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Running Head: BUSINESS STATISTICS
1
Advanced quantitative methods for managers (mba60)
Your Name
Institution Affiliations
BUSINESS STATISTICS
2
Business statistics
Module: ADVANCED QUANTITATIVE METHODS FOR MANAGERS (MBA60)
A famous guide publisher conducted a survey in two major cities of Greece, Thesaloniki and
Athens about restaurants. Customers were given questionnaires to fill and give back their
feedback. They analyzed the cost of meals served in hotels in these two cities and their quality,
customer services offered and many other. The results
Results and Analysis
50 restaurants in Athens and 50 in Thessaloniki were examined and the results were attached in
the excel file for analysis as shown in the below and in the excel file attached.
Question 1: Solution
1.1
Following table shows the frequency distribution and percentage distribution for 'Athens":
Classes
Frequency , f
Percentage (%),[ (f/50)*100]
11-15
1
2
15-20
0
0
20-25
2
4
25-30
3
6
30-35
7
14
35-40
14
28
40-45
8
16
45-50
5
10
50-55
8
16
55-60
1
2
60-65
1
2
Total
50
100
1.2
Following table shows the frequency distribution and percentage distribution for "Thessaloniki":
Classes Frequency , f
Percentage (%),[ (f/50)*100]
11-15
0
0
15-20
0
0
BUSINESS STATISTICS
3
20-25
4
8
25-30
13
26
30-35
13
26
35-40
12
24
40-45
4
8
45-50
1
2
50-55
2
4
55-60
1
2
60-65
0
0
Total
50
100
1.3:
It seems that meal cost per person is greater in Athens. Approximate 50% of meal cost in Athens
are less than 40 while around 84% of meal cost in Thessaloniki is less than 40.
1.4:
Following are the histograms:
BUSINESS STATISTICS
4
Distribution of meal cost per person in Athens is approximately symmetric while meal cost per
person in Thessaloniki is skewed to right.
Question 2: Solution
2.1.
Mean = ∑x / n = 1987/50 = 39.74
To find quartiles, first arrange the data in ascending order
Athens
order
value
1
14
2
22
3
23
4
25
5
26
6
27
7
30
8
31
9
31
10
32
11
33
12
34
13
34
BUSINESS STATISTICS
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
5
35
35
35
36
36
37
37
38
38
38
39
39
39
39
40
41
42
43
44
44
44
44
45
45
48
48
49
50
50
50
50
51
51
53
53
56
63
1st Quartile Q1 = [(n+1)/4]th term = [(50+1)/4]th term = 12.75th term = 12th term + 0.75*[13th
term - 12th term]
= 34 + 0.75*[34 - 34] = 34
•
1st Quartile = 34
Median= [(n+1)/2]th term = [(50+1)/2]th term = 25.5th term = 25th term + 0.5*[26th term - 25th
term]
BUSINESS S...