Subject Code : QBM117
Country : Australia
QBM117 - Business Statistics - Descriptive Statistics - Probability Distributions - Report Writing Assignment Help

Task:

This assignment is designed to test your knowledge about the first two major topics, Descriptive Statistics and Probability and Probability Distributions as well as the sub topic Sampling and Sampling Distributions. Students will be required to use the Data Analysis Tools in Excel to complete some parts of the assignment.

This assignment is designed to assess the following learning outcomes. That students

  •  be able to summarise and interpret data graphically and numerically;
  •  be able to use a statistical package to analyse data appropriately, and then interpret the output;
  •  be able to explain the standard uses of Statistics in the media and in business environments, and judge whether the statistical methodology and conclusions drawn are appropriate;
  •  be able to calculate and interpret probabilities, and use standard discrete and continuous probability distributions;
  •  be able to evaluate if the assumptions underlying statistical techniques are valid in a given scenario;
  •  be able to apply basic principles of survey design, such as determination of appropriate sample sizes and sampling techniques.

Question 1 - QBM117
Download the data set ‘auction data.xlsx’ from the Assignment folder in the resources section of Interact. The data given in the worksheet tab ‘Data’ show the sales results (as compiled by the Australian Property Manager (APM)) for properties listed for auction in Sydney on Saturday 8 June, 2019. The variables in this data set are: Suburb, Address, Bedrooms, Type, Price, Result and Agent. The key for entries in the variable Result are provided in the worksheet tab ‘Results Category’.

Question 2 
A bank reports that families often have more than one credit card. The most popular in Australia are Mastercard, Visa and American Express. For those families with one or more of these cards, 30% have a Mastercard, 10% have an American Express card and 60% a Visa card. They also reported that 4% of families have both a Mastercard and an American Express card, 7% have both a Mastercard and a Visa card and only 3% have both a Visa card and an American Express card. Further, 1% have all three cards.
a. Calculate the probability of selecting a family that has either a Visa card or a Mastercard.
b. If a family has a Mastercard, what is the probability it also has a Visa card? (3 marks)
c. Is possession of a Mastercard independent of possession of a Visa card? Why or why not.
d. Is possession of an American Express card mutually exclusive of possession of a Visa card? Justify your decision.

Question 3 - QBM117
There are a number of companies that provide a delivery service for take away meals. One of the important factors for the customer is the time between placing an order and receiving the meal. A particular Thai restaurant use two different delivery companies. Company A delivers 40% of their orders while Company B delivers the rest. A survey of customers using the service have indicated they want their food delivered within 30 minutes. Historically, Company B has experienced 10% of their orders taking longer than 30 minutes to deliver while Company A has been late on 15% of their orders.

Question 4 .
a. If the random variable X is the number of investors in the sample who are retirees, provide two reasons why X has a binomial distribution.
b. State the value/s of parameter/s of X.
c. Calculate (using the appropriate statistical tables) the probability that between five and ten investors in the sample are retirees.
d. Calculate (using the appropriate statistical tables) the probability at least ten investors in the sample are retirees.
e. Verify your answers to parts c. and d. using the appropriate Excel statistical function and demonstrate you have done this by including the Excel formula used. 
f. You have to explain to someone who has not studied statistics what this probability calculated in part d. means. Use simple non statistical language to explain this. 
g. How many retirees would you expect to find in a random sample of 25 investors?

Question 5 
A maintenance worker in a large manufacturing plant knows that a filling machine breaks down on average 3 times per month. Assume these break downs occur randomly and independently of one another.
a. If the random variable X is the number of times the machine breaks down, identify the distribution of X and state the value/s of its parameter/s. 
b. Calculate (using the appropriate statistical tables) the probability there are less than three breakdowns in the next month. 
c. Calculate (using the appropriate statistical tables) the probability of seven breakdowns in the next two months. 
d. Verify your answers to parts b. and c. using the appropriate Excel statistical function and demonstrate you have done this by including the Excel formula used.

Question 6 - QBM117
Suppose that the height of Australian males is a normally distributed random variable with a mean of 176.8cm and a standard deviation of 9.5cm.
a. If the random variable X is the height of an Australian male, identify the distribution of X and state the value/s of its parameter/s. 
b. Calculate (using the appropriate statistical tables) the probability that a randomly selected Australian man is more than two metres tall. 
c. To become a jockey, as well as a passion for the sport, you need to be relatively small, generally between 147cm and 168cm tall. Calculate (using the appropriate statistical tables) the proportion of Australian males who fit this height range.
d. Some of the smaller regional planes have small cabins, consequently the ceilings can be quite low. Calculate (using the appropriate statistical tables) the ceiling height of a plane such that at most 2% of the Australian men walking down the aisle will have to duck their heads. 
e. Verify your answers to parts b., c. and d. using the appropriate Excel statistical function and demonstrate you have done this by including the Excel formula used.
f. A random sample of forty Australian males is selected. State the type of distribution and the value/s of the parameter/s for the mean of this sample.
g. Calculate (using the appropriate statistical tables) the probability that the average height of this sample is less than 170cm.

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  • Posted on : August 17th, 2018
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