Efficient Decision Making Using Statistics


Calculate and test the relationship between the variables selected.



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1.Select a business area you will be interested in working after successfully obtaining your postgraduate course.


2.The overall problem-solving task 1 is for you to demonstrate your understanding of the statistical concepts and techniques introduced in weeks 3 to 7 and how you can use the business data provided with this assignment for decision making to the area of business you have selected in 1 above.


3.Attached is the data base of a company that is listed in the Business data base. The data is taken straight out of that data source. You will use this data for both assessments 2 and 3.


4.In demonstrating your understanding of the materials covered in this Decision making unit PRBE002 you will address the following issues:


i)Describe briefly the decision-making issues that use statistics related to your chosen area of the Business profession.


ii)Select two variables from the data provided and discuss the reasons for your selection.


iii)Specify the underlying relevant distribution of the data used.


iv)Calculate and test the relationship between the variables selected.


v)Based on the data analysis of the variables selected, discuss, illustrate and examine use of statistics in making decisions related to the issues described in ‘i’ above.


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