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Business Statistics – ECON1193 Assignment 1 – Case Study Analysis Content Part A 2 1 Analysis 2 a) Line chart 2 b) Measures of Central Tendency and Outliers Test 2 c) Measures of Variation 3 d) Histog.
Business Statistics – ECON1193 Assignment – Case Study Analysis Content: Part A: Analysis a) Line chart b) Measures of Central Tendency and Outliers Test: c) Measures of Variation: d) Histogram e) Bot and Whisker Plot: Conclusion Other factors 2 2 3 5 Part B: Summary Analysis 5 Conferences: Appendix Part A: Analysis: a) Line chart: Figure 1: the exports and imports of Goods and Services from year 1986 to 2018 in Turkey (Unit: % of GDP) There was an upward movement of the rate of GDP in export- import process of both Goods and Services measured in Turkey over the period of 32 years (1986-2018) In particular, the percentage of imports is always higher than exports from 2013 to 2018, regardless of the dramatic increase of exports between 2016 and 2018 Because the government has exported various goods, for example, jewellery, fisheries, and animal products to Iraq in 2017 (SyndiGate Media Inc 2017) b) Measures of Central Tendency and Outliers Test: Central Tendency Exports >,=,< Imports Mean 20.68 < 23.54 Median 21.54 < 24.35 Mode No mode No mode Table 1: Measures of Central Tendency for exports and imports Goods and Services from year 1986 to 2018 in Turkey (Unit: % of GDP) The mean of exports is quite lower than the mean of imports (10.68% and 23.54%) The median of exports is slight less than the median of imports (21.54% and 24.35%) First of all, the mode is not used in this situation because it does not exist in both exports and imports Secondly, according to the outliers test below, because of the outlier which is the largest number of exports, the best measure for this case is the median If we apply the mean as the best one for the calculation, its value is affected by extreme value which is equal to 29.53 % of GDP in 2018 Otherwise, the best measure for the imports in Turkey is the mean, because this measure includes as many values as possible and no outliers In general, the rate of imports of Goods and Services is higher than the percentage of exports in both measures It means that Turkey is a net importer of goods such as oil, mobile phones, and gold (Mena report 2014) Outliers Test Exports Imports Observation value Calculate value Observation value Calculate value Smallest accept 13.31 12.40 16.10 7.74 Largest accept 29.53 29.08 30.63 38.69 Table 2: Outliers Test for exports and imports Goods and Services from year 1986 to 2018 in Turkey (Unit: % of GDP) The outlier is the largest number of exports, because the observation value of exports (29.53) is higher than the number calculated by the formula “Q3+ 1.5*IQR” c) Measures of Variation: Variation Exports >,=,< Imports Range (Unit: % of GDP) 16.22 > 14.53 Interquartile (Unit: % of GDP) 4.17 < 7.74 Variance (Unit: % of GDP square) 15.91 < 20.25 Standard Deviation (Unit: % of GDP) 3.99 < 4.50 Coefficient Variation (Unit: % of GDP) 19% = 19% Table 3: Measures of Variation for exports and imports Goods and Services from year 1986 to 2018 in Turkey (Unit: % of GDP) The range of exports is greater than the value of imports (16.22% and 14.53%) The interquartile of exports is likely less than the imports (4.17% and 7.74%) The variance of exports is lower than the imports (15.91% and 20.25%) The standard deviation of exports is insignificantly less than the value of imports (3.99% and 4.50%) The coefficient variation of export is as same as the imports’ value (19%) There are many reasons why the best measurement is interquartile Firstly, the range is too simple, it cannot take all data from importing and exporting in Turkey Secondly, there is an outlier from the export part, therefore, variance and standard deviation are not suitable in this case Furthermore, coefficient of variation is also unsuitable because of the same unit which is % of GDP In the interquartile measurement, the percentage of imports is greater than the rate of exports with 4.17% and 7.74% respectively d) Histogram: Table 4: the histogram of exports goods and services in Turkey Table 5: The histogram of imports goods and services in Turkey Export Frequenc bin y 14-16 16-18 18-20 20-22 22-24 24-26 26-28 28-30 30-32 Import Frequen bin cy 17-19 19-21 21-23 23-25 25-27 27-29 29-31 31-34 Both the histogram of export and import are the left-skewed shape, because the mean is less than the median, which is shown on the table above Looking at the histogram of export, the most frequent which is from 20 percent to 26 percent of GDP greater than 22 percent It means that there are 21 years in which Turkey exported a huge amount of goods to other countries Next, the values of imports are evenly distributed, especially the period of years appearing constantly