Household Data Statistics for Business and Finance

Analysing Household Data Statistics for Business and Finance (BUS5SBF) Have you been part of a national census? Privacy issues aside, a census provides lots of data that can inform government policies and actions – but to be useful, the data needs to be analysed and interpreted. In this assignment, we will use statistical methods to analyse and interpret real-world demographic data. The goal of this assignment is to Test your understanding of statistical methods and approaches Improve your ability to use Excel for manipulation of data (see here for some guides on using Excel) Understand the real-world applications and implications of statistics To complete this assignment you must Complete a set of statistical analysis tasks on a unique data set (both tasks and data set will be provided to you) Submit a report in word detailing your response to each task (the final answer and reasoning including calculations that led to it) Submit an excel document that contains your data set and the calculations you used to complete the tasks Instructions: Analysing Household Data In this assignment, you will be analysing and interpreting household data. Step 1: Prepare Data Set You need to download and modify the generic data set to identify the sample you will be working on. More information on the data set is available below. Important: You do not need to analyse the entire data set – only draw a random sample of 250 households. This must be done first and the rest of your statistical analysis will be based on this data set. You will need to know how to manipulate data in Excel. You can use any other compatible spreadsheet tool (for example Numbers for Mac OS, OpenOffice, LibreOffice etc) but be aware that some of the functions differ slightly. There are plenty of resources online and in this LMS that will show you how to perform these tasks in Excel. Use these resources (and Google) to improve your skills as you progress. If you have a particularly difficult challenge, share it in the forum and your tutors or peers will help. Step 2: Analyse Data & Submit Report You will be presented with a set of tasks to run on your unique data set (of 250 households) – the full list of tasks are listed below. As much as possible, complete these tasks within the excel document. You will need to submit your excel document at the end of the assignment. You will also submit a brief report in word addressing all the tasks below. When responding to the tasks, please explain the reasoning behind your answer, and refer to your Excel sheet. Data Set: Household data The DataSet for this Assignment is available on LMS (Data Set for Assignment 01.xls). This includes information about 2000 households across the following variables. Income: Annual Income in AUD, ATaxInc: After-tax annual income in AUD Grocery: Annual expenditures on groceries in AUD Alcohol: Annual expenditures on alcohol in AUD Meals: Annual expenditures on meals eaten out in AUD Fuel: Annual expenditures on fuel in AUD Cloth: Annual expenditures on clothing in AUD Phone: Annual expenditures on phone in AUD Utilities: Annual expenditures on utilities (Water, Gas, Electricity) in AUD Texp: Annual total expenditures in AUD Children: Number of children in a household Adults: Number of adults in a household OwnHouse: This is a categorical variable and takes value 1 if a household owns a house and 0, otherwise. GHH: Gender of the Head of Household (M: Male, F: Female) Highest Degree: Highest Level of Education, where the Highest Level of Education is;
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