An Australian manufacturing company, a market leader in the skincare products sector in the Australasian market with operating headquarters in Sydney is keen to develop new products so that company can expand globally. Research and Development (R&D) division of the company has prepared a proposal to work on new product line of fragrance. You, an analyst for this company have been asked to study the market for fragrances. You are asked to study the characteristics of currently available fragrances so the company will be in a better position to price its proposed new product. Data has been collected for 95 products on the market. The data is on an excel file named “FRAGRANCE”. First Column: PRICE (that is Price of the product in Australian dollars for 100 ml of a fragrance). Second Column: GENDER (1 for female product and 2 for male product). Third Column: TYPE (Type of fragrance: 1 for perfume and 2 for cologne). Forth Column: MADE (the country in which the fragrance is produced: 1 made in France, 2 made in USA, 3 made in Asia). Fifth Column: INTENSITY (Intensity or strength of the product: 1 for strong, 2 for medium and 3 for mild). As an analyst you can use descriptive analytics (visualisation, presentation and descriptive statistics) and inferential statistics (hypothesis testing) for your analysis using all the variables. Please provide results of your analysis as a business report. The format of the business report is given in the Moodle site.
DATA PRICEGENDERTYPEMADEITEN 2671111 2171111 2471111 2471111 2791111 2571111 2771111 2671111 3051121 2771121 2471121 2871121 3071121 2071121 2071121 2071121 2651121 1852121 1852221 1832221 1991131 2431131 1631131 2521131 2231131 2131131 1831131 1731131 1431131 1932231 1832231 1391112 1431112 1631212 1332212 1232212 1331122 731122 831122 1591122 1881122 1172122 1112122 1772122 1391222 891222 972222 692222 572222 1352222 1572222 1592222 1192132 391232 1191232 692232 691113 292113 692113 651213 1041213 511213 511213 431213 292213 751223 691223 551223 551223 551223 411223 491223 511223 451223 651223 651223 431223 431223 652223 362223 1162223 742133 461233 1261233 661233 481233 381233 341233 361233 662233 1752231 1552231 1121112 1861112 1241212 1 ECON 940 – Statistics for Decision Making Case Study Analysis Report - An Individual Assignment Due: Friday 16th April 2021 by 6.00pm Trimester 1 - 2021 An Australian manufacturing company, a market leader in the skincare products sector in the Australasian market with operating headquarters in Sydney is keen to develop new products so that company can expand globally. Research and Development (R&D) division of the company has prepared a proposal to work on new product line of fragrance. You, an analyst for this company have been asked to study the market for fragrances. You are asked to study the characteristics of currently available fragrances so the company will be in a better position to price its proposed new product. Data has been collected for 95 products on the market. The data is on an excel file named “FRAGRANCE”. First Column: PRICE (that is Price of the product in Australian dollars for 100 ml of a fragrance). Second Column: GENDER (1 for female product and 2 for male product). Third Column: TYPE (Type of fragrance: 1 for perfume and 2 for cologne). Forth Column: MADE (the country in which the fragrance is produced: 1 made in France, 2 made in USA, 3 made in Asia). Fifth Column: INTENSITY (Intensity or strength of the product: 1 for strong, 2 for medium and 3 for mild). As an analyst you can use descriptive analytics (visualisation, presentation and descriptive statistics) and inferential statistics (hypothesis testing) for your analysis using all the variables. Please provide results of your analysis as a business report. The format of the business report is given in the Moodle site. 2 Assignment Tasks: Part 1 Visually present data for all the entire sample of 95 products together. Calculate descriptive statistics and comment on the location, shape and variability of the distributions (explain what mean, mode, standard deviation, coefficient of variation and shape mean in the context of fragrance market. Part 2 Calculate the Mean, Median, Mode, Standard Deviation, Coefficient of Variation, 95% confidence interval for means for: o Prices for gender - male and female. o Prices for fragrance - perfume and cologne. o Prices for intensity - strong, medium and mild. o Prices for different countries – France, USA and China. What conclusions can you draw from these analyses? Also comment on the shape of distributions. Part 3 Answer the following hypothesis test questions: 1. Determine if there is evidence to suggest that the average price for female products is greater than $ 140 per 100 ml. 2. Determine if average prices for female products exceed average prices for male products. 3. Determine if average prices for perfume exceeds the average price of cologne. 4. Determine if there is a difference in the prices for intensity. 5. Determine if there is a difference for the prices for different countries. Give conclusions for each of the analysis plus an overall conclusion which combine all of the above parts. Be clear in the conclusion that you draw from your analysis, and provide useful suggestions to the company’s CEO. 3 Notes: You must follow the hypothesis testing steps (the critical value method) to test the above hypotheses. You must clearly specify all hypotheses and the chosen test procedures. Use 0.05 level of significance in your analyses and assume that we have normal distributions and also “equal variances” of populations. Each part requires an output from Excel. The statistical output must be provided. These EXCEL outputs should be incorporated into your report. Use and interpret appropriate output from Excel. Prepare and produce a Business report based on the information provided in the “Presentation of the assignment”. You report must be a maximum 3000 words. Penalties will be applied if the report is longer than this. Your assignment must be submitted online through the link provided on the Moodle site. No assignment will be accepted after the deadline. IMPORTANT: • It is compulsory for all students to submit their assignments (only final versions) to Turnitin via Moodle. An 'originality report' will automatically be sent to the Subject Coordinator. No assignment will be accepted by Turnitin after the deadline. PRESENTATION OF ASSIGNMENTS ECON 940 – Statistics for Decision Making PRESENTATION OF ASSIGNMENT 1. The answer to your assignment should be in the form of a Business Report. 2. Marks awarded will be based on presentation, analyses and interpretations. 3. The report will provide you with an opportunity to demonstrate proficiency in Excel. Note that you need to provide your statistical outputs and can easily do this by importing Excel outputs to the Word document. 4. The following order is required for components of your Business Report: a) An Executive Summary (Max 150 words). In this section you summarize the main conclusions of the report in business language. It should also describe the primary purpose of the study, the general methodology used, the significant findings of each section, as well as key general conclusions and recommendations. b) A Table of Contents with page numbers c) Business Problem as given in the question in business language. Do not copy the question directly to the report. d) Statistical Problem (i.e. methods you have used to do your analysis). e) Analysis: This section should present the formula and discuss the results from all the analyses conducted. Outline required steps and show necessary computer output. Clearly label tables and graphs. f) General Conclusion: This section should briefly review the study, summarize the inference(s) stemming from it, and highlight the evidence supporting each inference. Where appropriate, indicate the limitations of the results. The conclusions should be written in business language and in terms of the variables under discussion. g) Recommendations: bearing in mind why the study was undertaken, briefly describe the implications and consequences of the conclusions drawn. You should include your recommendations for action (i.e. based on what you have found in your study). 5. Write clearly and precisely. A precise report is a clear report, one that is composed of unambiguous statements. The word limit is 3000 words. If you have any queries, please do not hesitate to contact us. GOOD LUCK! Dr. Reetu Verma PRESENTATION OF ASSIGNMENT