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SCHOOL OF BUSINESS MANAGEMENT AND FINANCEACADEMIC YEAR 2019-2020(BLENDED MODE)Statistics For ManagementINDIVIDUAL ASSIGNMENT in LIEU OF CLASS TEST(Inferential Statistics-60%)Submission date: 11th August 2020Instructions:Individual assignment1. You must produce an Original work as Plagiarism regulations will apply2. The cover page should feature student name cohort and student ID. It should also specify Resit or Special paper if applicable3. The file has to be in PDF and named as follows: SURNAME statsMgt2 Ex BOOLAKYstatsMgt24. The Pdf file must be uploaded in the google classroom and sent to the exams unit on cssbmfexams@umail.utm.ac.muQUESTION 1 (15 marks)(a) Describe a scenario in the field of Finance which could be modeled as a BinomialDistribution.(Word count around 150 words)(b) Seed crops such as wheat, maize, pumpkin are sensitive to moisture and thus the amount of rainfall. Rainfall levesl can be qualified as : Light, Moderate, Heavy and Violent. A seed crop farmer recorded his production in kg during the past seasons in the four different scenarios of rainfall. Furthermore, The meteorological services have just released the forecast for rainfall for the coming season in terms of number of expected days of light ,moderate, heavy and violent rain.Advise the producer on how he can use the above information to determine his expected harvest in kg of seed crops. Illustrate by creating a numerical example to show the steps and workings.(Word count around 150 words)QUESTION 2 (15 marks)A Bank wishes to determine the mean income of its credit card holders and more specifically wants to investigate whether there are any differences in the mean income between males and females. Confidence interval as a statistical inference method has been considered to respond this objective.You are required to1. Comment on the choice of confidence intervals as a statistical inference method for the above.2. Describe how you will proceed to determine the corresponding confidence intervals.3. Explain how you would use confidence intervals as evidence suggesting that in average males and females income differ.Use Numerical examples to illustrate as and when required.(Word count around 250 words)QUESTION 3 (15 marks)Simple Linear Regression analysis is a statistical technique that attempts to explore and model the linear relationship between two variables for decision making.You are required to describe a situation (other than the examples used in lecture) where a simple linear regression analysis has to be applied. In your write up you have to:1. Provide a brief background of the situation you are going to look at. Specifically, why did you choose the dependent variable you chose? Indicate the general model that you are going to estimate.2. Using a numerical example, apply the simple linear regression analysis techniques and Present the estimated model. Give an interpretation of each of the estimated coefficients. Determine the measures of goodness of fit and discuss the validity of the model.(Word count: Approximately 250 words)Question 4A consumer protection Association is concerned about the false claims of reduced sugar content on soft drinks packaging which may falsely give consumers a sense of confidence before they purchase. According to the consumer group, these claims rarely reflect the actual nutritional quality of the food, more specifically the sugar content is more than the amount specified on the cans or bottles.You are required to use the Hypothesis Testing as a statistical inference method to help the consumer Protection Association to test the above. More specifically you have to1. Describe and justify the steps you will use to achieve the objective above.Compare the different Statistics that could be used.2. Using a numerical example, apply the steps and critically discuss the outcome of the test.(Word count: Approximately 250 words)

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