NMIMS 2019 ASSIGNMENTS - Is the Location variable a nominal an ordinal an interval or a ratio variable How can we code it so that we can use it in analysis hint binary

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 Business Statisticsinfo_at_answersheets.in91
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•  Business Statistics
• Question 1.
• Consider the following data of 26 restaurants
  serving in Mumbai.Restaurant Location Area
  (square feet) Number of items in menu Sales in
  crores 
• A Busy 2500 35 4.1 B Less busy 50 45 5.1 C
  Busy 450 36 4.3 D Less busy 700 45 4.9 

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• E Busy 700 40 4.7 F Less busy 400 25
  2.6 G Busy 800 50 5.2 
• H Less busy 300 20 2.2 I Less busy 350 34
  3.8 
• J Busy 700 42 4.1 K Busy 450 34 3.9 

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• J Busy 700 42 4.1 K Busy 450 34 3.9 L
  Less busy 200 12 1.6 M Busy 500 30 2.7 N Less
  busy 400 37 3.9
• O Busy 500 35 3.1 P Less busy 600 32 3 Q
  Busy 800 45 4.9  

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• R Less busy 400 35 3.8 S Busy 650 40 4 T
  Less busy 400 25 2.3 U Less busy 900 52 5.1 V
  Busy 500 42 4.2 W Busy 350 40 4.1 X Less busy
  300 25 2.2 Y Busy 700 30 3 Z Less busy 300 20
  2.1 

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• Is the Location variable - a nominal, an
  ordinal, an interval or a ratio variable? How can
  we code it so that we can use it in analysis
  (hint binary)?
• Which of the variables are determining Sales
  based on the above data? Take p lt 0.05 for
  interpreting your multiple regression. You can
  use output from Ms-Excel or other software, but
  you are required to interpret it. 

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• Is your regression model statistically
  significant? How is Adjusted R2 different from
  R2?  Suppose, you want to open a new restaurant.
  Given that this new restaurant of 1000 square
  feet will be located in a busy location and will
  have 40 items in its menu - what would be the
  predicted sales? (10 Marks)

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• Question 2. 
• Based on the data in question 1 above,
  suppose that in order to plan the area (square
  feet) of your new restaurant, you want to
  consider information about the area (square feet)
  of existing restaurants. What is more appropriate
  in this case mean, median or mode? Calculate
  them and explain.  What do you know about the
  symmetry of the distribution of the Number of
  Items in Menu? As an investor you do not want
  much variability in Sales. Calculate standard
  deviation and inter-quartile-range of Sales and
  comment when they are useful as measures. What
  values (maximum, minimum) of Sales lie within two
  standard deviations, assuming normal
  distribution? (10 Marks) 

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• Question 3. 
• Suppose you are a consultant hired to help
  NMIMS in understanding student perception of
  quality of study materials and student assessment
  process at NMIMS.
•  a. What are the types of random sample survey,
  in general? What sampling method would you
  recommend in this case for your study and why?
  (5Marks)
• b. Consider the scores from a
  multiple-choice test from a question bank
  (random), used for student assessment. Explain
  Central Limit Theorem and its applicability to
  this case. (5 Marks) 

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