HA1011 Applied Quantitative Methods

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Description

 Each week students were provided with three tutorial questions of varying degrees of difficulty. These tutorial questions are available in the Tutorial Folder for each week on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial questions for weeks 7 to 11 inclusive and submit these answers in a single document.

 

The questions to be answered are:

Week 7 – Question 1 (10 marks)

 Assume the online test in HA1011 has 15 multiple questions. Each question has five possible answers, of which only one is

    1. What is the probability that guesswork will yield at least seven correct answers? (2 marks)
    2. What is the expected number of correct answers by guesswork? (2 marks)

 

  1. At Delta limited the Chief Administrative Manager analyzed the number of incoming faxes. After an analysis, the manager determined the probability distribution of the number of pages per fax as follows:

 

x 1 2 3 4 5 6 7
P(x) 0.05 0.12 0.2 0.3 0.15 0.1 0.08

 

Required:

Compute the mean and the variance of the number of pages per fax.                     (6 marks)

 

Week 8 – Question 2 (10 marks)

An analysis of the amount of interest paid by ABX banks’ visa card holders reveals that the amount is normally distributed with a mean of $27 and a standard deviation of $7.

  1. What proportion of the Bank’s Visa card holders pay more than $30 in interest? (2.5 marks)
  2. What proportion of the Bank’s Visa card holders pay more than $40 in interest? (2.5 marks)
  3. What proportion of the Bank’s Visa card holders pay less than $15 in interest? (2.5 marks)
  4. What interest payment is exceeded by only 20% of the bank’s Visa cardholders? (2.5 marks)

 

Week 9 – Question 3 (10 marks) 

 

  1. Briefly discuss following 3 probability distributions
    1. Uniform probability distribution
    2. Normal probability distribution
  • Exponential probability distribution

 

(3 marks)

  1. The amount of time that bankers devote to their job per week is normally distributed, with a mean of 52 hours and a standard deviation of 6
    1. What is the probability that a banker works for more than 60 hours per week?
    2. Find the probability that the mean amount of work per week for 3 randomly selected bankers is more than 60 hours
  • Find the probability that if three bankers are randomly selected, all three work for more than 60 hours per week (7 marks)

 

Week 10 – Question 4 (10 marks)

 A researcher has collected a sample of 25 respondents and the mean was calculated as 500. The sample was randomly drawn from a normal population whose standard deviation is 15.

 

  1. Estimate the population mean with 99% confidence (4 marks)
  2. Repeat the part (a) changing the population standard deviation to (2 marks)
  3. Repeat the part (a) changing the population standard deviation to (2 marks)
  4. Describe what happens to the confidence interval estimate when the

standard deviation is increased.                                                                      (2 marks)

 

Weeks 11 and 12 – Question 5 (10 marks)

The Coordinator of a Statistics unit has drawn a random sample of 12 undergraduates and asked how many hours they spent for studies. The average time of the selected sample was 34.25. The coordinator has recommended that students should spend 3 hours per week for 12 weeks semester, for a total of 36 hours. It is known that the population standard deviation is 8.

Based on the data listed below, using the p value approach, at 95% confidence level you are required to test whether there is evidence that the average student spent less than the recommended amount of time. You are required to arrange your answer based on the following steps:

 

  1. State the hypotheses (2 marks)
  2. Direction of the test (two tail/ left tail or right tail) (0.5 mark)
  3. State the relevant test statistic and the reason for the selection (2 marks)
  4. Level of significance (0.5 mark)
  5. Decision rule (2 marks)
  6. Calculate test statistics (2 marks)
  7. Conclusion based on the above (1 mark)

 

HA1011 Applied Quantitative Methods

The course HA1011 Applied Quantitative Methods helps students to figure out, apply, interpret and analyze the results of computation techniques that are used in solving financial and business problems. The task requires using statistical and mathematical software to arrive at better decision making in this context.

The quantitative techniques are used to summarize, analyze, forecast and interpret business events or economic transactions –for instance through the use of time series analysis. In financial context, the quantitative techniques can undertake valuations of investment through putting on concept time value of money.  In addition, linear algebra techniques can also be useful in solving business problems such as optimization issues.

The assessments in this course enable the students to experience quantitative research design and analysis of data in real-world. There are two major sections that cover quantitative methods: quantitative statistical techniques to analyze data and methods for quantitative research. It includes casual inference, theory testing and designing research instruments using range of statistical techniques and appropriate software tools. Few of the topics in quantitative techniques contains: Inferential and Descriptive statistics, Single-equation regression models (using two or three variables) including inference and estimation.

 

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Applied Quantitative methods accentuate on numerical analysis and objective measurements of collected data through methods such as questionnaires, polls, survey. Choosing a method and gathering data on a study is not a difficult task. The intricate part comes where there is a need to solve problems using statistical quantitative techniques. There is a huge difference between quantitative and qualitative method that every student is unfamiliar with. An individual with research and statistical knowledge knows the basic methods, techniques and software to cater numerical data. It is significantly used in research study of different subjects and to solve business problems. Many students get panic when they look at mathematical problems and complicated formulas. At the initial stage students are expected to manually calculate the numerical problems rather than relying on software that deliver results in seconds. Online Tutorings on quantitative data presentation, forming graphs, using quantitative research design, data analysis, etc. compel students’ quest for HA1011 Applied Quantitative Online Tutoring. The experts who have strong mathematical, research and analytical skills, along with statistics background can solve each question at fingertips. The subject expert at Online Tutoring Australia can provide you comprehensive solution at nominal price to help you meet immense academic success.

 

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