.0831E-08ResidualD28440403984GTotalE69025780279 CoefficientsStandard Errort StatP-valueIntercept-68363.152478524.7251-0.87060.3886People6.43943.7051I0.0891Income7.27230.9358J0.0000Competitors-6709.43203818.5426K0.0857Price15968.764810219.0263L0.1251 You are required to; Complete the missing entries from A to L in this output (2 marks) ANSWER: Derive the regression model (1 mark) ANSWER: What does the standard error of estimate tell you about the model? (1 mark) ANSWER: Assess the independent variables significance at 5% level (develop hypothesis if necessary in the analysis)? (3 marks) ANSWER: Question 6 (7 marks) Anita Limited has shared their annual sales revenue over the last 6 financial years from 2015 to 2020. YearSales ($ 000)201545002016510020174900201854002019567020206000 You are required to; Using linear trend equation forecast the sales revenue of Anita Limited for 2021. (5 marks) ANSWER: Calculate the forecasted sales difference if you use 3-period weighted moving average designed with the following weights: 2018 (0.1), 2019 (0.3) and 2020(0.6). (2 marks) ANSWER: Note: See the formula sheet on the next page. FORMULA SHEET K = 1 + 3.3 log10 n Summary Measures(n – sample size; N – Population size) Or Or Or Location of the pth percentile: IQR = Q3 – Q1 Expected value of a discrete random variable Variance of a discrete random variable Z and t formulas: Confidence intervals Mean: Proportion: Time Series Regression ANOVA: F = MSTR / MSE Simple Linear Regression: SST = SSR + SSE SSE = SST = SSR= Coefficient of determination R2= SSR/SST Correlation coefficient or R2 Testing for Significance s = s 2 = MSE = SSE/(n 2) F = MSTR / MSE MSE = SSE/n-k MSR = SSR/k-1 Confidence Interval for β1 y = 0 + 1×1 + 2×2 + . . . + pxp + Multiple Regression: = b0 + b1x1 + b2x2 + . . . + bpxp R2 = SSR/SST F distribution Submission Directions: The assignment will be submitted via Blackboard. Each student will be permitted only ONE submission to Blackboard. You need to ensure that the document submitted is the correct one. Academic Integrity Holmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral to maintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks need to comply with academic integrity guidelines. Table 1 identifies the six categories of Academic Integrity breaches. If you have any questions about Academic Integrity issues related to your assessment tasks, please consult your lecturer or tutor for relevant referencing guidelines and support resources. Many of these resources can also be found through the Study Skills link on Blackboard. Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction of marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of course enrolment. Table 1: Six categories of Academic Integrity breaches PlagiarismReproducing the work of someone else without attribution. When a student submits their own work on multiple occasions this is known as self-plagiarism.CollusionWorking with one or more other individuals to complete an assignment, in a way that is not authorised.CopyingReproducing and submitting the work of another student, with or without their knowledge. If a student fails to take reasonable precautions to prevent their own original work from being copied, this may also be considered an offence.ImpersonationFalsely presenting oneself, or engaging someone else to present as oneself, in an in-person examination.Contract cheatingContracting a third party to complete an assessment task, generally in exchange for money or other manner of payment.Data fabrication and falsificationManipulating or inventing data with the intent of supporting false conclusions, including manipulating images. Source: INQAAHE, 2020 If any words or ideas used the assignment submission do not represent your original words or ideas, you must cite all relevant sources and make clear the extent to which such sources were used. In addition, written assignments that are similar or identical to those of another student is also a violation of the Holmes Institute’s Academic Conduct and Integrity policy. The consequence for a violation of this policy can incur a range of penalties varying from a 50% penalty through suspension of enrolment. The penalty would be dependent on the extent of academic misconduct and your history of academic misconduct issues. All assessments will be automatically submitted to Self-Assign to assess their originality. Further Information: For further information and additional learning resources please refer to your Discussion Board for the unit. END OF TUTORIAL ASSIGNMENT Submission instructions: Save submission with your STUDENT ID NUMBER and UNIT CODE e.g. EMV54897 HI6007Submission must be in MICROSOFT WORD FORMAT ONLYUpload your submission to the appropriate link on BlackboardOnly one submission is accepted. Please ensure your submission is the correct document.All submissions are automatically passed through SafeAssign to assess academic integrity.
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