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BUS5SBF - Statistics for Business and Finance (Doc)

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Added on  2020-02-24

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The appropriate sampling method used for this is the random sampling method wherein every value has an equal probability of being selected in the sample. Since this method can potentially over-represent or underrepresent certain attributes, hence it can be said that this method is not an appropriate method for selecting the sample.

BUS5SBF - Statistics for Business and Finance (Doc)

   Added on 2020-02-24

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STATISTICS FOR BUSINESS ANDFINANCE (BUS5SBF)Analyzing Household Data[Pick the date]STUDENT ID
BUS5SBF - Statistics for Business and Finance (Doc)_1
Task 1 A.The random sample of size 200 has been generated through the data analysis tool of excel i.e.random number generation. The respective random sample has been shown in the attachedspreadsheet. The appropriate sampling method used for this is random sampling methodwherein every value has equal probability of being selected in the sample. Since, this methodcan potentially over represent or under represent certain attributes, hence it can be said thatthis method is not appropriate method for selecting the sample. Therefore, in this scenario,stratified sampling method is considered to be more suitable technique. In stratifiedsampling, the population would be classified into various groups and then the sample wouldbe drawn from each group in the same proportion as the population representation. Thiswould ensure that the selected sample is true representative of population. B.Descriptive statistics and box-whisker plot of expenditure of the given variables (Alcohol,Meals, Fuel and Phone) is shown below:Descriptive Statistics 1
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Box-whisker plotAlcoholMealsFuelPhone050010001500200025003000Box and Whisker Plot C. Measure of variation The variability in expenditure on the selected four variables has been determined with the help ofcoefficient of variation. VariablesCoefficient of variationAlcohol1.14Meals2.45Fuel0.87Phone0.85Coefficient of variation has been determined with the help of unit mean value and hence, itwould provide significant comparison of the variability among the variables. From the above table, it can be said that least variation is evident for the phone expenditure (CoV= 0.85). Moreover, the maximum variation is evident for meals expenditure (CoV = 2.45). 2
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