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Explain why indices are a favored way of presenting and analyzing data rather than examining actual data: Statistics and Analytics for Decision Making Assignment, NCI, Ireland

Question. 1

(a) Explain why indices are a favored way of presenting and analyzing data rather than examining actual data.  You should present data on a real variable (with at least 36 observations)to support your answer.

(b) Retail Sales indices are published monthly in both Volume and Value format.  Explain the difference in the information content of the two.  You should provide data (with at least 36 observations) on Retail Sales in both Volume and Value format to support your answer.

(c) Retail Sales (both Volume and Value) indices are published monthly in both Seasonally-adjusted and Unadjusted formats.  Explain the difference in the information content of the two.  You should provide data (with at least 36 observations) on Retail Sales in both Seasonally-adjusted and Unadjusted formats to support your answer.

(d) Explain why moving average data is sometimes used in preference to actual data in order to find the underlying ‘message’ or trend in a data set.  You should provide data showing actual data and moving-average data (of the same variable) to support your answer.

Question .2 

(a) Explain the difference between Stratified random sampling and cluster sampling.

(b) Explain what is meant by multicollinearity in regression analysis

(c) Explain the difference between a leading and a lagging variable in regression analysis.

(d) Explain the difference between positive and negative correlation and give an example of each.

(e) Explain why it might be useful to examine a non-linear format rather than (or in addition to) a linear format in regression and correlation analysis.   Give an example of a relationship that might be fairly strong but non-linear.

Question .3

The value of houses in a certain part of Dublin is normally distributed with a mean of €480,000 and a standard deviation of €140,000.

(a) What proportion of houses have a value greater than €550,000

(b) What proportion of houses have a value less than €760,000

(c) What proportion of houses have a value in the range €410,000 – €690,000?

(d) What value cuts off the 16% least valuable houses

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