Statistical Analysis of Fuel Prices: BUS708 Report, Trimester 1, 2019

This report presents a comprehensive analysis of fuel price data, utilizing both primary and secondary datasets to address a business problem for NRMA. The analysis includes descriptive statistics, frequency distributions, and hypothesis testing to determine fuel price trends and variations across different brands. The report compares fuel prices of major brands, employing numerical summaries, bar charts, and ANOVA tests to identify differences in means. Furthermore, it incorporates a survey of student preferences for fueling stations, providing insights into consumer behavior. The findings indicate a negative skewness in fuel price distribution, and the study concludes that while there are price differences among brands, the average fuel price can be generalized for media reports. The report recommends further research to include minor brands and other factors that affect fuel prices, such as economic growth and consumption patterns.