Statistics for Business Decisions (HI6007/HM6007) Assignment Help

Group Assessment – Cover page 

Cover Page 

Unit  

Details 

Name 

Statistics for Business Decisions/ Statistics for Managers

Code 

HI6007/HM6007

Year, Trimester 

2024 Trimester 1 

Assessment  Details

Name 

Group Assignment 

Due Date and Week 

Friday of Week 10

Group  

Student  

Details

Student ID 

First Name 

Family Name 

Work Contribution 

    
    
    
    

Group  

Submission  Declaration 

Integrity Declaration 

Student ID 

Full Name 

Submission  

Date 

We have read and understand  academic integrity policies and  practices and our assessment  does not violate these. 

   
   
   
   

Instructions 

Academic  

Integrity  

Information 

Holmes Institute is committed to ensuring and upholding academic integrity. All  assessment must comply with academic integrity guidelines. Important academic  integrity breaches include plagiarism, collusion, copying, impersonation, contract  cheating, data fabrication and falsification. Please learn about academic integrity  and consult your teachers with any questions. Violating academic integrity is  serious and punishable by penalties that range from deduction of marks, failure  of the assessment task or unit involved, suspension of course enrolment, or  cancellation of course enrolment. 

Format  

Instructions 

Assessments must be in MS Word format with no spacing, 11-pt Calibri font  and at least 2cm margins on all four sides with appropriate section headings and page numbers.  

You must name your file with the Unit Code and Group Number (e.g. “HI6007  Group 4”).  

Check that you submit the correct document as special consideration is not  granted if you make a mistake.  

Student IDs need to be indicated on the cover page. Non-contributing  students do not receive marks. 

Penalties 

All work must be submitted on Blackboard by the due date and time along  with a completed Assessment Cover Page. Late penalties apply.  Reference sources must be cited in the text of the report, and listed  appropriately at the end in a reference list using Holmes Institute Adapted  Harvard Referencing. Penalties are associated with incorrect citation and  referencing. 

 

Purpose of  the  

assessment  (with ULO  

Mapping)

This assignment aims at assessing students’ understanding of different qualitative  and quantitative research methodologies and techniques. Other purposes are:    

1. Explain how statistical techniques can solve business problems  2. Identify and evaluate valid statistical techniques in a given scenario to solve  business problems  

3. Explain and justify the results of a statistical analysis in the context of critical  reasoning for a business problem solving  

4. Apply statistical knowledge to summarize data graphically and statistically,  either manually or via a computer package  

5. Justify and interpret statistical/analytical scenarios that best fit business  solution 

Weight 

40 % of the total assessments

Total Marks 

40 

Word limit 

2500 words ± 500

Submission  Guidelines

All work must be submitted on Blackboard by the due date, along with the  completed assignment cover page. The template of the assignment cover page  is provided in the assessment folder.  

The assignment must be in MS Word format, with no spacing, 11-pt Calibri font  and 2 cm margins on all four sides with appropriate section headings and page  numbers. Excel files, PDF files and other Black Board unsupported files are  given zero marks (This is with reference to the report of the assignment). 

However, the assignment should be supported with the relevant data sets,  calculations and charts in excel.  

Reference sources must be cited in the text of the report and listed  appropriately at the end in a numbered reference list using the Adapted  Harvard Referencing style. A penalty is applied for incorrect referencing.  

Submitted work should be your original work, showing your genuine  engagement in this unit. Evidence of your original group work (allocation of  tasks, discussion, file exchanges, drafts, etc.) needs to be presented.  

Students need to read and understand the Holmes Academic Conduct and  Integrity Policy before they start any assessment to ensure that their  assignment is misconduct-free. 

Three (3) attempts of submission are allowed, and only the final submission will  be graded.  

When you submit your assignment electronically, please save the file as ‘Group  Assignment- your Group number.doc’. You are required to submit the  assignment at Blackboard/Assessments/Group Assignment Information/Group  Assignment and Submission Link. 

Always keep an electronic copy of your original file until you have received the  final grade for the unit. Please ensure that you submit the correct file in the  correct format that is readable on Blackboard. 

