QTS0109 BUSINESS STATISTICS CONTINUOUS ASSESSMENT 1
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QTS0109 BUSINESS STATISTICS
CONTINUOUS ASSESSMENT 1
INDIVIDUAL ASSIGNMENT 100 marks (30%)
Read the instructions in your course documents, in your student portal, Course Outline, CA outline and Canvas portal carefully. You will be penalized with a mark deduction if the instructions are not strictly followed. If you have queries, read the Canvas Help and then email queries via your student portal.
Students are to upload their assignment by the due date to through their student portal account. After the due date, students’ submissions will not be entertained.
Students should keep a copy of the assignment submitted. All workings must be shown. The submitted report must show evidence that this is the students’ own work.
Write your FULL Name AND your student ID as in the register on the answer script.
Please be reminded that plagiarism and collusion is a serious offence, and all cases will be referred to the administration. Grades will be withheld if the submission is suspected for plagiarism or collusion till investigations are completed.
Due date: 25 Oct 2023 (Wednesday), 11.59 am
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Penalty Marks for Late Submission of Assignment
Within 24 hours: 20% to be deducted from total marks
More than 24 hours: submission will be graded zero
CA Submission
CAs must be submitted online via student portal. Please read through the instructions in your student portal, CA outline and Canvas carefully before submitting. If you have further queries, please read the Canvas Help. If after you have read the Canvas Help, , you need assistance on Canvas submission, please email to [email protected] or call 6248 9393. For non-Canvas issues please email [email protected]. Please email with your student portal accounts. Email from other addresses will not be entertained. If issues raised are covered, you will be directed to read through instructions first. Please take time to read through before raising issues.
CONTINUOUS ASSESSMENT 1 [Total marks: 100 marks (30%)]
Answer ALL questions in Sections A and B
Submit two documents in Canvas:
(1) A MS Word document (use the template provided in Canvas) answering Section A. (2) An Excel file answering Section B.
Section A (50 marks)
(1) For each variable listed below, state the variable type [Qualitative or Quantitative (Discrete) or Quantitative (Continuous)]
Variable |
Variable Type |
Housing loan interest rate (%) at ABC Bank. |
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Source of information about retirement planning. |
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Type of property purchased by Jill. |
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Number of attendees at an insurance seminar. |
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(8 marks)
(2) For the following variables, state the Level of Measurement (Nominal, Ordinal or
Ratio).
Variable |
Level of Measurement |
Classification of annual income [1=Below $50,000, 2=$50,000 up to $100,000, 3=$100,000 and above) |
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Percentage of persons still working after 65 years |
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Credit rating for investment funds on a scale of 1 to 5 (1= Excellent to 5= Poor) |
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Preferred Investment type (1= Bonds, 2 = Equities). |
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(4 marks)
(3) Pru Insurance has 500 new customers who bought investment-linked policies last month. The company decides to take a sample of 100 customers to assess their satisfaction with their financial advisors. The company has information about the customers Age, Gender, Annual Income and Total personal insurance coverage.
(a) Describe how you can select the customers using a stratified sampling method. (b) Describe how you can select the customers using a simple random sampling
method. [Use your own words. Do not copy from any sources] (8 marks)
(4) State and briefly explain whether the statements below refer to descriptive or inferential statistics.
(a) A survey of four banks showed that the average one-year fixed deposit interest rate is 3.2% per annum.
(b) It is expected that the demand for cyber security personnel will grow by another 10% next year.
(c) A total of 31,728 scam cases were reported in 2022, an increase of 32.6% compared to 2021. (9 marks)
(5) For each of the following situations stated below, identify which refers to a population and which refers to a sample.
(a) John currently holds ten structured investment products. Recently, he reviewed the risk ratings for all these ten products.
(b) A review committee randomly selected 20 questions from a question databank to assess the level of difficulty about the exams for real estate sales personnel.
(c) The profits of all local banks increased because of the rise in loan interest rates and fee income. (6 marks)
(6) Paragon Fund Management analysed the performance of 45 investment funds. The percentage returns for the previous year are shown in the following stem-and-leaf diagram.
(a) What percentage of the funds achieved negative returns?
(b) How many funds have returns of 10% or more?
(c) State lowest and highest rate of return.
(d) What is the median rate of return?
(e) Compute the range.
(f) Describe the shape of the distribution. Would you expect the mean to be
higher than the median? Explain. [You do not need to calculate the mean] (15 marks)
An online survey was carried out on working adults aged between 25 to 54 years to provide some insights about how adults feel about retirement, their fears and their financial preparedness. The questionnaire is shown below:
Retirement Survey Q1. Age group : [1] 25 to 34 years : [2] 35 to 44 years : [3] 45 to 54 years Q2. Gender : [1] Male [2] Female Q3. Your Estimated Annual Income : $ (000) per annum Q4. Do you use your savings to purchase investment products so as to be financially prepared for retirement? [1] Yes, to keep up with inflation. [2] Yes, a limited extent if risk is low. [3] No, investment is like gambling, too risky. Rate your level of agreement for the statements below about retirement: Strongly Strongly disagree agree
Q10. Given your current financial status, at what age do you feel you can retire? years Q11. Do you currently have a retirement plan in place? [1] Yes [2] No |
The detailed data collected from 52 respondents are shown in Appendix 1 (Page 7).
Using EXCEL, carry out relevant analyses to answer the following questions:
(7a) Create a frequency distribution for the variable Q3 (Annual Income).
Income ($000) |
Frequency |
Relative frequency (%) |
30 up to 45 |
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45 up to 60 |
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60 up to 75 |
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75 up to 90 |
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90 up to 105 |
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105 up to 120 |
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Total |
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(Format relative frequency to 2 decimal places)
What percentage of respondents has annual income of $90,000 or more? (6 marks)
(7b) Based on the results from Part (7a), create a Histogram for variable Q3 (Annual income
$000). Label all axes clearly. (4 marks)
(8) Calculate the following descriptive measures for Q10 (Retirement age) by Q2 (Gender).
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Male |
Female |
Mean |
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Median |
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Standard Deviation |
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Discuss your results. (10 marks)
(9) In another related survey, the following data related to expected minimum monthly income for retirement was compiled in the frequency distribution below:
Expected monthly income ($) |
Frequency |
Class mid-point |
500 up to 1000 |
1 |
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2023-10-16