business statistics group assignment

NATIONAL ECONOMICS UNIVERSITYBusiness School

BUSINESS STATISTICSGroup Assignment

Group member : Tran Chau Giang – 11221833Cao Tien Phuc – 11225128

Nguyen Cong Duy Khanh – 11223046Tran Bao Quan- 11225409

Hanoi, July 5th 2023

Case Study 1: Employee1,

a, Do necessary data cleaning

Case Processing Summary

Cases

After the coding process, the dataset is now clean Despite the presence ofoutliers in some variables as shown in the charts, the data can still be consideredclear This clarity is attributed to the limited types of data representing thevariables, which results in significantly high frequencies.

Mean 2015,1160 2,6930 26,4940

,62 ,10 3,1380 1,2850

,3560 1,7800

Median 2015,0000 3,0000 26,0000

1,00 ,00 3,0000 1,0000

,0000 2,0000

Std Deviation

1,84931 ,56309 2,57577

,487 ,303 1,29408 ,52731

,47905 ,82114

JoiningYear 2012,0000

,00 ,00 ,00

Edu 1,0000 1,0000 1,0000

Correlations

* Correlation is significant at the 0.05 level (2-tailed).

The correlation between Joining Year and City is slightly positive, albeit weak,and is statistically significant (with a significance level below 0.05) ThePearson Correlation coefficient lies between 0.1 and 0.3, indicating a modest butnoticeable relationship between these two variables.

There is no correlation between Age and Education (Sig > 0.05)

Implementing a pay structure based on work experience is justified Employeeswith more experience should receive higher salaries compared to lessexperienced ones, fostering long-term commitment to the company.

Current wage structures do not reflect the educational levels of employeesadequately For instance, individuals with doctorates may earn less than thosewith only bachelor's degrees, leading to a sense of unfairness Given the effortrequired to attain higher qualifications, it's crucial for businesses to align salarieswith educational achievements to ensure long-term employee retention.The observation that some employees, despite not being assigned work, receiveequal or higher pay than their actively working counterparts, suggests a need forbusinesses to refine their salary distribution policies This will preventdisparities where more diligent workers are compensated less than those withless workload.

Case Study 2: Specialty Toys

1 Demand distribution for teddy bears is a normal probability distributionwith confidence interval.

10000 < μ < 30000 = 1 - α = 90%μ=x =30000+210000=20000P (x < 30000) = 95%⇔ P (x−20000σ<30000−20000

σ) = 95% P (z < z ) = 95%⇒°

8 x 15000 =120000

120000180008 x 10000 – 11 x 8000

= -8000

8 x 18000 =144000

144000240008 x 10000 – 11 x 14000

= -74000

8 x 20000 – 11 x4000 = 116000

192000280008 x 10000 – 11 x 18000

= -118000

8 x 20000 – 11 x8000 = 72000

4 The order quantities meet 70%, and 30% chance of stock – out.⇔ P (x < x ) = 70%°

P (z < ⇔x °−200006060) = 0,7

⇔x °−200006060= 0,5244 x = 23177,864 ≈ 23178⇔°

Profit if sales = 10000

P = 10000 x 8 – 11 x 13178 = -64958Profit if sales = 20000

P = 20000 x 8 – 11 x 3178 = 125042Profit if sales = 30000

P = 23178 x 8 = 185424

5 Provide your own recommendation for an order quantity and note theassociated profit projections Provide a rationale for yourrecommendation.

● According to the case and the above calculation, we get:· underage cost: (Cu) = 24 – 16 = 8

· overage cost (Co)=16 – (16 – 5) = 5.

● According to the formula: CuP(z)= Cu + Co