BEO0116 BUSINESS STATISTICS – Assessment Declaration College of Business

Task 1 

(a) Make a hard copy of your Random Number Table containing the following:

(i) The highlight of the starting row and starting column of the sample selection

process. (Refer to the Assignment Part I Model Answer). (1 mark)

(ii) The strikethrough/mark on the three digits good numbers and the cross-out of

the repeated number(s). (Refer to the Assignment Part I Model Answer). (4 marks)

(b) Print a hard copy (see note below) of your sample property data (9 columns x 51 rows

of data plus the column headings row) from the Excel file (SamplePropertyData)

obtained per the above instructions. (5 marks)

Note: when printing the hard copies in (b) please select Page Setup in Excel and then

under Print in the Sheet window, tick the Gridlines and Row and column headings

check boxes. This will ensure that the Excel row and column headings are included

in your Excel printout. The screenshot for printing row and column heading is

attached below for reference.

 

Assignment Part II

Answers to the six assignment tasks in Part II must be based on the sample data file that

you have created in Part I. All tasks in this assignment require you to obtain an Excel output

prior to performing some analysis. Copy and Paste these outputs to your assignment MS-

Word document immediately preceding any subsequent analysis. Explanations must be

precise and to the point. Charts and tables must have appropriate titles and numerical

values must be rounded to an appropriate number of decimal places and accompanied by

the correct units of measure.

 

Task 2 

Use Excel to produce a Frequency Column Chart (4 marks) and a Relative Frequency Pie-

Chart (3 marks) for your sample to show the number and proportion, respectively, of each

building type.

Use these graphical summaries to answer the following questions:

(a) How many properties in your sample consist of brick buildings? (1 mark)

(b) Which building type occurs most frequently in your sample? (1 mark)

(c) What proportion of properties in your sample consists of weatherboard buildings? (1 mark)

 

Task 3 

(a) Use Excel to sort your sample “Sold Price” data and paste into your MS Word assignment document. (1 mark)

(b) Use the percentile location formula;

LP =(n+1)p/100, and the three associated rules (Slide 11 of Week 2 Seminar,Session 1) (1 mark) to determine:

(i) The 70 th percentile. (1 mark)

(ii) The first and third quartiles. (2 mark)

(c) Briefly explain what the 70 th percentile that you have determined informs you about

your sample “Sold Price” data. (2 mark)

(d) Determine the Inter-Quartile Range of your sample “Sold Price” data and provide a

brief explanation of what information this statistic provides about your sample data.(3 marks)

 

Task 4

(a) Use Excel to produce a Descriptive Statistics table for your sample “Sold Price” data

and paste into your MS Word assignment document. (4 marks)

(b) Use results from Task 3 to determine manually for this data, the upper and lower

inner fence limits;

IFUL = Q 3 + 1.5 x IQR (1.5 marks) and IFLL = Q1 – 1.5 x IQR (1.5 marks)

(c) Based on the limits calculated in (b), choose from the numerical summary measures

provided in the Descriptive Statistics table, and/or measures calculated previously in

 

Task 5:

(i) an appropriate measure of central tendency, and, (1 mark)

(ii) an appropriate measure of dispersion for your sample “Sold Price” data. (1 mark)

Provide a brief explanation of the reasoning behind your choice in both cases. (1 mark)

 

Task 6

Remember to show all working! Failure to do so will result in the loss of marks.

(a) From the Descriptive Statistics table obtained in Task 5, identity three pieces of

evidence that indicate whether your sample “Sold Price” data has been obtained from

a normally distributed population or not. What is your conclusion? Note: Make sure

only one piece of evidence relates to the shape of the sample data. ( 2 marks)

(b) Regardless of your conclusion in above, assume the “Sold Price” population data is

normally distributed. Applying the Standard Normal tables, calculate how many “Sold

Price” observations in your sample would expect to lie within 1.5 standard deviations

of the mean (i.e. between z = –1.5 and z = +1.5). (4 marks)

(c) Use the mean and standard deviation from the Descriptive Statistics table of Task 5

to calculate the bound for 1.5 standard deviation spread from the mean. Using the

“Sold Price” sample data, manually count the number of observations fall within the

bound. State whether this count matches, approximately, your answer to (b) and

hence whether this result confirms (or not) your conclusion in (a).

 

 

Task 7 

Remember to show all working! Failure to do so will result in the loss of marks.

(a) Use Excel to produce a Descriptive Statistics table for the brick veneer properties in

your sample suitable for constructing an interval estimate of the population

proportion of brick veneer properties. Hence determine: (2 marks)

(i) A point estimate of the proportion of brick veneer properties in the population.(1 mark)

(ii) A 99% confidence interval estimate of the proportion of brick veneer properties in the population. (1 mark)

(b) Using the following formula:

(sample statistic)  (critical z or t)  (standard error of the sample statistic)

Use the rule of thumb for good normal approximation (Slide 3 of Week 7 Session

2) for proportion, then the Empirical Rule (Slide 8 of Week 5 Session 1) for a Normal

distribution to determine a 95% confidence interval estimate of the proportion of brick

veneer properties in the population. (4 marks)

(c) Compare, in terms of the precision, the interval manually calculated in (b) with the

interval obtained from the Descriptive Statistics table in (a). Explain why the direction

of the change in precision is expected.

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