Finance and Management

HI6007 Statistics For Business Decisions

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HI6007 Statistics For Business Decisions :

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HI6007  Statistics For Business Decisions
HI6007 Statistics For Business Decisions
Assessment Details and Submission Guidelines
TrimesterT2 2022
Unit CodeHI6007
Unit TitleStatistics for Business Decisions
Assessment TypeAssessment 2
Assessment TitleGroup Assignment
Purpose of the assessment (with ULO Mapping)Students are required to show an understanding of the principles and techniques of business research and statistical analysis as taught in the course.
Weight40% of the total assessments
Total Marks40
Word limitN/A
Due DateWeek 10 (23rd of September 2022)
Submission GuidelinesStudents must form groups (Min of 3 and Max of 4 members).All work must be submitted on Blackboard by the due date along with a completed Assignment Cover Page.The assignment must be in MS Word format only, single spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers.Reference sources must be cited in the text of the report and listed appropriately at the end in a reference list using Holmes Adapted Harvard referencing style.

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HI6007 STATISTICS FOR BUSINESS DECISIONS GROUP ASSIGNMENT

Assignment Specifications

Purpose:

The principal purpose of this HI6007 Statistics For Business Decisions assignment is to assess 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 a business situation in which statistical techniques have been used to solve a business problem
  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 solutions

Assignment Structure should be as the following:

Text Box: 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 their workings. 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.)

Instructions:

•        Your assignment must be submitted in WORD format only. Otherwise, your submission will not be graded.

  • The assignment should be supported with the excel file which includes the data set and outputs. Inability to meet this requirement will lead to a 10% reduction of total marks.
  • When answering questions, wherever required, you should copy/cut and paste the Excel output (e.g., plots, regression output etc.) into your word doc so as to show your working/output. Otherwise, you will not receive the allocated marks.

•        You are required to keep an electronic copy of your submitted assignment to re-submit, in case the original submission fails and you are asked to resubmit.

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Text Box: Important Notice:
All assignments submitted undergo plagiarism checking; if found to have cheated, all students involved in the submissions will be subject to penalty.

Group Assignment Questions

Part A                                                                                                                                                                                    (10 marks)

The majority of people around the world are profoundly impacted by inflation since it reduces the purchasing power of currency. Hence, researchers try to investigate the link between inflation and factors such as interest rate, GDP growth rate, unemployment rate and GDP per capita.

Sheet 1 in the Data set (Group Assignment T2 2022) shows data related to the Australian inflation rate and GDP per capita from 1975 – 2021.

You are required to:

  1. Draw a suitable graph to show the relationship between inflation and per capita GDP and justify the usage of the selected chart type.                                                                                                                           (5 marks)
    1. Critically review the observed relationship between those two variables and comment on key fluctuations or trends. Also comment on their links with the major economic milestones in the Australian economy over the 1975- 2021 period.                                                                                                                 (5 marks)

Part B                                                                                                                                                                                    (30 marks)

Insurance is an integral part of peoples’ life. It is a flourishing industry from a business point of view. This industry is mainly divided into two sub sectors namely life insurance and general insurance.

Life insurance companies are keenly interested in predicting how long their customers will live, because their premium and profitability depends on such numbers. An actuary for one insurance company gathered data from 100 recently deceased clients. He recorded the age at death, ages at death of their mothers and fathers, number of years of employment and gender.

You are required to gather 80 observations from the given data set (data for part B), following the steps below.

Steps

  1. Write down the student ID of all the members in your group. Ex: EPS3006, NXP5005 DY30120, ABN 8009
  2. Add the last digit of each student IDs until a single digit result: 6 +5+0+9 =20 = 2+0 = 2 3.

If it is, 1 or 2 – select observations from: 1- 80 If it is, 3 or 4 – select observations from: – 6 – 85 If it is, 5 or 6 – select observations from: 11 – 90

If it is, 7 or 8 – select observations from: 16 – 95

If it is, 9 or 0 – select observations from: 21 – 100

Note: You will be graded zero for Part B of the assignment unless you satisfied the above sample selection criteria.

