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STATISTICS FOR BUSINESS AND FINANCE Statistics For Business And Finance Name of the University Author

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Added on  2020-02-24

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TASK 1 3 Part A 3 Part B 3 Part C 4 Part D 5 TASK 2 6 Part A 6 Part B 6 Part C 7 TASK 3 8 Part A 8 Part B 8 Part C 8 Part D 9 TASK 4 10 Part A 10 Part B 10 Part C 11 Part D 11 Part E 11 REFERENCES 12 TASK 1 Part A A random sample of two hundred households has been collected in Excel.

STATISTICS FOR BUSINESS AND FINANCE Statistics For Business And Finance Name of the University Author

   Added on 2020-02-24

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Running Head: STATISTICS FOR BUSINESS AND FINANCEStatistics for Business and FinanceName of the StudentName of the UniversityAuthor Note
STATISTICS FOR BUSINESS AND FINANCE Statistics For Business And Finance Name of the University Author_1
STATISTICS FOR BUSINESS AND FINANCE1Table of ContentsTASK 1............................................................................................................................................3Part A...........................................................................................................................................3Part B...........................................................................................................................................3Part C...........................................................................................................................................4Part D...........................................................................................................................................5TASK 2............................................................................................................................................6Part A...........................................................................................................................................6Part B...........................................................................................................................................6Part C...........................................................................................................................................7TASK 3............................................................................................................................................8Part A...........................................................................................................................................8Part B...........................................................................................................................................8Part C...........................................................................................................................................8Part D...........................................................................................................................................9TASK 4..........................................................................................................................................10Part A.........................................................................................................................................10Part B.........................................................................................................................................10Part C.........................................................................................................................................11Part D.........................................................................................................................................11Part E.........................................................................................................................................11REFERENCES..............................................................................................................................12
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STATISTICS FOR BUSINESS AND FINANCE2TASK 1Part AA random sample of two hundred households has been collected in Excel. The samplingmethod used in this case is simple random sampling. Simple random sampling is the samplingmethod in which the sampling units are selected randomly with the probability of selecting eachunit being the same. This is the best method of selecting the sample as with the help of this method samplescan be selected from a population with a minimum information about the population. Detailedinformation about the population is not required. Classification errors are not present in this typeof sampling. Simple random sampling represents the whole population and is bias free.Analyzing data becomes easier with the sample collected using this technique (Fowler, 2013).This is a very simple technique and can be used easily. The sampling errors can also be assessedvery easily using this method.Part BTable 1.1: Descriptive StatisticsAlcoholMealsFuelPhoneMean1242.8951489.611557.851460.89Standard Error148.0106111.569117.7495124.1273Median782120011101020Mode0120001200Standard Deviation2093.1851577.8241665.231755.425Sample Variance4381425248953027729913081517Kurtosis78.862986.85115310.8926542.93626Skewness7.3363762.286962.5635355.391694Range2468096001200018000Minimum0000Maximum2468096001200018000Sum248579297922311570292178
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STATISTICS FOR BUSINESS AND FINANCE3Count200200200200AlcoholMealsFuelPhone050010001500200025003000Box and Whisker PlotAnnualExpenditureFigure 1.1: Box and Whisker Plot showing the distribution of annual expenditure on Alcohol, Meals, Fuel andPhonePart CThe standard deviation of the annual expenses of alcohol consumption in the householdsis 2093.185, for the consumption of meals the standard deviation is 1577.824, the standarddeviation for annual expenditures on consumption of fuel is 1665.23 and for phone is 1755.425.Thus, the deviation is maximum in case of annual expense of alcohol consumption and minimumin case of annual expense of consumption of meals. It is an appropriate measure of variabilitybecause the standard deviation measures the distance of the values from the median. Thus, thismeasure can show how much the values of the distribution are close to the mean or away fromthe mean.
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