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The Start-Up Cost of Business

   

Added on  2020-03-16

11 Pages1477 Words256 Views
Running head: STATISTICS 1StatisticsName:Institution:

STATISTICS2Task 1The start-up cost of business is important to understand so that a prospect ventureenterprise can understand how much it takes to start up a business. The report analysed fivebusinesses start-up costs. First, the descriptive measures were computed to determine thedistribution of the five start-up cost data. Second, it was evaluated whether the start-up costsignificantly differs. The descriptive analysis was carried out, and the results are as summarized below. Table 1: Descriptive statistics for start-up costDescriptive statisticsX1 X2 X3 X4 X5 count13 11 10 10 16 mean83.00 92.09 72.30 87.00 51.63 sample standard deviation34.13 38.89 31.37 35.90 27.07 sample variance1,165.17 1,512.69 983.79 1,289.11 733.05 minimum35 40 35 35 20 maximum140 160 125 150 110 range105 120 90 115 90 standard error of the mean9.47 11.73 9.92 11.35 6.77 1st quartile58.00 67.50 45.75 56.25 29.50 median80.00 87.00 70.00 97.50 49.00 3rd quartile110.00 110.00 90.75 100.00 75.00 interquartile range52.00 42.50 45.00 43.75 45.50 The summary shows that the average startup costs for pizzaare $83.00 (SD = 34.13).The mode ($35.00) is significantly lower than the mean, and the median close to the averagestartup cost $80.00. The minimum pizza startup cost is $35.00 and a maximum of $140.00.The range of the pizza business startup cost is $105.00. The difference between the 75th and25th percent is $52.00. The average startup costs for baker/donuts is $92.09 (SD = $38.89).The middle 50% of the startup cost is between $67.50 and $110.00. The median startup costsfor baker/donuts is $80.00. The average startup costs for shoe stores is $72.30 (SD = $31.37),and a median of $70.00. The minimum startup cost for the shoe stores is $35.00 and the

STATISTICS3maximum of $90.00. This indicates that the range between the minimum and maximum is$90.00.The average startup costs for gift shops is $87.00 (SD = 35.90), and the median is$97.50. The range between the minimum ($35.00) and the maximum ($150.00) is $115.00.Lastly, the average startup costs for pet stores is $51.63 (SD = 27.07), and the median is$49.00. The minimum amount requires to startup the pet store is $20.00 and the maximumamount is $110.00.The distribution of the data was carried out, and the frequency table and histogram areas portrayed below. Table 2: startup costs for pizza frequency tableFrequency Distribution - Quantitative3060901201500112233445startup costs for pizza histogramstartup costs for pizza FrequencyFigure 1: startup costs for pizzahistogram

STATISTICS4The table and the histogram indicate that most of the businesses startup costs are onthe lower side of the plot. This means that the data are positively skewed with a long tail tothe right.Table 3: startup costs for baker/donuts frequency tableFrequency Distribution - QuantitativeX2cumulative loweruppermidpointwidth frequencypercent frequencypercent30 <60 45 30 2 18.2 2 18.2 0112233445startup costs for pizza histogramstartup costs for pizza Frequency306090120150180012345startup costs for baker/donuts histogramX2FrequencyFigure 2: startup costs for baker/donuts histogramThe chart indicates that most of the startup cost of the baker/donut business isbetween $60.00 and $90.00. There is a long tail to the higher value side, which shows thatfew of the business is starting with more cash. Table 4: Startup costs for shoe stores frequency tableFrequency Distribution - Quantitative0112233445startup costs for baker/donuts histogramX2Frequency

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