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Business Statistics

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Since the mean value and the median are approximately same, hence, both of them can be regarded as the best representative of the given sample. The sum of all values is found to be equal to 183 cups.The significance of the mean value to be the representative of the given sample can be assessed by using the dispersion measures. The range being the simplest measure of variation explains how distant the lowest value and the highest value in a data set are located. Variance and standard deviation, on the other hand, show how much each data point varies from the mean value calculated.The standard deviation shows that each unit in the given sample varies by 0.873921 from the mean value. The sample variance is 0.763737 while the data range is 4 showing that the highest and the lowest value in the given sample differ by 4. However, the small value of standard deviation shows that the majority of the values lie near the mean valueThe rationale behind doing simple random sampling from a population and calculating sample statistics is to use that sample statistic for the prediction of population statistics. But the accuracy of such estimation is doubtful. However, constructing a confidence interval helps by providing a range of set values which are more likely to hold the parameter of population within consideration. These are constructed at a confidence level. For example, 95% confidence interval shows that if numerous samples are generated from the same population, then the sample statistics would be a approximately 95% a predictor of population parameter. The requirements for constructing confidence interval include selecting the confidence level and the sample statistic and calculating the margin of error.In the given data, the sample mean was selected as an estimator of population mean. At 95% confidence level, the population mean is expected to lie in the 1. So the estimated value of population mean lies within the range of 1.6565952 to 2.05 significance level, conducting a two-tailed test for the significance of mean suggests that null hypothesis can be rejected if either the t statistics is greater than 1.66 or it is lesser than -1.It is the minimal significance level at which the null hypothesis can be rejected. It equals the region to the left of t = -1.94526 in addition to the region to the right of t= 1. Hence the p-value can be computed asIn order to apply different
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preview essay on Business Statistics
  • Pages: 7 (1750 words)
  • Document Type: Statistics Project
  • Subject: Unsorted
  • Level: Undergraduate
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