Statistics for Business Decision Assignment Sample

Added on - 21 Jul 2020

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Statistics for Business Decision
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11. Assessing mean, median, mode, range, variance and standard deviation for each business...12...................................................................................................................................................2a. Stating frequency and relative distribution for each business type construct..........................2b. Presenting a relative frequency histogram...............................................................................23. Discussing results....................................................................................................................24. Testing significant differences in the starting cost of each type of business...........................3TASK 2............................................................................................................................................61. Presenting output with the estimated regression equation.......................................................62. Stating the extent to which model fits to the data....................................................................73. Testing hypothesis by considering both dependent and independent variables......................84. Interpreting individual slope coefficients................................................................................95. Constructing 95% confidence interval for the slope coefficient of individual variables........96. Testing estimated slope coefficients........................................................................................97. Re-estimation of model by removing all insignificant variables.............................................98. Predicting annual sales for franchisee...................................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONIn the present era, business units lay high level of emphasis on using statistical tools foreffectual decision making. Moreover, statistical tools and techniques help in summarizing thelarge data set and thereby give input for the development of competent as well as strategicframework. The present report is based on different case situations which will provide deeperinsight about the manner in which regression and T test helps in finding significant differencesbetween the assessed variables. It will also shed light on the ways through which analyst canassess insignificant variable and re-estimate the effectual one.TASK 11. Assessing mean, median, mode, range, variance and standard deviation for each businessDescriptive statistics of the start-up cost pertaining to the different types of business such aspizza (X1), baker (X2), shoe stores (X3), gift shops (X4)) and pet stores (X5) are as follows:ParticularsX1X2X3X4X5Mean8392.090972.38751.625StandardError9.4672211.72689.9186111.35396.76872Median80877097.549Mode35#N/A#N/A10030StandardDeviation34.134538.893331.365435.904227.0749SampleVariance1165.171512.69983.7891289.11733.05Range1051209011590Count1311101016
2.a. Stating frequency and relative distribution for each business type constructFrequency table and relative distribution is enumerated below:Class/BusinesstypePizza(X1)RelativedistributionBaker(X2)Relativedistributionshoestore(X3)RelativedistributionGiftshop(X4)RelativedistributionPetstores(X5)Relativedistribution0-3060.3831-6040.3130.2740.4030.350.3161-9040.3140.3630.3010.140.2591-12030.2320.1820.2050.510.06121-15020.1510.0910.1010.10.00151-1800.0010.090.0000.00Total131111101101161b. Presenting a relative frequency histogram0.25More00246810120.00%20.00%40.00%60.00%80.00%100.00%120.00%HistogramFrequencyCumulative %BinFrequency3. Discussing resultsInterpretation of descriptive statistics: By doing analysis it has found that average startup cost of pizza, baker shop and gift shops account for $83, $92.09 & $87 respectively. On theother side, out of 5 variables assessed mean start-up cost of pet-stores is highly lower. Further,outcome of descriptive statistics show that 50% respondents invested approximately $97.5 for
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