Business decision making

  • Category:
    Business
  • Document type:
    Article
  • Level:
    Masters
  • Page:
    2
  • Words:
    1157

Assignment

Question 1 (13 marks)

(1)What is population Australian government interested in?

Adult people aged 19 years and above

(2) Use Microsoft Excel to conduct and present the appropriate graphic and descriptive Analysis on two variables: the number of hours spent on housework and work situation last week, interpret the results, and prepare a report.

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Findings

The population registered the highest number of individuals who work full-time and subsequently individuals who keep the house spent more time on house work. However, individuals with unidentified work situations reveal a very small figure whereas individuals who were ill, on vacation or on strike spent less time on house work. It must be noted that those who work part-time also spent substantial time on house work though their number is substiantially high compared to other groups of individuals.

Descriptiuon and Intepretation

It is evident from the findings and brief analysis that the largest portion of the Australians spent their time on their respective jobs or any other creative activity. The figure indicates the highest number of individuals who work full time availing minimal chances for such individuals to find the ultimate time for the house work. This is a clear indicator that the nation has maximum employment opportunities for the people within the borders. On the other hand, individuals meant to keep the houses spent more hours on house work. This defines specific people who are assigned specific duties in various houses under private contract or on daily basis depending on the nature of house work. Furthermore, this people must be undergoing regular payment basing on the agreement.

The almost neglible percentage of lindividuals whose work situations cannot be identified signifies the less number of idlers witnessed in the population. This means that the unwanted population likely comprises of people whose health status is questionable, or they must be experiencing a condition that cannot allow them to be active in participating in any economic activity within the perimeter of Australia. It must be noted that those who are ill, on vacation or on strike spent less time on house work revealing their questionable status. Finally, working part timely allows people to spent substantial time on their house work. This group also regsiters a high number of individuals revealing the admiration of most people that falls within the life style engulfed by the above defined bracket.

Conclusion

Based on the two major aspects that entail hours spent on house work and work situation, it is true that a big percentage of the Australian population comprises of an active population. The active population participate in various economic activities either directly or indirectly. This reveals how the country offers or builds a platform of employment for its population .

Recommendation

Finding the most appropriate way of handling the idlers found within the perimeter.

(3) Suppose Australian government also conducted the same survey in 2013, the proportion

of married Australian workers was 0.70. They would like to know if this proportion has

decreased.

• What is the appropriate statistics used here to test it?

The most significant aspects under test entail sex and marital status

• What are the null and alternative hypotheses for this test?

i). The proportion of the married Australian workers increases with time

ii).Overall increase or decrease in population determines the percentage decline or rise of individuals in marriage.

iii).Gender is not a significant factor in deducing the proportion of married Australian.

iv).Relatively aged people are not in their marriage compared to young adults.

v). High percentage of the Australian people are married

• Produce the test results using Microsoft Excel, interpret it and make a final

conclusion.

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It is evident that the analysis reveals the current proportrion of the married Australians as 0.63. This is based on the current dataset of the population of the Autralians in the adult bracket. Comparison made with the analysis done in the year 2013 indicates a decline in the proportion of the married Australian workers. Therefore, it is true that as years go by, the proportion of married people decrease based on the argument that the number of adults in other marital brackets grow with time.

(4) Suppose Australian government also conducted the same survey in 2013, the average

time Australian workers spent in working per week was 37 hours. They would like to

know if this has increased.

• What is the appropriate statistics used here to test it?

The appropriate statistics revolves around the number of hours worked per week

• What are the null and alternative hypotheses for this test?

i). The average time Australian workers spent in working per week increases with time

ii). The nature of work is not a major factor in determining the time spent on work.

iii). The majority number of Australian adults spent an average of more than forty hours working.

• Produce the test results using Microsoft Excel, interpret it and make a final

conclusion.

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The average number of hours spent on work in the year 2014 is 35.41 hours. This shows a decrease in the average time compared to the one witnessed in the year 2013 recording an average time of 37 hours. This is a clear indicator that shows a certain figure of individuals who are either idle or participate in different activities which cannot be identified. This figure is increasing thereby bringing down the average hours spent on work by Australian workers.

Question 2 (7 marks)

Suppose you want to buy a two-bedroom property in Sydney and you are interested two main

suburbs (Suburb 1 and Suburb 2) but you don’t know which one has higher average price. So

you determined to do a research and see whether there is a significant difference of market

price in these two suburbs. You are required to:

(1) Randomly select a sample of 30 properties in Suburb 1and another 30 properties in

Suburb 2 and record their market prices. Thus, a total of 60 observations are recorded

in your dataset.

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(2) What are populations you are interested in?

Middle class people

(3) Conduct your anaslysis using hypothesis testing method.

In this case, the hypothesis testing method features the average rpice of the two bedroom property both in Putney and Rhodes surbursbs. This means that the test revolves around finding the respective average price for the property in two areas. The ultimate conditions for the hypothesis testing method demand a uniform number of property for both sides as well as valued in the same currency. Below is the analysis carried out.

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(4) What conclusion you can make from the results for your decision making?

An average price for a two bedroom property in Putney goes at $1402445 while that in Rhodes is valued at an average price of $861379. It is evident that the property in Rhodes is cheaper compared to the one in Putney. Therefore, basing on the price, it is preferrable for one to purchase the two bedroom property in Rhodes.