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TAX305 Quantitative Analysis for Business

   

Added on  2020-05-11

8 Pages2073 Words118 Views
Running head: QUANTITATIVE ANALYSIS FOR BUSINESSQuantitative Analysis for BusinessName of the Student:Name of the University:Author’s Note:

QUANTITATIVE ANALYSIS FOR BUSINESS1Table of ContentsIntroduction:-...............................................................................................................................................................................................2Question and Answer:-................................................................................................................................................................................2Question1.................................................................................................................................................................................................2a) Definition of random sample:..........................................................................................................................................................2b) Calculation of Confidence Interval in Random Sampling:............................................................................................................2Question2.................................................................................................................................................................................................4Question4.................................................................................................................................................................................................4Question5.................................................................................................................................................................................................5a) Linear Regression Model:...............................................................................................................................................................5b) Predicting relationship between variables of the model:.................................................................................................................6References:-.................................................................................................................................................................................................7

QUANTITATIVE ANALYSIS FOR BUSINESS2Introduction:-The report includes the answers of 4 questions and their subparts. With the help of MS excel the calculation and analysis wasincorporated. The necessary tables and figures were given in the report for interpretation of the results and answers. The report doesnot provide any screen shots as per instruction in the assignment. The help was taken from statistical analysis oriented materials andarticles to complete the assignment. We also have drawn inferences as applicable in the calculation.Question and Answer:-Question1.a) Definition of random sample:Random sample is simply a subset of individuals chosen from a larger set of population. Each sample is selected randomly. Eachsample has the same probability of being chosen with same probability at any phase during the sampling process. For example, cards are drawn from a deck, it is important that the deck be thoroughly mixed. The random sampling method ismainly of two types: one is SRSWR (simple random sampling with replacement) and other is SRSWOR (simple random samplingwithout replacement) (Chaum 2017). The simple random sampling with replacement is the process of drawing random samples wheresamples already drawn from a population are not replaced in the population. The simple random sampling without replacement is themethod of drawing where samples already drawn from a population are replaced in the population. Always sample size is smaller innumber with respect to population. Random sample drawing and analysis helps us to realize the whole population. b) Calculation of Confidence Interval in Random Sampling:Quantra Ltd. (national wholesaler) delivers a range of branded products to retailers with a recommended retail price for eachproduct. In a random sample out of 200 retailers, it was found that 79 retailers sold products below price. We can assert a null hypothesis against alternative hypothesis-Null hypothesis (H0) = proportion of retailers that are selling products below the selling price is significant.Alternative Hypothesis (HA) = proportion of retailers that are selling products below the selling price is insignificant.Solution: For large number of random samples a confidence interval for a population proportion is given by – sample proportion +/- z*square root [(sample proportion*(1 – sample proportion)/total number of the sample].Here, z is a multiplier that comes from normal curve and determines the level of confidence. The commonly used multipliersaccording to the confidence level are given in the following table.Multiplier Number (z*)Level of Confidence399.70%2.57699%1.9695%1.64590%1.28280%1.1575%168%

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