logo

BUS5SBF Statistics for Business and Finance

13 Pages1557 Words168 Views
   

Statistics for Business and Finance (BUS5SBF)

   

Added on  2020-02-24

BUS5SBF Statistics for Business and Finance

   

Statistics for Business and Finance (BUS5SBF)

   Added on 2020-02-24

ShareRelated Documents
STATISTICS FORBUSINESS AND FINANCE(BUS5SBF)ANALYSING HOUSEHOLD SURVEY[Pick the date]Student id
BUS5SBF Statistics for Business and Finance_1
Task 1A.The given task requires that from the given population of data a sample comprising of 200observations needs to be selected. A sample is usually required in order to make inferenceabout the population characteristics while ensuring that time and cost constraints are take careof. There are various technique through which sampling may be performed and a desiredsample may be obtained. One of the most popular probabilistic sampling techniques israndom sampling. One essential feature observed in random sampling is that every elementwhich comprises the population has the same likelihood of being part of the sample. Eventhough this method is significantly superior to non-probabilistic techniques but it couldpotentially lead to bias as the various population related attributes may not be contained in asimilar proportion as the underlying population. Therefore, an alternative technique which could be more apt in the given scenario is stratifiedrandom sampling. This method ensures that the sample obtained is truly representation of theunderlying population but this method is more time taking and costly in comparison withrandom sampling.B.Using Excel, the descriptive statistics of the various expense variables are illustrated asfollows.
BUS5SBF Statistics for Business and Finance_2
BUS5SBF Statistics for Business and Finance_3
C.With regards to measuring variability or dispersion of different variables, the absolutemeasures of dispersion such as standard deviation are not suitable as they tend to capture thevariation without considering the intrinsic differences of mean of the variables. As a result, itis preferable to use a relative measure of dispersion which can nullify the role of mean thusallowing for a simple comparison of variation amongst the given variables. Thus, a suitable
BUS5SBF Statistics for Business and Finance_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Statistics for Business and Finance - Analysing Household Data
|11
|1105
|101

Analysis of Unleaded 91 Fuel Prices in Victoria on August 22, 2018
|3
|536
|187

Statistics Mae 256 T2 2017 Assignment
|14
|1586
|73

Analysis of Fuel Price for Unleaded 91 in Queensland on September 11, 2018
|3
|531
|465

Analyzing Household Data for Statistics in Business and Finance
|11
|1488
|471

Statistics For Business And Finance
|8
|1020
|19