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MA508 - Business Statistics - Case Study

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Melbourne Institute of Technology

   

MA508 Business Statistics (MA508)

   

Added on  2020-03-01

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MA508 - Business Statistics - The nature of global trade is continually evolving, resulting in uncertainty about new and developing technologies, globalization, and policy implications. Furthermore, the environment is constantly influenced by the landscapes of New Zealand and Australia. With the constant and revolutionary impacts of the usage of the internet within international boundaries, communication between the two countries is vastly overestimated.

MA508 - Business Statistics - Case Study

   

Melbourne Institute of Technology

   

MA508 Business Statistics (MA508)

   Added on 2020-03-01

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Running Head: BUSINESS STATISTICSBusiness StatisticsName of the StudentName of the UniversityAuthor Note
MA508 - Business Statistics - Case Study_1
BUSINESS STATISTICS1There is always a changing nature in worldwide trade and this results in an uncertainty ofthe new and emerging technologies and globalization or effects in the policies (Buckley &Casson, 2016). Additionally the environment involves continuously the landscapes of NewZealand and Australia. The communication with the two countries is greatly overrated withconstant and revolutionary impacts of the uses of internet in the international limits. Thesefactors influence in developing the economic rate of growth in the near future (Feige &Vonortas, 2017). The factors relating to this growth can be then discussed broadly on the basis ofthe efficiency of the acquired data and summarizing the trends from that data. Chart 2 shows the exports of the countries Australia and New Zealand as a percentage ofthe global GDP. The changes in the trends of the data and the fluctuations in it are shownaccording to the preferences of the customers. These changes have worn out the geographicalbarriers as well as initiated the international trade (Flanagan, 2017). These changes in the trendsshow the changes in demands, technologies and globalization with lesser input costs. Thisglobalization data abridges the effects of growth rates over the year. This data has been collectedfrom the world Bank Data derived in 2016.The variables in this data are year (Quantitative data) and percentage change in GDP(Quantitative data). This data shows the whole population of the country. Thus, this is descriptive statisticsand not inferential statistics.The percentages show the increase percentages. They do not show the respectiveprobabilities. The amount each year has been shown in the chart by the line graph. This helps incomparing the data easily.
MA508 - Business Statistics - Case Study_2
BUSINESS STATISTICS2The data in the chart 2 can be improved with the appropriate changes done. This willsummarize the changes from the average with the help of the standard deviation of the growth inGDP (Kane et al., 2015). This can be explained with the help of ordinal data collected from theDepartment of Foreign Affairs and Trade for Australia. The exporters of Australia has beenranked and the top five of the countries has been listed in chart 3 over a five-year period from1995. From the chart 3 it is clearly visible that since 1995, Japan has been the most importantexport market for Australia followed by the country China. It can thus be predicted that in thefuture, China and Japan would the leaders in the export markets of Australia. The data in the following chart 3 is ordinal.The top 5 export markets of Australia has been listed in the chart.The study is experimental, and thus in the later years there is chance of the predictions tochange invariably.
MA508 - Business Statistics - Case Study_3

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