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Statistics Assignment
Group:
Nguyen Cong Thanh Hang - Advanced Accounting 57
Doan Ngoc Mai - Advanced Accounting 57
Hoang Ha Phuong - Advanced Accounting 57
Nguyen Thu Uyen - Advanced Accounting 57
Case study 1:
1) There are 100 observations in the sample, thus the frequency equal percent
frequency distribution.
30 29
27
25
20 Percent frequency
15
10 10
10 9
7
6
5
2
0
1 2 3 4 5 6 7 8 or more
Items Percentage
Purchased Frequency
1 29
2 27
3 10
4 10
5 9
6 7
7 2
8 or More 6
Percentage
Net Sales ($) Frequency
0-24.99 9
25-49.99 30
50-74.99 25
75-99.99 10
100-124.99 12
125-149.99 4
Method of Payment
Over 150 Percentage Frequency
10
American
Total Express 100 2
Discover 4
MasterCard 14
Proprietary Card 70
Visa 10
Total 100
Marital
Status Percentage Frequency
Single 16
Married 84
Total 100
Customer
Type Percentage Frequency
Regular 30
Promotional 70
Total 100
2. A bar or pie chart showing the number of customer purchases attributable to the
method of payment.
80
70
70
60
50 Regular/ Male
Promotional/ Female
40
30
30
20
10 7
0
Type of Customer Gender
Comments:
4. A scatter diagram to explore the relationship between net sales and customer age.
Produce covariance and correlation matrix to support the scatter diagram
Case study 2:
1. Use the sales forecasters prediction to describe a normal probability distribution that
can be used to approximate the demand distribution. Sketch the distribution and show its
mean and standard deviation.
Z Z < Z / 2
1 =P - /2 < )
10 000 30 000
0.9=P ( <Z< )
And
Then,
z / 2=z 0.05=1.645
= 0.1;
Thus,
x 30 00020 000
Z /2= = =1.645
30 00020 000
= =6079.027
1.645
0
0 10000 20000 30000 40000 50000 60000
2. Compute the probability of stock-out for the order quantities suggested by members of
management team.
15 000
1500020 000
(
P ( X >15 000 )=P Z >
6079.027 )
=P ( Z >0.82 )=0.7939
18 000
1800020 000
(
P ( X >18 000 )=P Z >
6079.027 )
=P ( Z >0.33 )=0.6293
24 000
24 00020 000
(
P ( X >24 000 ) =P Z>
6079.027 )
=P ( Z >0.65 )=0.2578
28 000
28 00020 000
(
P ( X >28 000 )=P Z >
6079.027 )
=P ( Z >1.32 )=0.0934
3. Compute the projected profit for the order quantities suggested by management team
under three scenarios: Worst case in which sales =10000 units, most likely case in which
sales =20000 units and best case in which sales = 30000 units.
10 000
If the order quantity = 15 000, the profit = 10 000.$24 + 5 000.$5 15 000.$16 = $25
000
If the order quantity = 18 000, the profit = 10 000.$24 + 8 000.$5 18 000.$16 = - $8
000
If the order quantity = 24 000, the profit = 10 000.$24 + 14 000.$5 24 000.$16 = -
$74 000
If the order quantity = 28 000, the profit= 10 000.$24 + 18 000.$5 28 000.$16 = -
$118 000
20 000
If the order quantity = 15 000, the profit = 15 000.$24 15 000.$16= $120 000
If the order quantity = 18 000, the profit = 18 000.$24 18 000.$16 = $144 000
If the order quantity = 24 000, the profit = 20 000.$24 + 4 000.$5 24 000.$16 =
$116 000
If the order quantity = 28 000, the profit = 20 000.$24 + 8 000.$5 28 000.$16 = $72
000
30 000
If the order quantity = 15 000, the profit = 15 000.$24 15 000.$16= $120 000
If the order quantity = 18 000, the profit = 18 000.$24 18 000.$16 = $144 000
If the order quantity = 24 000, the profit = 24 000.$24 24 000.$16 = $192 000
If the order quantity = 28 000, the profit = 28 000.$24 28 000.$16 = $224 000
4. One of Specialtys managers felt that the profit potential was so great that the order
quantity should have a 70% chance of meeting demand and only a 30% chance of any
stock-outs. What quantity should be order under this policy, and what is the projected
profit under the three sales scenarios.
