BEA603 Statistical and Economic Analysis for Decision Making

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Individual Assignment General Information and Submission Instructions

The objectives of this assignment are to evaluate your knowledge and ability in:

  1. Communicating clearly in a written report business or policy advice, based on an analysis of collected data from the group stage of the project.
  2. Displaying an understanding of good data collection and analysis practice by reflecting on weaknesses in the project and detailing strategies to address these in possible future

INDIVIDUAL TASK

Task Description: The assignment consists of 3 sections. Follow all the instructions provided to complete the requirements for each section.

Due Date/Time: Tuesday, 12 April 2022 / 11pm AEST.
Total Marks: 58
Weight: 15% of final marks.

Submission Requirements and Procedures

  1. Submit your group report as a “.docx” MSWord
  2. Submit the file via the ‘Assessments -Assignments’ tool on MyLO by the due date/time shown

Some Guidelines for Completing your Report

In general, you are required to communicate your business/policy questions, statistical findings and recommendations for decision making in a written report. Ensure that your report contains the following components and details:

Section 1: Front Page

  • State the title of your It should clearly reflect the core of your analysis. [Mark: 1. Length: Around 8-12 words.]
  • An Executive Your executive summary should:
  • Be brief and punchy, and easy to It should sell the rest of the report – motivate the time poor reader to spend the time digesting it.
  • Clearly state your key finding(s), quantifying where possible, and very brief description of any key opportunity(s) / problem(s) identified.
  • Summarise any key recommendations (or next steps). [Mark: 8. Length: Around 60-150 words.]

Section 2: Data Presentation and Analysis

  • It is essential that you demonstrate your ability in applying the knowledge you learnt from Chapters 1 to 5 using your survey Specifically, you are required to present and analyse the important and relevant variable/s using:
    • A summary table [Diagram: 2 Discussion: 2 marks. Length: 40-60 words.]
  • A contingency [Diagram: 2 marks. Discussion: 2 marks. Length: 40-60 words.]
  • A chart which shows the frequency of values for a (eg pie or column or bar chart, etc) [Diagram: 2 marks. Discussion: 2 marks. Length: 40-60 words.]
  • Three different chart types which show the relationship between two variables. Ideally one of these should feature two categorical variables, one should feature two numerical variables, and one feature a Your discussion of the relationship between two numerical variable should include an interpretation of the correlation coefficient. [Diagram: 6 marks. Discussion: 6 marks. Length: 120-180 words.]
  • Determine at least one conditional probability and compare it with the corresponding marginal probability. Discuss what the comparison implies with respect to one of you key objectives for the study. Show your calculations.

[4 marks. Length: 60-100 words (excluding calculation)].

Note: Ensure that you discuss each of your Excel output/result in an interesting, accurate and meaningful manner. You only need to produce what is specified in the above dot points, but are free to produce more, if you feel that this adds significant value for the reader. Remember, it is important not to clog up the report with trivial content.

Also Note: For each graphic or table you use in the report, try to think about the message first. “What is the message I want to get across to the reader, what is key take out I want them to have?” … and then ask yourself, “what is the table/graphic that best helps communicate / support

/ illustrate this message?”. This is a far superior approach to “I’ve got a pretty chart, what can I write about it?” ]

Each of your charts and discussions must be relevant to a key objective of your study and contribute to the reader’s ability to make informed business decisions. That is, don’t waste time on something that is trivial and unimportant to the reader.

Do NOT fall into the trap of simply reciting the values from a diagram:

  • Bad: “From the chart we can see that Divorced is 17%, Married is 56% and Single is 27%”
  • Better: “Chart 1 clearly indicates that Married users make up the majority of our potential market for holiday products. This suggests that….”

Section 3: Conclusion

  • Comment on the implications of your findings for business or policy decision (i.e. the “so what”.) Note that this section should not be used to simply repeat the discussion of results. [Marks: 6. Length: 120-180 words.]
  • Comment on three limitations of your survey (e.g. variables selection, measurement of variables, sampling method etc.) [Marks: 6. Length: 120-180 words.]
  • For future studies, make suggestions on improvements that address each of the limitations. Support your suggestions with three relevant references from your BEA603 resources (text, videos, supplementary slides, tutorial content, or suggested readings). [Marks: 9. Length: 120-180]

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