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STS2003 Business Statistics For Managers

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Assessed Learning Outcomes:

  • Analyze the probability of given business outcomes using fundamental probability concepts for discrete and continuous probability distributions.
  • Compute the probability of given business outcomes by building one and two tailed confidence intervals for Z and T probability distributions.
  • Draw statistical inferences from given business information, based on one and two tailed hypothesis tests.
  • Conduct hypothesis tests for the means of two or independent or dependent samples

You have been assigned a task on behalf of the statistical department of your college. You must undertake two hypothesis tests using a two sample approach. One must be dependent and the other must be independent. Your sample size should be between 15 and 30 observations per sample.

Task 1: In groups of no more than four people conduct your samples. The samples can be surveys, observations, oral questions. Please see below a list of possible samples you may use. One sample test must be independent and one must be dependent. You must write your data down on a notebook.

Task 2: Transfer this data in Excel (or another software package) then use appropriate functions to calculate the mean, standard deviation and the sample size. You may also use other basic Excel functions to get other data. Save your Excel files as some of the grades will be based on the output of the spreadsheets.

Task 3: Use appropriate statistical techniques to solve the questions you are being asked.

Task 4: You will do a short individual written defence (with the teacher’s data).This will be in class time and under examination conditions.

1.Write a short introduction to explain your two samples. You should describe who the population is (student and teachers) and why you chose this sample. You may also explain the sampling technique (random) you used to obtain your data.

2.In an appropriate software package calculate basic statistical data such as mean, standard deviation, median, range.

3.The data from one, two and three standard deviations from the sample mean.  

4.Use the data to find the following information from your samples.

a)The top 15% of the data you have found in your sample.

b)The bottom 20% of the data you have found in your sample.

c)The middle 80% of the data you have found in your sample.

5.A) Find the 90%, 95% and 99% confidence intervals of all your data.

B) Explain why the answers are different depending on what confidence interval you use. Report anything interesting you observe.

6.Use the two samples to set up a 5 step hypothesis comparing the two samples. You should use the following steps     

a)Define your hypothesis

b)Choose 0.01, 0.05 or 0.10 significance levels and obtain critical values. Give reasons why they chose the level.

c)Do the test statistic

d)Formulate a decision on the findings of b) and c)

e)Give the result or decision of the hypothesis test and interpret what this means.

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