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Questions

  1. Perform descriptive statistical analysis in excel and prepare a table with following descriptive measures for quantitative variables in your data set.

Mean, median, mode, variance, standard deviation, skewness, kurtosis, coefficient of variation.

(4 marks)

  • Briefly comment on the descriptive statistics in the question 1 and explain the nature of the distribution (whether the variables are normally distributed or not) of those variables. Use graphs where necessary.                                                                                                                                                               (4 marks)
  • Construct suitable graphs to represent the relationship between dependent variables and each quantitative independent variable in your data set.                                                                                 (3 marks)
  • Construct a suitable graph to describe the gender composition of the clients in your sample.

(2 marks)

  • Based on the data set you extracted, perform a regression analysis and correlation analysis, and answer the questions given below.
  1. Interpret the meaning of all the coefficients in the regression equation.                      (2 marks)Interpret the calculated coefficient of determination and the standard error of the

estimate                                                                                                                                                   (4 marks)

  • At 5% significance level, test the overall model significance.                                              (2 marks)At 5% significance level, assess the significance of independent variables in the

model.                                                                                                                                                      (3 marks)

  • Based on the correlation coefficients in the correlation output, assess the correlation between explanatory variables and check the possibility of multicollinearity.

(2 marks)

  • Assuming that you are the actuary, help this insurance company to make policy decisions on insurance premiums. Your suggestions should be based on the above findings. You can propose to them to gather more evidence if there are   important   variables   omitted   in   the   above HI6007 Statistics For Business Decisions model.        (4 marks)

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Marking criteria

Marking criteriaWeighting
Part A topic: Understanding suitable chart type based on the nature of the data. Also, presentation and interpretation of data.10 marks
Part B topic: Selecting data based on the given selection criteria. Inability to meet this will result in reduction of 5 marks from the final grade 
Performing descriptive statistical analysis and review of the calculated values (Q 1 and Q 2)8 marks
Constructing suitable graphs to represent the relationship between dependent variable and each independent variable in your data set.3 marks
Constructing a suitable graph to describe the gender composition of the clients in your sample2 marks
Interpreting slope, intercepts, coefficient of determination and standard error of the regression model6 marks
Assessing the overall model significance and the significance of independent variables in the model.5 marks
Examining the correlation between explanatory variables and checking the possibility of multicollinearity.2 marks
Use of statistical calculations to make decisions4 marks
TOTAL Weight40 Marks
  Assessment Feedback to the Student: 

Marking Rubric

 ExcellentVery GoodGoodSatisfactoryUnsatisfactory
Part A:DemonstrationofDemonstration                                ofDemonstrationofDemonstration                                 ofDemonstrationofpoor
Understanding suitableoutstanding knowledgevery good knowledgegood knowledge onbasic knowledge onknowledge                                           on
chart type based on theon   representationofon representation ofrepresentationofrepresentation                                 ofrepresentationofdata
nature of the data, presentation of data and interpretationdata, based on the type and            scales                  of measurements.data, based on the type and scales of measurements.data based on the type and scales of measurements.data based on the type and scales of measurements.based on the type and scales of measurements.
Part B    Demonstration                       of outstanding knowledge on                       descriptive measures    
Performing                               descriptive statistical analysis and review of the calculatedDemonstration                              of very                            good knowledge                                onDemonstration of good knowledge on descriptiveDemonstration of basic knowledge on descriptiveDemonstration of poor knowledge on descriptive measures
valuesdescriptivemeasuresmeasures 
 measures   
Deriving suitable graph toDemonstration ofDemonstration ofDemonstration ofDemonstration ofDemonstration of poor
represent the relationshipoutstanding knowledgevery goodgood knowledge onbasic knowledge onknowledge on
between variableson presentation of dataknowledge onpresentation ofpresentation of datapresentation of data using
 using suitable                                chartpresentation of datadata using suitableusing suitable chartsuitable chart types.
 types.using presentationchart types.types. 
  of data using   
  suitable chart types.   
Interpreting slope, intercepts, coefficient of determination and standard error of the regression model    Demonstration of outstanding knowledge on interpretation of regression modelDemonstration of very good knowledge on interpretation of regression modelDemonstration of good knowledge on interpretation of regression modelDemonstration of basic knowledge on interpretation of regression modelDemonstration of poor knowledge on interpretation of regression model
Assessing the overall model significance and the significance of independent variables in the model.Demonstration of outstanding knowledge on use of statistical tests for significance assessment in regression analysisDemonstration                of very                good knowledge on use of statistical tests for significance assessment in regression analysisDemonstration of good knowledge on use of statistical tests for significance assessment in regression analysisDemonstration of basic knowledge on use of statistical tests for significance assessment in regression analysisDemonstration of poor knowledge on use of statistical tests for significance assessment in regression analysis
Examining the correlation between explanatory variables and check the possibility of multicollinearity.Demonstration of outstanding knowledge on correlation coefficient calculation, interpretation and assessing multicollinearity.Demonstration of very    good knowledge on correlation coefficient calculation, interpretation and assessing multicollinearity.Demonstration of good knowledge on correlation coefficient calculation, interpretation and assessing multicollinearity.Demonstration of basic knowledge on correlation coefficient calculation, interpretation and assessing multicollinearity.Demonstration of poor knowledge on correlation coefficient calculation, interpretation and assessing multicollinearity.
Use of statistical calculations to make decisionsDemonstration of outstanding knowledge on critical review and application of statistical findingsDemonstration of very    good knowledge on critical review and application of statistical findingsDemonstration of good knowledge on on critical review and application of statistical findingsDemonstration of basic knowledge on critical review and application of statistical findingsDemonstration of poor knowledge on critical review and application of statistical findings

