SOLUTION 2
Mean - The Mean are the arithmetic average of a data set. This is found by adding the numbers in a data set and dividing by how many numbers there are.
The median is the middle number in a data set when the numbers are listed in either ascending or
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NMIMS
Global Access
School
for Continuing Education (NGA-SCE)
Course:
Business Statistics
Internal
Assignment Applicable for April 2019 Examination
Question
1. Consider the following data of 26 restaurants serving in Mumbai.
Is
the Location variable - a nominal, an ordinal, an interval or a ratio variable?
How can we code it so that we can use it in analysis (hint: binary)?
Restaurant
|
Location
|
Area
|
Number of
|
Sales in
|
(square feet)
|
items in menu
|
crores
|
||
A
|
Busy
|
2500
|
35
|
4.1
|
B
|
Less busy
|
50
|
45
|
5.1
|
C
|
Busy
|
450
|
36
|
4.3
|
D
|
Less busy
|
700
|
45
|
4.9
|
E
|
Busy
|
700
|
40
|
4.7
|
F
|
Less busy
|
400
|
25
|
2.6
|
G
|
Busy
|
800
|
50
|
5.2
|
H
|
Less busy
|
300
|
20
|
2.2
|
I
|
Less busy
|
350
|
34
|
3.8
|
J
|
Busy
|
700
|
42
|
4.1
|
K
|
Busy
|
450
|
34
|
3.9
|
L
|
Less busy
|
200
|
12
|
1.6
|
M
|
Busy
|
500
|
30
|
2.7
|
N
|
Less busy
|
400
|
37
|
3.9
|
O
|
Busy
|
500
|
35
|
3.1
|
P
|
Less busy
|
600
|
32
|
3
|
Q
|
Busy
|
800
|
45
|
4.9
|
R
|
Less busy
|
400
|
35
|
3.8
|
S
|
Busy
|
650
|
40
|
4
|
T
|
Less busy
|
400
|
25
|
2.3
|
U
|
Less busy
|
900
|
52
|
5.1
|
V
|
Busy
|
500
|
42
|
4.2
|
W
|
Busy
|
350
|
40
|
4.1
|
X
|
Less busy
|
300
|
25
|
2.2
|
Y
|
Busy
|
700
|
30
|
3
|
Z
|
Less busy
|
300
|
20
|
2.1
|
14900
|
906
|
94.9
|
Which of the variables are
determining Sales based on the above data? Take p < 0.05 for interpreting
your multiple regressions. You can use output from Ms-Excel or other
software,but you are required to interpret it. Is your regression model
statistically significant? How is Adjusted R2 different from R2?
Suppose, you want to open a new restaurant.
Given that this new restaurant of 1000 square
Feet will be located in a busy
location and will have 40 items in its menu - what would bethe predicted sales?
SOLUTION
1
Busy
|
9,600
|
Sales in Crore
|
52.3
|
Question 2.
Based on the data in question 1
above, suppose that in order to plan the area (square feet) ofyour new
restaurant, you want to consider information about the area (square feet)
ofexisting restaurants. What is more appropriate in this case – mean,median or mode?
Calculate them and explain.
What do you know about the symmetry
of the distribution of the Number of Items in Menu?As an investor you do not
want much variability in Sales. Calculate standard deviation
andinter-quartile-range of Sales and comment when they are useful as measures.
What values(maximum, minimum) of Sales lie within two standard deviations,
assuming normaldistribution?
SOLUTION 2
Mean - The Mean are
the arithmetic average of a data set. This is found by adding the numbers in a
data set and dividing by how many numbers there are.
The median is the middle number in a data set
when the numbers are listed in either ascending or
Question 3
Suppose you are a consultant hired
to help NMIMS in understanding student perception ofquality of study materials
and student assessment process at NMIMS.
a. What are the types of random
sample survey, in general? What sampling methodwould you recommend in this case
for your study and why?
b. Consider the scores from a
multiple-choice test from a question bank (random),used for student assessment.
Explain Central Limit Theorem and its applicability tothis case.
SOLUTION 3
Types of random sample survey, in
general
There are
numerous ways of getting a sample, but here are the most commonly used sampling
methods:
1. Complete
Assignment available for NMIMS
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Rs 199 per assignment only
You
can call us 87-55555-879
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1 hour will revert you by mail
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