Analyzing Household Data for Statistics in Business and Finance

BUS5SBF Statistics For Business and Finance
Analyzing Household Data
Student Name
[Pick the date]

Task 1
A. The requisite sampling method that has been used is simple random sampling. In this
sampling method, there is an equal probability associated with the selection of each element.
A key concern in this sampling method is the under-representation and over-representation of
key population attributes especially taking into cognizance the low sample size (Eriksson &
Kovalainen, 2015). Thus, it would be better to sue stratified random sampling since it would
ensure that there is fair representation of the important population attributes. This method
involves classification of population as per key attributes as the first step which is followed by
random sampling of requisite individuals from each group who are selected in the same ratio
as they are present in the population.(Flick, 2015).
B. Descriptive statistics along with the Box- whisker plot for the variables (Alcohol, meals, fuel
and phone) is given below:
Descriptive statistics
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Box- whisker plot
C. Based on the descriptive statistics, it can be seen that for all the four variables the measures of
central tendency i.e. mean median and modes are not same. This indicates that the distribution of
data is not normal and thus shape can be assumed to be asymmetric. Further, this is also evident
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