Academic Integrity

Holmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral to maintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks need to comply with academic integrity guidelines. Table 1 identifies the six categories of Academic Integrity breaches. If you have any questions about Academic Integrity issues related to your HI6007 Statistics For Business Decisions assessment tasks, please consult your lecturer or tutor for relevant referencing guidelines and support resources. Many of these resources can also be found through the Study Skills link on Blackboard.

Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction of marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of course enrolment.

Table 1: Six categories of Academic Integrity breaches

Plagiarism  Reproducing the work of someone else without attribution. When a student submits their own work on multiple occasions this is known as self-plagiarism.
Collusion  Working with one or more other individuals to complete an assignment, in a way that is not authorised.
Copying  Reproducing and submitting the work of another student, with or without their knowledge. If a student fails to take reasonable precautions to prevent their own original work from being copied, this may also be considered an offence.
ImpersonationFalsely presenting oneself, or engaging someone else to present as oneself, in an in-person examination.
Contract cheatingContracting a third party to complete an assessment task, generally in exchange for money or other manner of payment.
Data fabrication and falsificationManipulating or inventing data with the intent of supporting false conclusions, including manipulating images.

Source: INQAAHE, 2020

Assessment Design – Adapted Harvard Referencing

Holmes will be implementing as a pilot program a revised Harvard approach to referencing. The following guidelines apply:

  1. Reference sources in assignments are limited to sources which provide full text access to the

source’s content for lecturers and markers.

  • The Reference list should be located on a separate page at the end of the essay and titled:

References.

  • It should include the details of all the in-text citations, arranged alphabetically A-Z by author surname and then numbered sequentially. In addition, it MUST include a hyperlink to the full text of the cited reference source.

For example;

7. Hawking, P., McCarthy, B., and Stein, A. 2004, Second Wave ERP Education, Journal of Information Systems Education, Fall,  http://jise.org/Volume15/n3/JISEv15n3p327.pdf

  • All assignments will require additional in-text reference details which will consist of the surname of the author/authors or name of the authoring body, year of publication, page number of contents, paragraph where the content can be found.

For example;

“The company decided to implement an enterprise wide data warehouse business intelligence strategy (Hawking et al, 2004, p3(4)).”

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Non-Adherence to Referencing Guidelines

Where students do not follow the above guidelines:

  1. Students who submit HI6007 Statistics For Business Decisions assignments which do not comply with the guidelines will be penalised -20%.
  2. Students who comply with guidelines but their citations are “fake” will be reported for academic

misconduct.

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For solution: +610482078788

+61482073403

+61482072848