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ECON 940–Statistics for Decision Making

PRESENTATION OF ASSIGNMENT

  • The answer to your assignment should be in the form of a business report.
  • Marks awarded will be based on presentation (5%) as well as the rest (90%).
  • The report will provide you with an opportunity to demonstrate proficiency in integrating statistical software SPSS, Mintab, KaddStat, Excel/PhStat with a word processor, Word. Note that you can easily import Minitab, KaddStat, SPSS, Excel/PhStat output to Word.
  • Your report must include:
  • An Executive Summary (100 to 150 words). In this section you summarize the main conclusions of the report in business language. It should also describe the primary purpose of the study, the generalmethodology used, the significant findings of eachsection, as well as key general conclusions and recommendations.
  • A Table of Contents with page numbers
  • Business Problem as given in the question in business language.
  • Statistical problem using the language of statistics (i.e.methods you have used to do your analysis).
  • Analysis: This section should present statistical output and discuss the results from all the analyses conducted. Outline required steps and show necessary computer output. Clearly label tables and graphs.
  • General Conclusion: This section should briefly review the study, summarize the inference(s) stemming from it, and highlight the evidence supporting each inference. Where appropriate, indicate the limitations of the results. The conclusions should be written in business language and in terms of the variables under discussion.
  • Implications: bearing in mind why the study was undertaken, briefly describe the implications and consequences of the conclusions drawn. You should include your recommendations for action (based on what you have found in your study).
  • Write clearly and precisely. A precise report is a clear report, one that is composed of unambiguous statements. The word limit is 3000 words.

ANswer

A car manufacturer creates various plans to market it. The above data points represent the cars purchased by different age groups. The visual is shown as Line chart.

BMW car buyer’s age is in the range from 36 to 57. LEXUS car buyer’s age is in the range from 36 to 68. The buyers of the Mercedes have ages in the range from 35 to 70.

It is important to keep in mind that vehicles advertisements must reach the respective age groups.

Ages of People Buying Cars
BMW Lexus Mercedes
55 56 52
41 46 54
43 48 53
57 44 64
42 56 49
41 49 43
47 55 50
46 49 48
BMW Lexus Mercedes
Mean 45.21538 Mean 50.45714 Mean 51.98667
Standard Error 0.381908 Standard Error 0.515472 Standard Error 0.55037
Median 45 Median 50 Median 53
Mode 46 Mode 55 Mode 53
Standard Deviation 4.354423 Standard Deviation 6.099147 Standard Deviation 6.740628
Sample Variance 18.961 Sample Variance 37.19959 Sample Variance 45.43606
Kurtosis 0.04742 Kurtosis 0.611214 Kurtosis -0.0195
Skewness 0.508655 Skewness 0.360262 Skewness -0.02894
Range 21 Range 32 Range 35
Minimum 36 Minimum 36 Minimum 35
Maximum 57 Maximum 68 Maximum 70
Sum 5878 Sum 7064 Sum 7798
Count 130 Count 140 Count 150

DESCRIPTIVE STATISTICS OF BMW CARS

Minimum of 36 and maximum of 57 year old people has interest to buy BMW. The total number of BMW purchases is 130

Stats Sample Assignments