Reference no: EM132794329

HI6007 Statistics for Business Decisions - Holmes Institute

Purpose:
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

Assignment Structure should be as the following:

This is an applied assignment. Students have to show that they understand the principles and techniques taught in this course. Therefore, students are expected to show all the workings, and all problems must be completed in the format taught in class, the lecture notes or prescribed text book. Any problems not done in the prescribed format will not be marked, regardless of the ultimate correctness of the answer.

(Note: The questions and the necessary data are provided under "Assignment and Due date" in the Blackboard.)

Group Assignment Questions

Assume your group is the team of data analytics in a renowned Australian company. The company offers their assistance to distinct group of clients including (not limited to), public listed companies, small businesses, educational institutions etc. Company has undertaken several data analysis projects and all the projects are based on multiple regression analysis.

Based on the above assumption, you are required to.

1. Develop a research question which can be addressed through multiple regression analysis.

2. Explain the target population and the expected sample size

3. Briefly describe the most appropriate sampling method.

4. Create a data set (in excel) which satisfy the following conditions. (You are required to upload the data file separately).
a. Minimum no of independent variables - 2 variables
b. Minimum no of observations - 30 observations
Note: You are required to provide information on whether you used primary or secondary data, data collection source etc.

5. Perform descriptive statistical analysis and prepare a table with following descriptive measures for all the variables in your data set.
Mean, median, mode, variance, standard deviation, skewness, kurtosis, coefficient of variation.

6. Briefly comment on the descriptive statistics in the part (5) and explain the nature of the distribution of those variables.

7. Derive suitable graph to represent the relationship between dependent variable and each independent variable in your data set.
(ex: relationship between Y and X1, Y and X2 etc)

8. Based on the data set, perform a regression analysis and correlation analysis, and answer the questions given below.
a. Derive the multiple regression equation.
b. Interpret the meaning of all the coefficients in the regression equation.
c. Interpret the calculated coefficient of determination.
d. At 5% significance level, test the overall model significance.
e. At 5% significance level, assess the significance of independent variables in the model.
f. Based on the correlation coefficients in the correlation output, assess the correlation between explanatory variables and check the possibility of multicollinearity.

Attachment:- Statistics for Business Decisions.rar