East West University

Term paper

Group name: The Optimizers

Instructor: Biplab Kumar Nandi
Course: ECO 104
Section-8

Group members
Joy Banik (2020-1-10-291)
Most. Hosneara Anonna (2020-1-10-034)
Sartaz alam (2020-1-10-054)
Esheeka Biswas (2020-1-30-046)
Idrak ahmed (2020-1-10-103)
 Section-1

Statistics is essential for both in business and economics. In the business, statistics It helps in
making decision by providing accurate estimates about the cost, customers trends and
variation, price, demand, sales etc. It also helps in measuring performance of products
employees, business units etc. It allows to compare between two or more products, business
units, sales etc. It helps in identifying the relationship between various variable and their
effect on each other like effect of advertisement on sales.
In the economics, Statistics helps to find relation between two variables like demand and
supply, cost and revenue, exports and imports and helps to establish relationship between
inflation rate, per capital income, income distribution etc. By the statistics, the economic data
can estimate, Processing and collecting and the analysis of specific data also understand the
analyzing economical theories and correlations between the variables.
The types of data:
Tabular data:
Tabular data is data that is structured into rows, each of which contains information about
some things.
Graphical data:
Graphical data represents the meaningful data. A data chart is a type of diagram or graph,
that organizes and represents a set of numerical or qualitative data.
Numerical data:
The numerical data refers the percentage, ratio. That means it always expressed the number.
It always collected in number form.
Difference between descriptive and inference statistics:
Descriptive statistics:
Descriptive statistics uses the data to provide descriptions of the population, either through
numerical calculations or graphs or tables. It describes the basic features of the data in a
study. They provide simple summaries about the sample and the measures. Some descriptive
statistics are mean, median, skewness, quartile, standard deviation etc.
Inference statistics:
statistical inference is the process through which inferences about a population are made
based on certain statistics calculated from a sample of data drawn from that population.
Some types of inference statistics are point estimation, interval estimation, hypothesis testing
etc.
 Section-2
Here are two frequency distribution table for average miles per
gallon and Speed, miles per hour.

Average miles per Frequency

gallon
32-35 5
36-39 14
40-43 11
44-47 5
48-51 1
52-55 1
56-59 2
60-63 1
64-67 1

Speed, miles per hour Frequency

90-95 1

96-100 8

101-105 10

106-110 13

111-115 8

116-120 1
 Section-3
From frequency distribution for average miles per gallon and speed miles per hour, drawing
the Multiple Pie Diagrams.

Speed, miles per hour

Here, there are many changes in two pie charts, the first pie chart speed miles per
hour shows 90-95 shows frequency 1% and 96-100 shows frequency 8% and 101-105
shows frequency 10% also 106-110 shows frequency 13% and 111-115 shows
frequency 8% and at last 116-120 shows frequency 1%.
And 2nd pie chart shows Average miles per gallon and here 32-35 shows frequency
5% and 36-39 shows frequency 14 %and 40-43 shows frequency 11% and 44-47
shows frequency 5% and 48-51 shows frequency 1% also 52-55 shows frequency 1%
and 56-59 shows frequency 2% and 60-63 shows frequency 1% and 64-67 also shows
frequency 1%
 Section 4

Speed, miles per hour

150

100

Speed, miles per hour

50

0
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41

Average miles per gallon

80

60

40
Average miles per gallon
20

0
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41

A Histogram shows how often each different value in a set of data occurs. A
histogram is the most commonly used graph to show frequency distributions.
It looks very much like a bar chart, but there are important differences
between them. This histogram shows average miles per gallon and speed miles
per hour and analyze these two diagrams.
 Section 5

Ogive-speed miles per hour

120.00%

100.00%

80.00%

60.00%

40.00%

20.00%

0.00%
95 100 105 110 115 120 More

average miles per gallon

120.00%

100.00%

80.00%

60.00%

40.00%

20.00%

0.00%
35 39 43 47 51 55 59 63 67 More

Ogive curve: The Ogive is a graph of a cumulative distribution, which explains data values on
the horizontal plane axis and either the cumulative relative frequencies, the cumulative
frequencies or cumulative per cent frequencies on the vertical axis. Here this Ogive curve
shows average miles per gallon and speed miles per hour and analyze these two diagrams.
 Section 6

Scattered Plot:
First, I have selected the two columns in given data one is Average miles per gallon and
other is Speed, miles per hour. Selecting the two columns from the chart options I have
selected more and then all charts. From all charts I selected XY (Scatter) and implemented
the chart style and I got the Scattered plot Chart. For the perfect point I selected minimum
80 and maximum 130 for the Speed, miles per hour (horizontal line) and for Average miles
per gallon (vertical line) minimum 30 and maximum 70. From add chart element I selected
trendline dropdown menu and selected exponential line. Then my scattered plot is done.

Correlation:
For correlation selecting Average miles per gallon and other is Speed, miles per hour column
and assign them in the CORREL function like CORREL(B3:B43,C3:C43) where B3:B43 is the
1st array value and C3:C43 is the 2nd array value and got the correlation vale -0.64338
 Section-7
Box Plot

A box plot is a graphical summary of data that is based on a five-number

summary. Here, I am showing these two-box plot and here the orange
color box shows Speed, miles per hour and the blue box shows Average
miles per gallon. The orange box shows that the minimum value is 90
and maximum value is 120. Also, here the 1st quartile is 101.5 and 3rd
quartile is 110. And the median or q2 value is 106. And the other box
plot (blue box) shows minimum value is 32.2 and maximum value is 65.4
here 1st quartile is 36.1 and 3rd quartile is 44.4 median is 39.3. and range
shows the difference between Q1 and Q3 which is 8.3
 Section 8
Descriptive statistics table

count 41
Average Speed,
miles per miles
gallon per hour
Mean 41.4 105.3902
Mode 40.9 103

Maximum 65.4 120

Minimum 32.2 90
Range 33.2 30

Q1 36.1 102
Median 39.3 106
Q3 43.4 110
IQR 7.3 8

Variance 56.79 37.6939

Standard 7.535914012 6.139536
Deviation

Mean, median and mode

Mean is the arithmetic average of a data set. This is found by adding the numbers
in a data set and dividing by the number of observations in the data set. The median
is the middle number in a data set when the numbers are listed in either ascending
or descending order. The mode is the most common number in a data set.
Variance and standard deviation
The variance (symbolized by S2) and standard deviation (the square root of the
variance, symbolized by S) are the most commonly used measures of spread. We
know that variance is a measure of how spread out a data set is. It is calculated as
the average squared deviation of each number from the mean of a data set.