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Descriptive of the Business Model - Statistics Project Example

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In statistical point of view, the mean no. of defectives produced by manual and automatic the do not differ significantly, yet the manual type produces 30.5 less no. of defectives than the automatic type. Hence manual type is recommended on the production point of view…
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Descriptive Statistics of the Business Model
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From table 1.1, which gives Descriptive Statistics, the mean of driving distance for the current model is 272.85 and that of new model is 269. Hence the mean of the new model is 3.85 lower than the mean for current model. The standard deviation of the current model and new model are 9.81 and 11.434 respectively. Coefficient of variation is a measure of reliability and it depicts the consistency of a series of data. If it is lower for a series of data, then the series is considered to be more reliable than the series which has relatively greater coefficient of variation. It is computed as SD divided by mean multiplied by 100. It is expressed in percentage. When we evaluate the coefficient of variation for both the models, the coefficient of variation is 3.6% for the first model and 4.25% for the second model. Hence the current model seems to be more reliable than the new model. To test whether this difference of 3.85 is significant or not we perform independent t-test. To know the extreme values (both current and new model) both upper 5 and lower 5 values, the following table 1.2 is given.
From graph 1.1, Boxplots allow us to compare each group using a five-number summary: the median, the 25th and 75th percentiles, and the minimum and maximum observed values that are not statistically outlying. Outliers and extreme values are given special attention The heavy black line inside each box marks the 50th percentile, or median, of that distribution. ...Download file to see next pagesRead More
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