Question 1
Evaluate business and economic data/information obtained from published resources.
a) Explain what is statistic, what the key characteristics are and what are the benefits of statistical data which is for the meeting business objectives.
Statistic
‘Collection of mathematic techniques that helps you to analyze and how to present a data at your homework or working.
‘Practice or science of collecting and also help to analyze the numerical data in large quantities, especially for the purpose of the inferring proportions in a whole form those in a representative sample.
‘Otherwise, statistic is also the branch of mathematics dealing with the collection, analysis, interpretation, presentation, and organization of data. After that, in applying the statistic to , for the example , a scientific , industrial or the social problem that happen by the student.
Key characteristic of statistic
‘Statistic are aggregate of facts and the statistics are numerically expressed. This is say that the statistics have its own style when performing some performance or answer and try to find out the real answer.
‘It is affected by many causes. It is not easy to study the effect of the one factor only but ignoring all the effects of the other factors. Here, the overall effect is taken and not of one factor only as in other natural science.
‘It is also should be collected for a predetermine purpose, before start for collecting the data, should be clear with the purpose for which are collecting the data, if don’t have any information about the purpose, we may not be collecting the data according the needs.
Benefit of statistical data
‘The advantage of the benefit of statistical data is says that the it is secondary data and it is usually cheap and is less time consuming because someone else have already complied it.
‘After that, the statistical data is taken from the large samples so the generalizability is high, and it is can be used for the and re-used to check different variables.
‘It is also can be used for the imitated to check changes which increases reliability and representatives.
b) Explain the sources and the types of data and information business can be access.
Qualitative data
‘It is means that the qualitative data is a data that approximates or characterizes but does not measure the attributes, characteristic, properties and other. Qualitative is also described whereas quantitative data defines.
‘Qualitative data are measures of ‘types’ and maybe represented by a name, symbol, or a number code. Qualitative data are mention that it is data about categorical variable.
‘In the statistic, qualitative data is sometimes referred to as a categorical data is the data that can be arranged into categories based on physical traits, gender, colours or anything does not have a number associated with it. Qualitative data is contrasted with quantitative data wherein quantitative data sets have number associated with them that evaluate the quantity of an object.
Quantitative data
‘It is means that the data that can be quantified and verified, and is amenable to statistical manipulation. Quantitative data defined whereas qualitative data described.
‘It is described attributes of the objects but do not contain of any numbers. There are a variety of ways that quantitative data arises in statistics. Each of the following is an example of quantitative data such as the number of cars in each row of the parking lot, and the values of homes in a neighborhood.
‘Additional, quantitative data can further be broken down and analyzed according to the level of measurement involved including nominal, ordinal, interval, and the ratio of the level.
Primary data
‘Primary data is the data that observed or collected directly from the first-hand experience. The published data and the data collected in the past or other parties are called secondary data.
‘The benefit of the primary data is says that the investigator collects data specific to the problem under study for make their answer more completed. After that, there is no more doubt about the quality of the data collected for the investigator. If it is required, it may be possible to obtain the additional data during the study period.
Secondary data
‘Secondary data is means that the primary data that was collected by someone else or for a purpose other than the current one. Otherwise, it is also says that the secondary data is a data that collected by someone else for some other purpose but it is being utilized by the investigator for another purpose.
‘After that, the advantages of the secondary data is mention that the data’s already exist and there are no any hassles of data collection. It is less expensive and the investigator is not personally responsible for the quality of the data.
‘The disadvantages of the secondary data is means that the investigator cannot decide that the what is collected and there is just only can hope that the good quality and it is also need to obtaining the data about something is not possible.
c) The value of the statistical method when meeting business objective and achieving competitive advantages.
Value of the statistical method
‘Determination of normal ranges from the laboratory data containing undectable values is a frequently encountered problem. We proposed that the maximum likehood estimation method to determine the normal range from this type of data.
Question 2a)
i) Qualitative data
Qualitative data collection is a method in which the characteristics, attributes, properties, and qualities of a marvel or thing is depicted. It is the portrayal of information in a dialect instead of in numbers. It is utilized to pick up a comprehension of hidden reasons, feelings, and inspirations. It gives experiences into the issue or creates thoughts or speculations for potential quantitative research
ii) Quantitative data
Quantitative data collection is a method in which data that can be numerically counted or expressed is collected. The quantitative data is one type of data can be recorded using the number. The quantitative data is used to evaluate states of mind, sentiments, practices, and other characterized factors and sum up comes about because of a bigger example population. Quantitative Research utilizes quantifiable information to figure actualities and reveal designs in look into.
