The Report Business Decision Making

Added on -2020-02-19

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Running Head: BUSINESS DECISION MAKINGBusiness Decision MakingName of the StudentName of the UniversityAuthor Note
BUSINESS DECISION MAKING1Table of Contents1.0 Introduction................................................................................................................................22.0 Analysis and Discussion............................................................................................................23.0 Conclusion.................................................................................................................................3References........................................................................................................................................4Appendix..........................................................................................................................................5
BUSINESS DECISION MAKING21.0 IntroductionA two-bedroom apartment is to be rented in Sydney. The person has a preference ofstaying in two specific suburbs in Sydney. The suburbs are Newtown and Hurstville. The personwants to check the average rent that these two suburbs are offering for the two bedroomapartments. He also wants to find out which suburb is comparatively cheaper. To test theseresults, statistical techniques of hypothesis testing and estimation has been used. 2.0 Analysis and DiscussionFrom all the two bedroom apartments available in the two selected suburbs, Newtownand Hurstville, a sample of 50 apartments has been selected at random from each of the twosuburbs. Their rents per week have been recorded. Thus, the dataset now has 100 observations,50 from each of the selected suburbs. The population that the person is interested in is all the two bedroom apartments availablein the two selected suburbs. From the samples selected, the estimate of the population will becalculated. Here, according to the preference of the person, the first suburb is Newtown and thesecond suburb is Hurstville. To test whether the average rent of the two bedroom apartments inNewtown is significantly higher than $450, the population of interest is considered as all the twobedroom apartments available for rent in Newtown. The null hypothesis (H01) and alternatehypothesis (HA1) for this test are given as,H01: The average rent is less than $450 per weekHA1: The average rent is higher than or equal to $450 per week.

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