Statistics for Business Assignment - (Solved)

Added on - 22 Nov 2020

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STATISTICS FOR BUSINESS
ContentsINTRODUCTION.....................................................................................................................................3Q.1 Calculation of Covariance and correlation........................................................................................3Q.2. Analysis and calculation of value of.............................................................................................3Q.3 Analysis of probability by random sampling method.......................................................................4Q.4 Hypothesis test..................................................................................................................................4CONCLUSION..........................................................................................................................................5REFERENCES..........................................................................................................................................6
INTRODUCTIONStatistical analysis is considered as an evaluation of records, information and the numericstudies in graphical and tabular form. Business statistical form help determining the stability ofbusiness for getting effective results (Silverman, 2018). There are four questions illustrated toclarify the concept of covariance, coefficient correlation by two different observations.Probability of events occurs for specified duration and subject are evaluated in second question.Hypothetical analysis with some approximate results is evaluated to an analysis the result andrelationship between the figures.Q.1 Calculation of Covariance and correlationCovariance:Covariance is a measurement of the combined inconsistency of two randomvariables. This is a measurement tool helps in analyzing the relation between two differentvariable remains linearly transformed. In statistical form the product of the deviation of twovariables form their respective means are considered as covariance (Razek, Fathy and Gawad,2011).Coefficient of correlation:It indicates the statistical result regarding the relationship ofindependent variable to dependent variable (Huitema, 2011).Summary of questionA sample of eight observations are given as followsX (Experience in years)Y (Salaries in thousand)520323715911227421617814Covariance-11.125Coefficientofcorrelation-0.99109a) As per above analysis the calculation Covariance for the observations are calculated as -11.125b) Main reason of getting negative covariances is irrelevancy of both the variables. As per aboveevaluation it is seen that the X variable shows the figures related to years the Y variable shows thesalaries in thousands. Both the variable corresponds shows consistency related to figures.c) Coefficient of correlation subject to above observations are considered as -0.99109d) One variable comparatively is greater than the other variable and the main reason of getting thenegative coefficient of correlation is greater value of variable Y than the value of X.Q.2. Analysis and calculation of value ofSummary
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