|University||Nanyang Polytechnic (NYP)|
|Subject||BM5004: Business Statistics|
After the completion of this assignment, learners will be able to:
- Select a representative sample when conducting a business survey research by applying theories of the sampling distribution of the sample means.
- Perform inferential statistics on real-life data using hypothesis testing techniques.
Sampling Distribution of the Sample Means
- Survey research is a tool used by businesses to obtain feedback from their customers, suppliers, or employees. One of the requirements to obtain good feedback from their respondents when conducting a survey is to select a representative sample for the survey. For this assignment, you are the business personnel who is conducting a survey for your company. Write a reflection on how the knowledge gained in the topic “Sampling Distribution of the Sample Means” can facilitate your decision-making process in conducting the business survey research, such as choosing an appropriate sample size for the survey as well as other considerations, costs, and benefits
- Your reflection should provide discussion and explanation for the following areas:
- The central limit theorem (CLT) and its significance. How the CLT can influence your decision in choosing an appropriate (or minimum) sample size for the survey.
- Is a bigger sample size selected always better for the survey? Discuss the benefits of having a bigger sample size with reference to the standard error. Any possible costs associated with a bigger sample size selected? How do you decide on the sample size for your survey?
- Besides the knowledge gained from the topic, suggest any three (3) measures that you can undertake to obtain good feedback from your respondents when conducting the survey. Be as innovative as possible and provide reasons to support your suggestions.
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- solve the hypothesis testing case below
A new Italian restaurant wanted to determine the price that it should charge for its new signature dish, FB Risotto. The restaurant intended to price the dish at more than $25 and was concerned about the impact of price on the popularity of the new dish. To determine the optimum price to charge, a random sample of potential customers was surveyed on the price they would be willing to pay for the dish. The data collected is shown in a table in Appendix 1. Determine if the restaurant should price the new dish at more than $25 with a hypothesis test at a 5% significance level.
- solve the hypothesis testing case below
According to marketing personnel, the daily revenue target of a new product set by management was $100,000 per day. The marketing personnel convened a survey to measure the daily revenue of the new product to determine if the average actual revenue was below the target. The data collected is shown in a table in Appendix 1. Determine if the population mean daily revenue of the product was below the target with a hypothesis test at a 1% level of significance.
- Using the sample data tabulated for the above questions in appendix 1, solve the assigned problems using hypothesis testing methodology.
- A Copy the sample data tabulated in appendix 1 and paste them into MS Excel and perform descriptive statistics on the data using MS Excel Data Analysis Tool Pak. Refer to the detailed illustration and instructions on how to perform descriptive statistics using MS Excel Data Analysis Tool Pak from the video below. Save the output of the descriptive statistics on the same worksheet as your raw data.
- Using the descriptive statistics obtained in part 3(a), perform separate hypothesis tests to solve your assigned problems. Show all workings in the report. There is no need to draw any diagram.
- Write down your answers with appropriate workings in your report.
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