K20 000
(
P ( X < K )=P Z <
6079.027 )
=0.7
K 20 000
=0.525
6079.027
K=23 191
5. Provide your own recommendation for an order quantity and note the associated profit
projections. Provide the rationale for your recommendation.
To maximize the expected profit, we need to focus on the loss of profit in the event a
stock out does take place. For every toy left over, Specialty will end up losing 11$. And
following the previous analysis, we find the probabilities of demand being larger or equal
15 000 units and 18 000 units are very high to 80% and 63%. Therefore, the loss of profit
will become larger if the ordering quantity becomes farer from the demand of 15 000
units or 18 000 units.
Additionally, a single-period inventory model recommends an order quantity that
maximizes expected profit based on the following formula:
cu
P ( Demand <Q )=
c u +c o
c u= price per unit cost per unit=$ 24$ 16=$ 8
Where
c o=cost per unitinventory price per unit=$ 16$ 5=$ 11
So,
8
P ( Demand <Q )= =0.421
8+11
Q 20 000
Z= =0.2
6079.027
Q =18784
In which sales = 10 000, the profit = 10 000.$24 + 8 784.$5 18 784.$16 = - $16 624
In which sales = 20 000, the profit = 18 784.$24 18 784.$16 = $150 272
In which sales = 30 000, the profit = 18 784.$24 18 784.$16 = $150 272
Based on the information in the case, we recommend a quantity that maximizes expected
profit of Weather Teddy. From the calculation above, we can see that if the company
orders 18 784 units, the expected profit will be largest out of the four quantities, which is
$150 272.
Case study 3:
1. Formulate and present the rationale for the hypothesis test that Par could use to
compare the driving distances of the current and new golf balls.
Current
Mean 270,275
1,38396
Standard Error 8
Median 270
Mode 272
Standard 8,75298
Deviation 5
Sample 76,6147
Variance 4
-
Kurtosis 0,76259
0,30616
Skewness 9
Range 34
Minimum 255
Maximum 289
Descriptive statistical Sum 10811 summaries of the data for
current balls Count 40
New
Mean 267,5
Standard Error 1,564838
Median 265
Mode 263
Standard
Deviation 9,896904
Descriptive statistical Sample summaries of the data for
new balls Variance 97,94872
Kurtosis -0,51459
4. What is the 95% Skewness 0,23981 confidence interval for the
population mean of each Range 39 model, and what is the 95%
CI for the difference Minimum 250 between the means of the
two populations? Maximum 289
Current balls Sum 10700
Count 40
s s
y t n1, / 2 y y +t n1, / 2
- n < < n
We have:
s
y =270.275 ; =1.384 t =t =z =1.96
n ; n1, / 2 39,0.025 0.025
Then,
y
270.275 1.96(1.384) < < 270.275 + 1.96(1.384)
y
267.562 < < 272.987
y
The confidence interval for the population mean of current balls is 267.562 < <
272.987.
New balls
s s
x t n1, / 2 x x + t n1, /2
- n < < n
We have:
s
x =267.5 ; =1.384 t =t =z =1.96
n ; n1, / 2 39, 0.025 0.025
Then,
x
267.5 1.96(1.384) < < 267.5 + 1.96(1.384)
x
264.787 < < 270.213
x
The confidence interval for the population mean of current balls is 264.787 < <
270.213
The different between the mean of two population
( x y )t n +n 2, /2
x y
s2p s 2p
+
nx ny < x y
< ( x
y
) +t n +n 2, / 2
x y
s2p s2p
+
nx ny
We have:
x y =2.775 ;
s 2p s 2p
+ =2.089 ; t n +n 2, / 2=t 78,0.025 =z 0.025 =1.96
nx n y
x y
Then,
2.7751.96 ( 2.089 ) < x y <2.775+ 1.96(2.089)
6.869< x y <1.319
The confidence interval for the different between two population means is
6.869< x y <1.319
5. Do you see a need for the larger sample sizes and more testing with the golf balls?
Discuss.
I do not believe we need to larger sample sizes. If we had a larger sample size, the
standard deviations become smaller and it would bring the point values closer together.
The population mean of driving distance of new ball becomes closer to that of current
ball and the result of null hypothesis test is not change.