Group Assignment Questions  

Question 1 (10 marks)  

Suppose that the average waiting time for a patient at a physician’s office is just over 29 minutes. To  address the issue of long patients’, wait times, some physicians’ offices are using wait-tracking systems  to notify patients of expected wait times. Patients can adjust their arrival times based on this  information and spend less time in waiting rooms. The following data show wait times (in minutes)  for a sample of patients at offices that do not have a wait-tracking system and wait times for a sample  of patients at offices with such systems. The data are stored in HI6007 Group Assignment T1 2024  data file (sheet 1).  

Without  

Wait-Tracking System

With  

Wait-Tracking System

30 

25

72 

8

12 

16

24 

20

46 

9

32 

28

26 

12

12 

10

35 

7

15 

14

a) Calculate the mean and median patient wait times for offices; 

i. with a wait-tracking system?  

ii. without a wait-tracking system? 

(2 marks) 

b) Calculate the variance and standard deviation of patient wait times for offices; i. with a wait-tracking system?  

ii. without a wait-tracking system? 

(2 marks) 

c) Create a box plot for patient wait times for offices; 

i. with a wait-tracking system and review the information from the box plot? ii. without a wait-tracking system and review the information from the box plot? (4 marks) 

d) Do offices with a wait-tracking system have shorter patient wait times than offices without a  wait-tracking system? Explain. 

(2 marks)

Question 2 (10 marks)  

Suppose a researcher has collected sample data on beer price (in $/per litre) and per capita beer  quantity consumed (in litres) in Australia between 1975-2017. The data are stored in HI6007 Group  Assignment T1 2024 data file (sheet 2).  

Answer the following questions 

a) Prepare a numerical summary output for the two variables; beer price and per capita beer  quantity consumed and explain the key numerical descriptive measures.  

(2 marks)  

b) Based on the numerical descriptive measures, comment on the shape of the distribution of  the two variables; beer price and per capita beer quantity consumed.  

(2 marks)  

c) Test the hypothesis that the population mean per capita beer consumption is less than 135  litres/year.  

(2 marks) 

d) If the researcher claims that the population mean per capita beer consumption is greater than  135 litres/year do you agree with that? Explain why.  

(2 marks)  

e) Based on part (c) and (d), what can you say about the population mean per capita beer  consumption in Australia?  

(2 marks) 

Question 3 (20 marks)  

Dixie Showtime Movie Theatres, Inc. owns and operates a chain of cinemas in several markets in the  southern United States. The owners would like to estimate weekly gross revenue as a function of  advertising expenditures. The data are stored in HI6007 Group Assignment T1 2024 data file (sheet  3). Using this data set and EXCEL, and no more than 1500 words in total, answer the following  questions.  

a) Using an appropriate numerical descriptive measure, comment on the strength and the  direction of the linear relationship between weekly gross revenue and television advertising;  and weekly gross revenue and newspaper advertising.  

(2 marks)  

b) Develop a simple linear regression model to estimate the relationship between weekly gross  revenue and television advertising expenditure and Comment on the goodness of fit of the  estimated model.  

(2 marks)  

c) Develop and estimate a multiple linear regression model to estimate the relationship between  weekly gross revenue and television and newspaper

advertising expenditure.  (2 marks)  

d) What do the estimated regression coefficients in part (c) reveal about the relationship  between weekly gross revenue and television and newspaper advertising expenditure?  (2 marks) 

e) Test the overall validity of the estimated multiple regression model in part (d) at the 5% level  of significance. 

(2 marks) 

f) Test whether linear relationship exists between weekly gross revenue and individual  independent variables in part (d) at the 5% level of significance.  

(2 marks)  

g) Will your conclusion in part (f) change if the level of significance changes to 1% level of  significance?  

(1 mark) 

h) Compare the fitness of the multiple linear regression model with that of the simple linear  regression model.  

(2 mark)  

i) Based on your answers to (a) to (h) above, write a research report (of maximum 300 words)  for the head of research division of your company, summarizing your findings and highlighting  the managerial implications of these results?

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