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BU1007 Principles Of Data Analysis For Business

tag 2 Downloads 6 Pages / 1,417 Words tag 04-06-2021
  • Course Code: BU1007
  • University: James Cook University
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  • Country: Australia

Question:

Petrol is a product that used by most of Australians. So people are very sensitive to price changes, especially when the fuel becomes more expensive. Are greedy petrol traders ripping off Australians or the price changes are fair and primarily defined by the factors like crude oil price? Let’s investigate this question using some simple data analysis and visualization techniques.  We’ll check how retail petrol price correlates with crude oil price.

The data set given to you includes records of monthly crude oil price and retail petro price in Australian dollars from Jan 2001 to Oct 2018. The columns are:

  • Date (month and year)
  • Crude oil price in AUD $ per barrel
  • Petrol price in AUD cents per litre

Please use MS Excel to analyse and visualise the data in order to answer the following questions:

1) Describe the fluctuations of crude oil price and petrol price using one chart and comments;

2) Quantify and compare the fluctuations of crude oil price and petrol price;

3) Explore the monthly pattern of petrol price with a summary table and an appropriate chart

4) Explore the quarterly pattern of crude oil price with a summary table and an appropriate chart

5) Explore the relationship between crude oil price and petrol price using an appropriate chart and summary statistic

6) Explore the change of the relationship between crude oil price and petrol price over the years (2001 – 2018) with an appropriate chart and comments.

7) Write a statistical data analysis report using the template provided in BU1007.

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