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HI6007
STATISTICS FOR BUSINESS DECISIONS
FINAL ASSESSMENT
TRIMESTER 1, 2022
Instructions:
All questions must be answered by using the answer boxes provided in this paper.
Completed answers must be submitted to Blackboard by the published due date
and time.
Please ensure you follow the submission instructions at the end of this paper.
Purpose:
This assessment consists of six (6) questions and is designed to assess your level of
knowledge of the key topics covered in this unit.
A. State the null and alternative hypothesis for single factor ANOVA. (1 mark)
B. State the decision rule (α = 0.05). (1.5 marks)
C. Calculate the test statistic. (3 marks)
D. Make a decision. (1.5 marks)
ANSWER: ** Answer box will enlarge as you type
A part of the output of a regression analysis of Y against X using Excel is given below:
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.75027
R Square 0.56290
Adjusted R Square 0.475487
Standard Error 0.980614
Observations 7
ANOVA
df SS MS F Significance F
Regression 1 6.191972 6.191972
Residual 5 4.808028 0.961606
Total 6 11
A. State the estimated regression line and interpret the slope coefficient. (1 mark)
B. What is the estimated total price when a book has 1000 pages? (1 mark)
C. What is the value of the coefficient of determination? Interpret it. (1 mark)
D. Test whether there is a significant relationship between price and pages at the 10%
significance level. Perform the test using the following six steps.
(4 marks)
Step 1. Statement of the hypothesis (0.5 mark)
Step 2. Standardised test statistic (0.5 mark)
Step 3. Level of significance (0.5 mark)
Step 4. Decision Rule (1 mark)
Step 5. Calculation of test statistic (1 mark)
Step 6. Conclusion (0.5 mark)
ANSWER:
Your task is to construct a 95% confidence interval for the average rent per month for the
population by addressing the following:
A. Parameter of interest (0.5 mark)
B. Point estimator (0.5 mark)
C. Sampling distribution of the point estimator (0.5 mark)
D. Specify the formula for the 95% confidence interval estimator for the parameter
(1 mark)
E. Perform the necessary calculations and write down the lower and upper limits of the
confidence interval (3 marks)
F. Interpret the calculated confidence interval (2 marks)
G. Briefly explain what would happen to the width of the interval in each case: (i) the
sample size increased, (ii) the sample standard deviation increased, and (iii) the level of
confidence increased
(3 marks)
ANSWER:
A. Develop a linear trend equation that can be used to forecast sales of greeting cards
(6 marks)
B. Use the linear trend equation developed in part A to forecast sales for week 7. (1 mark)
C. Forecast the sales for week 7 using a three period weighted moving average with weights of
0.6 (week 6), 0.3 (week 5) and 0.1 (week 4). (2 marks)
D. Compare and explain why the results in parts B and C are different. (2 marks)
ANSWER:
B. Compare and contrast the scales on measurements used in statisics. Support your
answer with examples. (3
marks)
ANSWER b):
Question 6 (7 marks)
For a particular range of cosmetics a filling process is set to fill tubs of face powder with 4 grams
on average and standard deviation of 1 gram. A quality inspector takes a random sample of nine
tubs and weighs the powder in each. The average weight of powder is 4.6 grams. What can be
said about the filling process, with 95% level of confidence?
Step 1. Statement of the hypotheses (1 mark)
ANSWER:
Submission instructions:
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