Math and statistics for business Academic Essay

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Math and statistics for business Academic Essay

(i) Assuming these scores are representative of a population calculate a 95% confidence
interval for the population difference in means of the two ratings. Is the value zero in
this interval? – Interpret this. [20 marks]
(ii) Perform a suitable t-test to determine whether there is a significant difference between
the scores given to the two brands, and interpret the result carefully. [20 marks]
(iii) Perform a suitable t-test to determine whether females rate Heinz significantly higher
than males. [20 marks]
(iv) With the preferences (0’s and 1’s) calculate a 95% confidence interval for the true
proportion p of people who prefer Campbell’s soup to Brand R. Is the value 0.5 in this
interval? – Interpret this. [20 marks]
(v) Write a brief report discussing the merits of the two approaches (i) and (iv) (i.e. using
the differences of the scores, or using the preferences) – are they both addressing the
same problem? If you are primarily interested in how much of each brand you are likely
to sell (and hence how much you should stock), which approach would you use, and
why? [20 marks]

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Posted on May 6, 2016Author TutorCategories Question, Questions