# QUAN102 - Statistics In Business Assignment

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Statistics and Probability
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Running Head: STATISTICS 1StatisticsNameUniversity25th August 2017
STATISTICS 2You must use MS Excel for this assignmentTask 1 10 marksThe data for Task 1 in the data file for Assignment represents the starting costs in thousandsof dollars) for different kind of business.1.Find mean, median, mode, range, variance and standard deviation separately for everytype of business (2 marks)SolutionX1X2X3X4X5Mean83.0092.0972.3087.0051.63Median80.0087.0070.0097.5049.00Range105.00120.0090.00115.0090.00Variance1165.171512.69983.791289.11733.05Standard Deviation34.1338.8931.3735.9027.072.For every business type constructa.frequency and relative frequency distributions starting from class 0 to 30 (3 marks)SolutionX1X2X3X4X50-300000631-604343561-904431491-12032251121-15021110151-18001000Total1311101016b.a relative frequency histogram (3 marks)Solution05010015020025000.01Histograms (X2)Unnamed Series 2X2Unnamed Series 6Normal(92.300,40.991)X2Density0204060801001201401601802000Histograms (X1)Unnamed Series 2X1Unnamed Series 6Normal(83.900,33.825)X1Density
STATISTICS 305010015020025000.010.01Histograms (X4)Unnamed Series 2X4Unnamed Series 6Normal(87,35.904)X4Density02040608010012014000.02Histograms (X5)Unnamed Series 2X5Unnamed Series 6Normal(39.100,21.794)X5Density3.Discuss the results obtained in parts 1 and 2 (2 marks)SolutionResults shows that on average X2 has the highest mean costs (\$92,090) while X5 hasthe lowest average cost (\$51,630). In terms of spreading out of the data, X5 is lessspread out while X2 is more spread out. Frequency distribution shows that the costs are mostly spread out between 31-150thousand of dollars for all the five different types of businesses.4.Test if there significant difference in the starting costs for these types of business. (3marks)SolutionAnova: Single FactorSUMMARYGroupsCountSumAverageVarianceX1131079831165.167X211101392.090911512.691X31072372.3983.7882040608010012014000.01Histograms (X3)Unnamed Series 2X3Unnamed Series 6Normal(72.300,31.365)X3Density

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