BUSINESS STATISTICS

Central Parking Services Private Limited

Assignment

Team Members
Durga M (M210055MS)
G Himasri Naidu (M210036MS)
Jawahar babu S (M210059MS)
Jenafer K M (M210032MS)
Rahul R S (M210048MS)
 Solutions and Inferences
 Explore the data for the weekday and week end. What inferences
you can make based on descriptive statistics?
WEEKEND - STATISTICS:

Descriptive statistics For

Weekdays for the Random Variable Result
MEAN 153.7623624
MEDIAN 141
VARIANCE 7696.300946
STANDARD DEVIATION 87.72856403
STANDARD ERROR 1.241290051
MINIMUM LENGTH OF STAY 1
MAXIMUM LENGTH OF STAY 713
RANGE 712
1st Quartile 91
3rd Quartile 200
Interquartile 109
Confident level 95%
Lower bound 151.2797823
Upper Bound 156.2449425
We have upper limit of 363.5 hours, so most of the length of Stay of
vehicles is within the limit. We have 109 Vehicles (Outliers) lies out the
limit
WEEKDAYS - STATISTICS:

Descriptive statistics For Weekdays

for the Random Variable Result
Mean 135.982
Median 122
Variance 7036.066889
Standard deviation 83.88126662
Standard Error 1.186260249
Minimum length of stay 2
Maximum length of stay 722
Range 720
First Quartile 76
Third Quartile 179
Interquartile range 103
Cofidence Level 95%
Upper bound 138.3545205
Lower bound 133.6094795

In Weekends,We have upper limit of 333.5 hours, so most of the length

of Stay of vehicles is within the limit. We have 112 Vehicles (Outliers)
lies out the limit
  Check whether the random variable follows the normal
distribution

Both the above graphs are approximately bell-shaped and symmetric

about the mean, thus we can say that the random variables follow the
normal distribution. Thus histogram is the simplest and efficient way for
normality testing. And also both of the graphs are rightly skewed.
  Vehicle Traffic on the different Time period in a day
We can find the significant difference by comparing the average length of stay and number of
vehicles entering the parking system (traffic).

TABLE 1: Time difference of vehicles and the respective number of vehicles on different
time slots in a day on weekdays

Weekdays Average No. of vehicles Percentages

Morning 147.502521 1190 23.8
Afternoon 134.5437045 1922 38.44
Night 130.1848517 1888 37.76

TABLE 2:Time difference of vehicles the respective number of vehicles on different time
slots in a day on weekends

Weekends Average No. of vehicles Percentages

Morning 172.2410256 1170 23.42342342
Afternoon 152.509016 1941 38.89779559
Night 143.5780255 1884 37.75551102

The mean length of stay is high for the morning slot and it gradually decreases throughout the
day. Meanwhile, approximately 23% of vehicles enter during the morning time and crowding
increases after 10 AM-2 PM. Maximum vehicles (i.e. 38%) stay during the time of 2 PM to 6 PM.

We can also find the significant difference by F TEST

Null Hypothesis H0: μ1=μ2

Alternate hypothesis H1: μ1!=μ2

Sample data's Time differences (Average length of stay) of Weekdays and Weekends

Weekdays Weekends

111 37

131 109

166 256

156 58
 116 99

251 101

42 441

64 32

59 24

119 293

100 35

175 95

131.666666
Mean 124.1666667 Mean 7

Grand Mean 127.9166667

Mean- Grand mean -3.75 Mean- Grand mean 3.75

Square values 14.0625 Square values 14.0625

168.75 168.75

168.75 168.75

Between Coloumn Variances 337.5

Within Coloumns Variance

0.5

9986.287879
 F Oberserved (from Table)
F computed 0.033796342 df1 1

90 95 df2 22

2.961 4.3

Observed F values are greater than computed F value, hence we accepted the null hypothesis
As per the randomly selected sample data from the population, the sample means of the
weekdays and weekends population are equal. There is no significant difference in the length of
stay during weekdays and weekends.

 CPS charges Rs.30 for first three hours and Rs.10 for every
additional hour. What will be the impact if they charge Rs.20 for
first two hours and Rs.10 for every additional hour?

TOTAL AMOUNT FOR

WEEKDAYS
EVERY 3 HRS=30 184240
EVERY 2 HRS=20 116520
Difference 67720

While CPS are charging Rs.20 for every 2 Hours and Rs.10 for every additional hour the total
revenue tends to reduce by Rs. 67,720. Therefore the pricing Strategy, CPS has been
practicing is Generating Higher revenue and thus it is not advisable to change it