This document presents a comprehensive solution to a statistical analysis assignment (STAT1060, Assignment 2), focusing on applying statistical techniques to real-world data. The solution begins with an analysis of sampling techniques, identifying convenience sampling and its limitations. It then addresses data types, graphical representations like bar charts and histograms, and measures of central tendency and dispersion. The assignment involves analyzing an asset liability ratio dataset, comparing operational and closed businesses, and conducting hypothesis tests to determine significant differences. Furthermore, the solution covers probability calculations, empirical rule application, and the verification of an economist's claim. It also includes hypothesis testing for packaging techniques and the relationship between income and lookup using chi-square tests. The analysis utilizes Excel for computations, generating relevant graphs, and interpreting results to support decision-making. The document provides a clear, step-by-step approach to solving statistical problems, making it an excellent resource for students studying statistics and data analysis.