Quantitative Methods (M)

Seminar 2 Worksheet
Individual Activities – Problem solving.

Problem 1: The following data set represents the test scores of Mathematics 1A students from 2
classes at the University of Adelaide. The test was out of 50.

Student ID Class Test Result

a001 1 24
a002 2 15
a003 1 10
a004 1 31
a005 1 15
a006 2 17
a007 2 4
a008 1 8
a009 2 30
a010 2 25
a011 1 20
a012 2 23
a013 2 20
a014 1 12
a015 2 10
a016 1 14
a017 1 14
a018 2 8
a019 2 24
a020 1 17
a021 1 19
a022 2 45
a023 1 13

1. Calculate the mean test score, and test score standard deviation, for each class.

2. Calculate the 5 number summary for each class (Minimum, Q1, Median, Q3, Maximum).

3. Using your results from step (2) above, generate a comparative box and whisker plot to display
the test score distributions of the two classes. Be sure to clearly label any outliers (note: you
do not need to distinguish between unusual observations and outliers). 1

4. Based on your plot from step (3) above, discuss any evident differences in the test results of
the two classes. Did any students perform extraordinarily better or worse than their
classmates?

1 This task is excessively time consuming on Microsoft Excel and difficult to properly calibrate on other
econometric/ statistical packages (i.e., STATA, SPSS etc.). It is recommended you complete it manually instead.

1
Problem 2: The following three questions relate to the arithmetic mean, AM (Slide 18, Lecture 2) and
geometric mean, GM (Slide 21, Lecture 2).

1. Create a sample dataset where AM = GM (n = 5).

2. Create a sample dataset where AM > GM (n = 5).

3. Create a sample dataset where AM < GM (n = 5).

Problem 3: You are going to use Artificial Intelligence (AI) to help reinforce your learning of an
important statistical correction for bias in the sample standard deviation (or variance) – Bessel’s
Correction. Please follow the steps below:

1. Visit this website 2: https://openai.com/blog/chatgpt

2. Click the “Try ChatGPT” hyperlink on the left-hand side of the webpage.

3. If you already have an account, log in. If you do not already have an account, sign up for one.

4. Once successfully logged in, please start a new conversation with ChatGPT by clicking
“+ New chat” in the top-left-hand side of the ChatGPT homepage.

5. Once a new chat has opened, type:

• “Hi ChatGPT” … [We must be polite to our soon-to-be new AI overlord(s)]3
• “Can you please explain Bessel’s Correction to me?”
• “Thank you”

6. Once you have ChatGPT’s answer, write a paragraph explaining (and possibly illustrating) how
that answer compares (or contrasts) with the discussion that George provided on Bessel’s
Correction in the Lecture 2 recording. In writing your paragraph, consider:
• How similar the main idea is between the two explanations.
• How important the difference is between Bessel’s Correction in the sample variance
versus Bessel’s Correction in the sample standard deviation.
• How different each approach to explaining it is (George vs ChatGPT).
• How might ChatGPT’s responses vary if you re-phrase the question.
• Explanation of concepts is useful, but how else can we make use of ChatGPT to help
us in Quantitative Methods?

2 All online students using a VPN should have access to this webpage. All F2F students who are attending with a
BYOD computer/ tablet/ phone should also be able to access the webpage. If you’re attending in F2F mode, but
do not have a personal computing device with you, then please look to partner with a classmate who does.
3 Do not type the phrase in the square brackets into the Chat GPT dialogue. This phrase is simultaneously a joke

and, at the same time, just a helpful note for us humans.

2
Groupwork Activity – Critical analysis.

In groups of between 3-6 students, critically analyse the summary and descriptive statistics presented
in the following five documents (available on MyUni, Week 2 Module):

1. IJMF Extract: This is an extract from an academic paper submitted to the International Journal
of Managerial Finance in 2022. The paper was successful in being awarded a Major Revision,
inviting the authors to edit and resubmit their manuscript, the initial step toward publication
of their work.
2. SMSF Technical: This is a commercial consulting report co-authored by George in 2022 and
presented at the 2022 SMSF Association National Conference. The report examines financial
performance in the superannuation (i.e., pension) sector in Australia.
3. Real Estate: This is a “Suburb Flyover Report” prepared by an Adelaide real estate agent in
2021 for Lockleys, a suburb on the western side of the city. The report is automatically
generated from a commercial service: Property Data Solutions (© 2021).
4. RBA Stability Review: This report, published by the Reserve Bank of Australia in 2013, outlines
the various relationships between the global macroeconomic environment and the Australian
banking sector at the time.
5. SMSF Costs: This report takes an accountancy perspective on superannuation fund cost
efficacy. The report was jointly co-authored by SuperConcepts and RiceWarner in 2020 and
focused on self-managed superannuation funds (SMSFs) – a type of self-directed pension fund
in Australia.

Your task: Each group needs to give the five documents an overall ranking from 1 (best) to 5 (worst).
The criteria for your ranking should consider:

• All relevant content presented in Lecture 2 (e.g., Deceptive Graphs).

• Clarity of statistical tables.
• Structure and functionality of statistical graphs/ figures.
• Redundancy of the summary statistical information presented.
• General presentation of figures and tables (i.e., their colour, size, shape, labels, utility etc.).

IMPORTANT: Each group must be prepared to defend their rank choices! Lists of positives (“pros”)
and negatives (“cons”) will help you to do that. That is, be prepared to explain what it is that you find
‘good’ about the document(s) that you like, and what you find ‘bad’ about the document(s) that you
dislike.