Question 2Bi
Range of age (years) Number of employee (”) x x^2 fx ‘fx’^2 Cumulative
Frequency
10 and below 20 4 15 225 60 900 4
20 and below 30 10 25 625 250 6250 14
30 and below 40 12 35 1225 420 14700 26
40 and below 50 15 45 2025 675 30375 41
50 and below 60 7 55 3025 385 21175 48
60 and below 70 2 65 4225 130 8450 50
50 1920 81850
Mean = (‘fx)/(‘f)
=1920/50
=38.4 years
Mode= l_1 (l_2-l_1)(t_1-t_0)/(‘2f’_1-f_0-f_2 )
=40 + (50-40)(15-12)/(2(15)-12-7)
= 40+10(3/11)
=40+2.73
=42.73 years
Median= lm+cm/fm (n/2-fm-1)
=30+10/12(50/2-14)
= 30+9.1667
=39.17 years
Standard deviation= ‘((‘fx^2)/(‘f))-((‘fx)/(‘f) )^2
= ‘(81850/50-‘38.4’^2 )
='(1637-1474.56 )
= ‘162.44
=12.75 years
Quartile deviation=(Q3-Q1)/2
Q1 = lm+cm/fm(N/4-fm-1
=20+10/10 (50/4-4)
=20+1(8.5)
=28.50 years
Q3= lm+cm/fm (3n/4-Fm-1)
=40+10/15(3(50)/4-26
= 40+2/3 (11-5)
=40+7.67
=47.67 years
Quartile deviation=(47.67-28.5)/2
= 19.17/2
= 9.59 years
Question 2 C
Exploratory versus Descriptive
Research directed for planning an issue for all the more clear examination is called exploratory research. Research that investigate and clarifies an individual, gathering or a circumstance, is called expressive research.
The exploratory research goes for the revelation of thoughts and contemplations while the main role of distinct research is to portray the qualities and capacities.
The general outline of the exploratory research ought to be sufficiently adaptable so it gives a chance to think about different parts of the issue. Despite what might be expected, in engaging examination, the general plan ought to be inflexible which secures against inclination and furthermore expand unwavering quality.
The examination procedure is unstructured in exploratory research. Be that as it may, it is organized on account of distinct research.
Non-likelihood testing i.e. judgment or purposive testing configuration is utilized as a part of exploratory research. Instead of enlightening examination whereby the likelihood (arbitrary) testing configuration is utilized.
With regards to factual outline, exploratory research has no pre-arranged plan for investigation. But not at all like, enlightening examination that has the pre-arranged plan for investigation.
Charts versus table
A table is the portrayal of information or data in lines and sections while an outline is the graphical portrayal of information in images like bars, lines, and cuts.
A table can be straightforward or multi-dimensional. While there are a few sorts of graphs, the most widely recognized are pies outlines bar diagrams, and line outlines.
Writings are from time to time utilized as a part of outlines while they are frequently utilized as a part of tables.
A graph is utilized to help comprehend a lot of information and its parts while a table is utilized to monitor data, for example, amounts, numbers, names, addresses, and different points of interest.
Step 1: Null hypothesis: ‘ ”=0
There is no evidence that the mean age of employee in Weng Seng Sdn Bhd is higher than Seng Seng Sdn Bhd.
Alternative hypothesis:’ ” ‘ 0
There is evidence that the mean age of employee in Weng Seng Sdn Bhd is higher than Seng Seng Sdn Bhd.
Step 2: Critical value, one tailed test: 5%=1.64
1%= 2.33
Step 3: Z calculation
Two mean test, Z=(x_1-x_2)/'((S_1^2)/n_1 +(S_2^2)/n_2 )
Based on the Weng Seng Sdn. Bhd
Mean X= =38.4 years
The standard deviation, S=12.75 years
Number of employees, n,=50′>30′
Age (years) No. of employees x x^2 fx ‘fx’^2
10 and below 20 5 15 225 75 1125
20 and below 30 13 25 625 325 8125
30 and below 40 18 35 1225 630 22050
40 and below 50 11 45 2025 495 22275
50 and below 60 3 55 3025 165 9075
50 1690 62650
Mean=(‘fx)/(‘f)
=1690/50
=33.80 years
Standard deviation= S_2 ‘((”fx’^2)/(‘f)-((‘fx)/(‘f) )^2 )
='(62650/50)-‘33.80’^2
='(1253-1142.44)
=’110.56
=10.51 years
Z test: (38.40-33.80)/(‘(”12.75’^2/50)’+”10.51’^2/50)
=4.6/'(3.2513+21.2092)
= 4.6/’5.4605
=4.6/2.3368
=1.97
Step 4:
Calculated Z value at 1.97 is more that critical value 5% (1.64). Result is significant, reject null hypothesis.
Calculated Z value at 1.97 is less that critical value 1% (2.332). Result is no significant, accept null hypothesis
Step 5
We conclude that there has been a significant to improve productivity at 5%
We conclude that there has been not significant to improve productivity at 1%
Question 3:
Warning limit:-
to
= to =
=38-15.68 to =38+15.68
=22.32[Lower warning limit] to =53.68[Upper warning limit]
Action limit:-
to
= to =
=38-24.72 to =38+24.72
=13.28[Lower action limit] to =62.72[Upper action limit]
a) Construct
b) Graph
Comment:
The first sample lies outside the upper action limit. The mean arrival times should be stopped and reset.
The second sample lies outside the upper warning limit. The mean arrival times should be stopped and reset.
Joint mean
= +
=38+23
=61
Joint standard deviation
=
=
=
=24.74
Z =
1.64 =
X-61 =40.5736
X =40.5736+61
X =101.5736
or
Z =
-1.64 =
”-61 =-40.5736
X=-40.5736+61
X=20.4264
xt in here…