BUSINESS STATISTICS
Business statistics
Business statistics 2
Introduction 2
Description of data 3
Result and discussion 6
Bibliography: 7
Business statistics
Introduction
The project is aimed at focusing on the effect on various factors on the CCResort.the major factor in the project is the income generated by the CCResort. The income refers to the amount the resort generated from the hotel and SPA facilities from the customers who are using the facilities. These factors include; number of people in the booking party, length of stay represented by number of nights, age in years of the person making the booking, the total amount in dollars spent per booking over and above accommodation costs and average family income. According to Mullins (2006), the income is directly related to the number of people in the booking party, length of stay represented by number of nights, age in years of the person making the booking, the total amount in dollars spent per booking over. The income refers to the amount the resort is generated from the hotel and SPA facilities from the customers who are using the facilities.
The income of every business is usually affected directly by the type of customers who require the services of that business. In this project, we will be investigating the contribution of the factors that are related to the income generated by the resort business and give the recommendation to the managers of the resort. In the analysis of the above data, descriptive statistics is generated to view the various characteristics of the data.
Description of data
The data used in the project is a secondary data that was issued to us by the tutor. The data consists of independent variables; number of people in the booking party, length of stay represented by number of nights, age in years of the person making the booking, the total amount in dollars spent per booking over and above accommodation and the dependent variable income. The data normally distributed. From the normal probability analysis, the data is normally distributed.
Descriptive Statistics: Income, People, Length, Age, Expenditure
Variable N N* Mean SE Mean StDev Minimum Q1 Median Q3
Income 200 0 0.6900 0.0328 0.4637 0.0000 0.0000 1.0000 1.0000
People 200 0 3.5100 0.0930 1.3147 2.0000 2.0000 4.0000 4.0000
Length 200 0 4.785 0.168 2.381 2.000 2.000 7.000 7.000
Age 200 0 47.480 0.681 9.633 25.000 40.000 47.000 55.000
Expenditure 200 0 1157.4 48.4 684.1 291.0 473.0 1203.0 1721.0
Hypothesis
Null hypothesis; there is no relationship between the income generated by the resort and the number of people in the booking party, length of stay represented by number of nights, age in years of person making the booking, total amount in dollars spent per booking over and above accommodation
Alternative hypothesis; there is relationship between the income generated by the resort and the number of people in the booking party, length of stay represented by number of nights, age in years of person making the booking, total amount in dollars spent per booking over and above accommodation
Relationship between income and variables people, length, age and expenditure
In this project, we are determine the relationship of the dependent variable (income), and the independent variables (; number of people in the booking party, length of stay represented by number of nights, age in years of the person making the booking, the total amount in dollars spent per booking over. The analysis of variance due to the dependent and independent variables. The analysis of variance will help use to determine is the independent variables has a relationship with the dependent variables
Analysis of Variance
Source DF SS MS F P
Regression 4 19.1255 4.7814 39.42 0.000
Residual Error 195 23.6545 0.1213
Total 199 42.7800
The histogram
A bar graph of the expenditure and the income generated.
The bar graph of income, those that have high expenditure have the highest proportion of income generated from them. It thus advisable to focus the goal of CCresort on the tourist who are high spenders to increase the business revenue.
Bar graph of the distance vs income generated
Result and discussion
Conclusion
The income generates from the resort is directly related to the expenditure and the age of the customer in the resort. It’s there for wise for the resort managers to focus on the facilities that will attract the age groups that are visiting the resort to improve on their expenditure. From the above analysis, it’s clear that the age of the customer in the resort is highly related to the income generated by the resort. In this case more analysis should be done to investigate which age group is contribution more to the income and much attention is focused to attract more customers within the other age group. The expenditure by the customer in dollars is also contributing a lot to the income generated by the resort.
Bibliography:
Gerald Kelle ,2014. STATISTICS FOR MANAGEMENT AND ECONOMICS, ISBN-10: 1285425456 (10th
ed.). New York: McGraw-Hill/Irwin.
Kutner, M. H., C. J. Nachtsheim, J. Neter, andW. Li (2005). Applied Linear Statistical Models
(5th ed.). New York: McGraw-Hill/Irwin.
Kothari, C.R (2004). Research Methodology (2nd edition). New Delhi: New age international
Mullins, L. (2005). Work motivaton and rewards. London: Wiley & Sons.
Campbell, G, Stonehouse, G & Houston, B 2002, “Business Strategy,” Butterworth-
Heinemann, Oxford, UK.
Hussey, DE 1998 “Strategic management: from theory to implementation,” Butterworth-Heinemann, Oxford, UK.
