Statistics Coursework (Coursework Sample)

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Question 1
Time series analysis is used to study the nature of elements being researched on by establishing a pattern e.g. trend, seasonal or cyclical from the observation. From this pattern, a model is derived which can be used to make future predictions (Weiers, Gray and Peters 70). In regression and correlation analysis, a simple linear model showing the relationship between the independent and dependent variable is derived. In order to forecast using regression analysis, the independent variable is manipulated in order to assess how the dependent variable changes with this manipulation (Weiers, Gray and Peters 100).
Time series analysis is different from regression and correlation analysis in that time series analysis considers the trend, seasonal and cyclical components of the observations while regression and correlation do not (Weiers, Gray and Peters 71). Therefore, time series analysis is the most appropriate forecasting technique.
Question 2
Businesses take samples;
1. In order to ascertain the exact amount of funds required for the research.
2. Ensure accuracy. Since samples are smaller compared to populations, errors incurred during data collection are eliminated
3. Samples are easy to manage; information can be collected faster and in a short period of time.
4. Samples eliminate redundancy of data and enable a more detailed collection of data.
5. If the item being researched on will be destructed in the process of research, a sample must be taken to ascertain the acceptable cost.
The process of using sample in a business include;
1. State the population that is of interest in the research.
2. Establish the appropriate sample size to pick from the population.
3. Identify the appropriate method of picking the sample from the population i.e. the sampling method.
4. Pick the sample. Using the method selected in the step above.
5. Use the sample to collect data and other necessary information.
Question 3
Nonparametric tests are used to analyze data whose outcomes are either ranked, ordinal i.e. are not normally distributed or were not measured precisely (Weiers, Gray and Peters 263). Since parametric tests require a lot of assumptions to be made about distribution, and these assumptions cannot be made on the outcomes above nonparametric tests are the most appropriate.
The chi-square test of goodness of fit is used to test whether there is a difference between the observations made and the expected observation while the sign test shows the sign i.e. positive or negative of the difference between two sets of samples ignoring the numerical figure.
Question 4
Forecasting techniques are used to observe the nature of observations of a given set of data and make predictions on the future expected observations.
After making observations from the sample, it is important to see how these observations will fit the population. This is enabled by inferential statistics. In inferential statistics, we make intelligent guesses about the population after analyzing the observations made from the sample.
Descriptive statistics is used to give a summary of a given set of data. The mean, mode and median of a given set of data is analyzed, to give the researcher an overview of the ...