times between 25 percent and 31 percent of GDP e) Bot and Whisker Plot: Other calculations Exports Maximum value (Unit: % of GDP) 29.53 Minimum value (Unit: % of GDP) 13.31 Quartile (Q1) (Unit: % of GDP) 18.65 Imports 30.63 16.10 19.34 Quartile (Q2) (Unit: % of GDP) 21.54 24.35 Quartile (Q3) (Unit: % of GDP) 22.83 27.08 Table 6: Other calculation of exports and imports Goods and Services in Turkey (Unit: % of GDP) Table 7: The Box-and-Whisker Plot of exports and imports Goods and Services in Turkey (Unit: % of GDP) Left side >,=,< Right side Result Box 2.89 > 1.29 Left-skewed Whisker 5.34 < 6.7 Right-skewed Median to extreme 8.23 > 7.99 Left-skewed Table 8: Summary of box-and-whisker plot of exports Goods and Services in Turkey Left side >,=,< Right side Result Box 5.01 > 2.73 Left-skewed Whisker 3.24 < 3.55 Right-skewed Median to extreme 8.25 > 6.28 Left-skewed Table 9: Summary of box-and-whisker plot of imports Goods and Services in Turkey In comparison to the export boxplot, the left side of the box is larger than the right side, but the left whisker’s length is shorter than the right one As a result, this has left-skewed distribution as same as the import boxplot based on the distance between the median value to extreme value It is clear that the amount of imports is higher than exports in Turkey, 18.65% to 22.83% of GDP in exports compared to 16.10% to 27.08% of GDP Furthermore, the median of import is also greater than the median of export, 24.35% and 21.54% respectively Conclusion: Turkey commodity import and export data for 32 years are collected by the world bank, which shows that Turkey is importing country Based on the line chart above, the results of central tendency, and the box-and-whisker plot, the amount of import goods is greater than the exports in Turkey From that, Turkey’s economic is depended on importing commodities of other countries, instead of manufacturing products by itself Moreover, residents also have to bear high taxes of foreign goods because there are more fees appearing such as transportation charge, government taxes, and profits of retailers To sum up, Turkey is slightly experiencing the growth Other factor: Apart from exports and imports process, there are many other factors influencing the Turkey’s growth, for instance, labour force, unemployment Figure shows that there was an insignificant increase in the number of workers from 2006 to 2019 in Turkey It helps the government raise the country’s economic, for example, a lot of workers contribute to the speed of manufacturing goods The government not need to import foreign goods to fulfil the needs of citizens as well as customers not have to bear high taxes for products they bought Furthermore, unemployed people also increased by 200 million in 2010, therefore, the government stressed that they have to create 600 million jobs to maintain the unemployment rate (SyndiGate Media Inc 2013) In conclusion, both factors are important to the Turkey’s growth Part B: Summary: The title precisely reflects the content of this article which is “Vietnam remains a top five instant noodles consumer” It is noticeable that Vietnamese consumers have consumed a great number of instant noodles annually In 2019, Vietnam holded the fifth position in terms of instant noodles consumption, which is equal to 5.43 billion servings It is just lower than countries (unit: billion serving): China (41.45), Indonesia (12.54), India (6.73), and Japan (5.63) Nevertheless, Vietnam ranked highest in the average serving rate per population, which makes up 56 servings per capita a year In comparison, the number of Indonesia, Japan, China, and India were 46, 44, 29, and servings respectively Because of these outstanding data, South Korean instant noodles companies such as Nongshim and Ottogi decided to raise their investment capital in Vietnam Acecook Vietnam, Massan, and Asia Food own 70 percent of the market share of over 50 instant noodle manufacturers in Vietnam Analysis: In theory, there are two main types of data: categorical and numerical data Based on the data mentioned through the article The type of data is discrete which means counted items, because the unit is serving per population The total of instant noodle servings is summed a year, from that, the article shows the disparity of instant noodle consumption between 10 nations to evaluate the ranks of these countries It does not illustrate any gender, weight, or height, definitely, the kind of value is not ordinal, nominal, and continuous Additionally, all values are collected from the World Instant Noodle Association which is a reliable international source The data from the article is secondary research because both figures are made by the organization The article’s author utilized it with the citation to illustrate the information clearly to audiences In addition, it is also a sample which is