Statistics for Business and Finance - Desklib

Statistics For Business and Finance
[Pick the date]
Student Name

TASK 1
Part a
In the present scenario, simple random sampling technique has been taken into consideration to
take the sample from the given population. The probability of selecting each element is same in
case of simple random sampling. In this sampling, the sample would not show the true
representation of population and deviate from the actual distribution of the population. This
would happen since the underlying attributes such as gender, education would not have the same
representation in the sample as the population (Hair et. al., 2015). Therefore, it would be
appropriate to use stratified random sampling technique in regards to take a sample of 250 from
the population. The derived sample would be true representative of population because the
sample would be derived randomly after the population has been divided based on their central
attributes. In such case, the sample would comprise the attributes in the same proportion as the
population (Eriksson and Kovalainen, 2015).
Part b
Numerical summary of variables (Alcohol, meal, fuel and phone) is shown below.
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Box – Whisker Plot
Part c
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