Group Assignment

Assessment Details and Submission Guidelines

Trimester T2 2024
Unit Code HM6007 BM 2
Unit Title Statistics for Business Decisions
Assessment Type Group Assignment
Due Date + time: Due on 15/10/2024
11.59 pm (Melb / Sydney time)
Purpose of the Students are required to show understanding of the principles and techniques of
assessment (with ULO business research and statistical analysis taught in the course.
Mapping) 1. Integrate theoretical and practical knowledge from the discipline of Statistics
for Business Decision Making to solve business needs;
2. Synthesise advanced theoretical, practical knowledge from the discipline of
statistics for business decision and be able to apply statistical tools and
techniques to solve business problems;
3. Critically analyse a scenario and apply and justify statistical techniques to
solve business problems and the explain the results to a range of
stakeholders.
4. Work well autonomously as well as within group settings to identify and
apply statistical solutions to a business scenario
Weight 40%
Total Marks Assignment (40 marks)
Word limit N/A
Submission Guidelines 1. All work must be submitted on Blackboard by the due date along with a
completed Assignment Cover Page.
2. The assignment must be in MS Word format unless otherwise specified.

Academic Integrity Holmes Institute is committed to ensuring and upholding academic integrity. All
Information assessments must comply with academic integrity guidelines. Please learn about
academic integrity and consult your teachers with any questions. Violating academic
integrity is serious and punishable by penalties that range from deduction of marks,
failure of the assessment task or unit involved, suspension of course enrolment, or
cancellation of course enrolment.
Penalties • All work must be submitted on Blackboard by the due date and time, along with
a completed Assessment Cover Page. Late penalties apply.
• Your answers must be based on Holmes Institute syllabus of this unit. Outside
sources may not amount to more than 10% of any answer and must be correctly
referenced in full. Over-reliance on outside sources will be penalised
• Reference sources must be cited in the text of the report and listed appropriately
at the end in a reference list using Holmes Institute Adapted Harvard
Referencing. Penalties are associated with incorrect citation and referencing.
 Page 2 of 6

Group Assignment Guidelines and Specifications

Assume your group is the data analytics team in a renowned Australian company. The company offers its
assistance to a distinct group of clients, including (but not limited to) public listed companies, small businesses,
and educational institutions. The company has undertaken several data analysis projects, all based on multiple
regression analysis. One such project is related to the real estate market in Australia, and the team needs to
answer the following research question based on their analysis.

Research question:
How do different factors, such as the size of the land, the number of bedrooms, the distance to the nearest
secondary school, and the number of garage spaces, influence the selling price of residential properties?

Task

• Create a data set (in Excel) that satisfies the following conditions. (You are required to upload the data
file separately).
o Minimum number of observations – 100 observations.
o The data set should be based on houses sold from 01/04/2024 onwards. (To verify the data
set, you are required to add a hyperlink to each property's details from the real estate
websites that you used.)
(5 marks)
Questions

1. Conduct a descriptive statistical analysis in Excel using the data analysis tool. Create a table that
includes the following descriptive statistics for each variable in your data set: mean, median, mode,
variance, standard deviation, skewness, kurtosis, and coefficient of variation.
(4 marks)
2. Provide a brief commentary on the descriptive statistics you calculated. Describe the characteristics
of the distribution for each variable based on these statistics.
(4 marks)
3. Create an appropriate graph to illustrate the distribution of the number of bedrooms in your data set.
(2 marks)
4. Derive a suitable graph to represent the relationship between the dependent variable and the land
size in your data set and comment on the identified relationship.
(2 marks)
5. Based on the data set, perform regression analysis and correlation analysis, and answer the questions
given below.
a. Derive the multiple regression equation.
(2 marks)
b. Interpret the meaning of all the coefficients in the regression equation.
(4 marks)
c. Interpret the calculated coefficient of determination.
(2 marks)
d. At a 5% significance level, test the overall model significance.

HI6007 STATISTICS FOR BUSINESS DECISIONS

 Page 3 of 6

(3 marks)
e. At a 5% significance level, assess the significance of the independent variables in the model.
(4 marks)
f. Based on the correlation coefficients in the correlation output, assess the correlation between
explanatory variables and check for the possibility of multicollinearity.
(3 marks)
6. Based on the answers above, write a brief summary addressing the research question.
(5 marks)

Marking criteria

Marking criteria Weighting

Data collection 5 marks

Descriptive statistical analysis and review (Questions 1 and 2) 8 marks

Graphical representations of data (Questions 3 and 4) 4 marks

Multiple regression equation and interpretation of coefficients (Questions 5a and 5b) 6 marks

Interpretation of coefficient of determination (Question 5c) 2 marks

Assessing the overall model significance (Question 5d) 3 marks

Assessing the significance of independent variables in the model (Question 5e) 4 marks
Examining the correlation between explanatory variables and checking for the 3 marks
possibility of multicollinearity (Question 5f)
Summary 5 marks
TOTAL Weight 40 Marks

Assessment Feedback to the Student:

HI6007 STATISTICS FOR BUSINESS DECISIONS

Marking Rubric

Excellent Very Good Good Satisfactory Unsatisfactory

Performing descriptive Demonstration of Demonstration of Demonstration of Demonstration of Demonstration of poor

statistical analysis and outstanding knowledge very good good knowledge basic knowledge on knowledge on
review of the calculated on descriptive knowledge on on descriptive descriptive descriptive measures
values measures descriptive measures measures
measures
Deriving suitable graph to Demonstration of Demonstration of Demonstration of Demonstration of Demonstration of poor
represent the relationship outstanding knowledge very good good knowledge basic knowledge on knowledge on
between variables on presentation of data knowledge on on presentation of presentation of data presentation of data
using suitable chart presentation of data data using suitable using suitable chart using suitable chart
types. using presentation chart types. types. types.
of data using
suitable chart types.
Deriving multiple Demonstration of Demonstration of Demonstration of Demonstration of Demonstration of poor
regression equation based outstanding knowledge very good good knowledge basic knowledge on knowledge on regression
on the regression output. on regression model knowledge on on regression regression model model estimation and
estimation and regression model model estimation estimation and interpretation
interpretation estimation and and interpretation interpretation
interpretation
Interpreting the calculated Demonstration of Demonstration of Demonstration of Demonstration of Demonstration of poor
coefficient of outstanding knowledge very good good knowledge basic knowledge on knowledge on
determination. on coefficient of knowledge on on coefficient of coefficient of coefficient of
determination coefficient of determination determination determination
calculation and determination calculation and calculation and calculation and
interpretation of calculation and interpretation of interpretation of interpretation of
interpretation of relationship relationship relationship between
relationship between
relationship between variables between variables variables
variables between variables
 Page 5 of 6

Assessing the overall Demonstration of Demonstration of Demonstration of Demonstration of Demonstration of poor

model significance. outstanding knowledge very good good knowledge basic knowledge on knowledge on model
on model significance knowledge on model on model model significance significance
significance significance

Assessing the significance Demonstration of Demonstration of Demonstration of Demonstration of Demonstration of poor

of independent variables outstanding knowledge very good good knowledge basic knowledge on knowledge on
in the model. on significance of knowledge on on significance of significance of significance of
independent variables. significance of independent independent independent variables.
independent variables. variables.
variables.
Examining the correlation Demonstration of Demonstration of Demonstration of Demonstration of Demonstration of poor
between explanatory outstanding knowledge very good good knowledge basic knowledge on knowledge on
variables and check the on correlation knowledge on correlation correlation correlation coefficient
possibility of coefficient calculation, correlation coefficient coefficient calculation,
multicollinearity. interpretation of coefficient calculation, calculation, interpretation of
relationship between calculation, interpretation of interpretation of relationship between
interpretation of relationship relationship variables and assessing
variables and assessing
relationship between variables between variables multicollinearity.
multicollinearity.
between variables and assessing and assessing
and assessing multicollinearity. multicollinearity.
multicollinearity.
Addressing research Demonstration of Demonstration of Demonstration of Demonstration of Demonstration of poor
questions based on data outstanding knowledge very good good knowledge basic knowledge on knowledge on addressing
analysis on addressing research knowledge on on addressing addressing research research questions based
questions based on addressing research research questions questions based on on data analysis.
data analysis. questions based on based on data data analysis.
data analysis. analysis.

HI6007 STATISTICS FOR BUSINESS DECISIONS

Academic Integrity

Holmes Institute is committed to ensuring and upholding Academic integrity, as Academic Integrity is
integral to maintaining academic quality and the reputation of Holmes' graduates. Accordingly, all
assessment tasks need to comply with academic integrity guidelines. Table 1 identifies the six
categories of Academic Integrity breaches. If you have any questions about Academic Integrity issues
related to your assessment tasks, please consult your lecturer or tutor for relevant referencing
guidelines and support resources. Many of these resources can also be found through the Study Sills
link on Blackboard.

Academic Integrity breaches are a serious offence punishable by penalties that may range from
deduction of marks, failure of the assessment task or unit involved, suspension of course enrolment,
or cancellation of course enrolment.

Table 1: Six categories of Academic Integrity breaches

Plagiarism Reproducing the work of someone else without attribution. When a student
submits their own work on multiple occasions this is known as self-
plagiarism.

Collusion Working with one or more other individuals to complete an assignment, in a

way that is not authorised.

Copying Reproducing and submitting the work of another student, with or without
their knowledge. If a student fails to take reasonable precautions to prevent
their own original work from being copied, this may also be considered an
offence.

Impersonation Falsely presenting oneself, or engaging someone else to present as oneself, in

an in-person examination.

Contract cheating Contracting a third party to complete an assessment task, generally in

exchange for money or other manner of payment.

Data fabrication and Manipulating or inventing data with the intent of supporting false
falsification conclusions, including manipulating images.

Source: INQAAHE, 2020

HI6007 Group Assignment T2 2024