the portion of the population selected for analysis The organization gathered the amount of instant noodle servings from selected countries to compare them Next, the descriptive statistic which is used for the data is the mean because of one sentence “Vietnam ranked highest in terms of average serving per population” The meaning of this calculation is the average value of a data set to measure the center of a numerical data set The article includes a bar chart as well as a line chart, each chart has shown the purpose of all values to present the huge amount of instant noodle consumption in various nations Then, it can compare the consumption of instant noodles in Vietnam with other countries From that, readers can understand and figure out the detailed number of servings in 2019 Although these charts are quite effective, charts are still simple to show more information to readers Because it just illustrates how many servings a year and comparison between selected countries while there is much information mentioned on the article For example, this article embraces the percentage of market share of producers in Vietnam with 70% belonging to Asian Food, Massan, and Acecook Vietnam Therefore, the pie chart is a helpful tool for this information to show the wellbeing of three big companies Moreover, from my perspective, the scatter diagram is also better and more efficient to show the distribution of serving for instant noodles It can present the distance between the variance and the mean, which means the consumption level of Vietnamese people In my opinion, I would like to add more reasons why Vietnamese people prefer instant noodles to other products Firstly, according to Vietnam News, Vietnam is a lower middleincome country, particularly the low-income group is mostly students, workers, and elderly Instead of cooking or eating at restaurants, they tend to eat instant noodles to save time and money Secondly, because of the outbreak of Covid-19, the government encouraged its citizens to stay at home Therefore, households bought a lot of noodles to reserve, the Vietnamnet Global also announced that the amount of noodle sales significantly increased As a result, audiences can gain more understanding about the reasons why the consumption of instant noodles is high in Vietnam References: "Turkey : INCREASE in Turkey's gold imports", 2014, MENA Report, viewed 12 July 2020, < https://search-proquest-com.ezproxy.lib.rmit.edu.au/docview/1474469108/4791660FD3F143 6FPQ/5?accountid=13552> "Turkey : TURKEY imports 16 million mobile phones", 2014, MENA Report, viewed 12 July 2020, < https://search-proquest-com.ezproxy.lib.rmit.edu.au/docview/1500078460/4791660FD3F143 6FPQ/2?accountid=13552> "Turkey : TURKEY'S oil imports increase in 2014", 2014, MENA Report, viewed 12 July 2020, < https://search-proquest-com.ezproxy.lib.rmit.edu.au/docview/1521821762/4791660FD3F143 6FPQ/3?accountid=13552> Murat Sari, Aydin Sari, and Cătălin Popescu "EFFECTS OF IMPORTED GOODS ON EXPORT AND IMPORT OF TURKEY." Analele Universităţii Constantin Brâncuşi Din Târgu Jiu : Seria Economie 1, no Special Number - Information Society and Sustainable Development (2014): 77-84 viewed 12 July 2020, News, V., 2020. How COVID-19 Affects Vietnamese Consumers’ FMCG Spend And Purchase Behaviours - Vietnamnet [online] VietNamNet viewed 12 July 2020, Turkey's exports start 2017 with significant increase 2017, , Ankara viewed 12 July 2020, vietnamnews.vn 2020. Income Not The Only Measure Of Poverty [online] viewed 12 July 2020, VnExpress International – Latest news, business, travel and analysis from Vietnam 2020. Vietnam Remains A Top Five Instant Noodles Consumer - Vnexpress International [online] viewed 12 July 2020, VnExpress International – Latest news, business, travel and analysis from Vietnam 2020. Vietnam Remains A Top Five Instant Noodles Consumer - Vnexpress International [online] viewed 12 July 2020, Young population brings global success, Turkey's labor minister 2013, , Ankara viewed 12 July 2020, Appendix: Figure 1: the number of the instant noodles consumption in 10 different countries in 2019 (Unit: serving) Figure 2: the number of Vietnam’s instant noodles consumption from 2015 to 2019 (Unit: serving) Figure 3: the number of labour force from 1990 to 2019 in Turkey https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=TR ... news, business, travel and analysis from Vietnam 2020. Vietnam Remains A Top Five Instant Noodles Consumer - Vnexpress International [online] viewed 12 July 2020, ... news, business, travel and analysis from Vietnam 2020. Vietnam Remains A Top Five Instant Noodles Consumer - Vnexpress International [online] viewed 12 July 2020, ... amount of instant noodle servings from selected countries to compare them Next, the descriptive statistic which is used for the data is the mean because of one sentence “Vietnam ranked highest