Solved Statistics Assignment (Doc)

Added on - 07 Jan 2020

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STATISTICS
TABLE OF CONTENTSPART 1............................................................................................................................................3a........................................................................................................................................................3(i) Analysis of the histogram.......................................................................................................3(ii) Drawing histogram and evaluating the shape of it................................................................3b. Nominal and ordinal data.........................................................................................................5PART 2............................................................................................................................................5a. Descriptive statistics................................................................................................................5c....................................................................................................................................................8(A). Difference between mean and median.................................................................................8(B). Ogive graph..........................................................................................................................9PART 3..........................................................................................................................................10a. Trend line for prediction........................................................................................................10b. Explaining the reasons due to which values are not forecasted.............................................12c. Assessing the model that is used for data presentation..........................................................13d.................................................................................................................................................13c. Constructing graph to show the data of visitors.....................................................................14...................................................................................................................................................14REFERENCES..............................................................................................................................16
PART 1a.(i) Analysis of the histogramInterpretationIt can be seen from the image given above that there are 10 respondents that are makingexpenditures in range of 250 to 300. Apart from this, there is 16 respondents that are makingexpenditure in range of 300 to 350. There are 14 respondents which state that on average basisthey are making expenditure in range of 350 to 400. It can be seen that with increasing inexpenditure 400 to 450 number of people making an expenditure declined from 14 to 9. At samepace further reduction is observed in the number of customers at price range of 450 to 500.Same trend is observed in case of next price level and on this basis it can be said that withincrease in price level number of people making expenditure will decline sharply.(ii) Drawing histogram and evaluating the shape of itNumber of Families250-30010300-16
350350-40014400-4509450-5007500-5505550-6002Results are reflecting that in the price range of £300 to 350 overall there are sixteenfamilies that are making expenditure. It is identified that on the tour package that are devised bythe Orion tours there are 14 families that are prepared to make expenses in range of £350-400.On comparisons of both figures it can be seen that with elevation in the level of expenses of priceof package lead to reduction in number of people traveling at higher package. One of the mostinteresting fact is that most of the respondents state that they are making expenditure in range of£250 to £400. This means that if firm will price its tour package above this level then in that caseit can receive less number of customers in its business. There are less number of customers thatare making expenditure more than 450 to 600. Thus, tour company must price its product withinrange of 250 to 400.
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