MyOriental is a new supermarket chain that specialises in imported Asian products. It has opened branches in several Australian cities over the past three years. The Chief Financial Officer (CFO) is keen to estimate and compare the daily revenue achieved in Perth, Darwin, Melbourne and Sydney where MyOriental has invested the most. Due to data availability, the CFO does not have the full record of daily revenues. A random sample of daily revenues for each location is all she has. Having understood that working with the population is not possible, the CFO asks you to apply statistical inference to conduct the analysis. (The dataset is given in the fourth sheet named “Daily revenue” in the provided Excel file Data.xlsx). Your answers should try to address the following:

1. Choose appropriate approaches to summarise the dataset and in non-technical terms, briefly discuss why you think the chosen approaches are appropriate.

2. Explain to the CFO why a sample mean can serve as an estimate for the mean daily revenue of that city but the accuracy of the estimate is not the same across cities. Advise the CFO which sample mean serves as the best estimate for the mean daily revenue of that city.

3. The CFO wonders if the mean daily revenue is the same for all cities. Test if the CFO’s hypothesis holds and interpret the results.

4. The CFO believes that the mean daily revenue is the same for Melbourne and Sydney (the largest two branches MyOriental has). Test if the CFO’s hypothesis holds and interpret the results.

Answer rating: 100% (QA)

1 When you want to measure something in the natural world you usually have to take several measurements This is because things are variable so you need several results to get an idea of the situation ... View the full answer