# Short written assessments

STAT6003 Module 3 Assessment 1
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 ASSESSMENT BRIEF Subject Code and Title STAT 6003: Statistics for Financial Decisions Assessment Module 3 – Assessment 1: Short written assessments Individual/Group Individual Length NA Learning Outcomes 1. Analyse and present data graphically using spreadsheet software (Excel). 2. Critically evaluate summary statistics against suitable benchmarks. 3. Apply judgement to select appropriate methods of data analysis drawing on knowledge of regression analysis, probability, probability distributions and sampling distributions. 4. Select and apply a range of data analysis tools to inform problem solving and decision making. 5. Conduct quantitative research both individually and as part of a team and articulate and present findings to a wide range of stakeholders, from accounting and non accounting backgrounds. Submission By 11:55pm AEST/AEDT Sunday at the end of each Module Weighting 30% (Total of all written assessments throughout the subject) Total Marks 100 marks

Context:
The short written module assessments allows you to apply your knowledge on the concepts
and ideas discussed during the Module. These assessments will also prepare you for the
final report.
Instructions:
You are required to apply your knowledge and draw links between the scenario and the
learning resources. In your answers, reflect upon and analyse issues of the key discussion
points of the module. Your answers should also effectively communicate and demonstrate
that key concepts have been reviewed and that you can apply these concepts to the
problems posted.

STAT6003 Module 3 Assessment 1
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Assignment
The daily sales figures and prices for our Schmeckt Gut Energy Bars sold in the countries of
Nockaragua, Macronesia and Industria are provided with the attached EXCEL file.
The board of directors of Schmeckt Gut is interested in investigating this data in more detail.
The board would like you to answer the following questions by using statistical methods and
concepts that have been addressed in the modules.
a) What is the expected sale (number of energy bars sold) and what is the expected
revenue on any given day in each of the three countries?
b) Based on the data, what is the probability that Schmeckt Gut:
(i) Sells at least the expected number of energy bars?
(ii) Reaches at least the expected revenue?
c) What are the average number of energy bars sold and revenues achieved for each
week day (Monday’s, Tuesday’s, … Saturday’s and Sunday’s) in each country?

 (i) Create probability distributions of the average number of sales and the average revenues achieved over any given week (Monday to Sunday)? Present your distributions for each country in graphs. Given the probability distributions for every day of the week (Monday to Sunday), what are the expected sales and what are the expected revenues for each day of the week (Monday to Sunday) for each country? On which day are we experiencing, on average, the highest sales (number of energy bars sold) and on which day the lowest sales? On which day are we experiencing, on average, the highest revenue and on which day the lowest revenue? What is the expected number of energy bars sold on these specific days? (ii) (iii) (iv) (v) (vi)

What is the expected revenue on these specific days? Knowing the actual
data, what is the probability that we meet the expected sales and
revenues on these days?
d) With the knowledge of the above, advise the board in which country we should
invest in marketing our Energy Bars. Explain your rational.

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Learning Rubrics

 Assessment Attributes Fail (Unacceptable) (Functional) Pass (Proficient) Credit (Advanced) Distinction High Distinction (Exceptional) Grade Description (Grading Scheme) Evidence of unsatisfactory achievement of one or more of the learning objectives of the course, insufficient understanding of the course content and/or unsatisfactory level of skill development. Evidence of satisfactory achievement of course learning objectives, the development of relevant skills to a competent level, and adequate interpretation and critical analysis skills. Evidence of a good level of understanding, knowledge and skill development in relation to the content of the course or work of a superior quality on the majority of the learning objectives of the course. Demonstration of a high level of interpretation and critical analysis skills. Evidence of a high level of achievement of the learning objectives of the course demonstrated in such areas as interpretation and critical analysis, logical argument, use of methodology and communication skills. Evidence of an exceptional level of achievement of learning objectives across the entire content of the course demonstrated in such areas as interpretation and critical analysis, logical argument, creativity, originality, use of methodology and communication skills. Content, Audience and Purpose Points for this criteria Does not meet minimum standard Demonstrates no awareness of context and/or purpose of the assignment. Meets minimum standard Demonstrates limited awareness of context and/or purpose of the assignment Moves beyond minimum standard Demonstrates consistent awareness of context and/or purpose of the assignment. Exceeds minimum standard Demonstrates an advanced and integrated understanding of context and/or purpose of the assignment. Exceeds minimum standard and exhibits high levels of independence Consistently demonstrates a systematic and critical understanding of context and purpose of the assignment. Knowledge and understanding Limited understanding of required concepts and knowledge Knowledge or understanding of the field or discipline. Resembles a recall or summary of key ideas. Thorough knowledge or understanding of the field or discipline/s. Supports personal opinion and information substantiated by Highly developed understanding of the field or discipline/s. A sophisticated understanding of the field or discipline/s.

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 Points for this criteria Key components of the assignment are not addressed. Often conflates/confuses assertion of personal opinion with information substantiated by evidence from the research/course materials. evidence from the research/course materials. Demonstrates a capacity to explain and apply relevant concepts. Discriminates between assertion of personal opinion and information substantiated by robust evidence from the research/course materials and extended reading. Well demonstrated capacity to explain and apply relevant concepts. Systematically and critically discriminates between assertion of personal opinion and information substantiated by robust evidence from the research/course materials and extended reading. Mastery of concepts and application to new situations/further learning. Critical reasoning, presentation and defence of an argument and/or position Specific position (perspective or argument) fails to take into account the complexities of the issue(s) or scope of the assignment. Makes assertions that are not justified. Specific position (perspective or argument) begins to take into account the issue(s) or scope of the assignment. Justifies any conclusions reached with arguments not merely assertion. Specific position (perspective or argument) takes into account the complexities of the issue(s) or scope of the assignment. Others’ points of view are acknowledged. Justifies any conclusions reached with well-formed arguments not merely assertion. Specific position (perspective or argument) is expertly presented and accurately takes into account the complexities of the issue(s) and scope of the assignment. Justifies any conclusions reached with well developed arguments. Specific position (perspective or argument) is presented expertly, authoritatively and imaginatively, accurately taking into account the complexities of the issue(s) and scope of the assignment. Limits of position are acknowledged. Justifies any conclusions reached with sophisticated arguments.

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 Analysis and application with synthesis of new knowledge Limited synthesis and analysis. Limited application/recommendations based upon analysis. Demonstrated analysis and synthesis of new knowledge with application. Shows the ability to interpret relevant information and literature. Well-developed analysis and synthesis with application of recommendations linked to analysis/synthesis. Thoroughly developed and creative analysis and synthesis with application of pretested models and / or independently developed models and justified recommendations linked to analysis/synthesis Highly sophisticated and creative analysis, synthesis of new with existing knowledge. Strong application by way of pretested models and / or independently developed models. Recommendations are clearly justified based on the analysis/synthesis. Applying knowledge to new situations/other cases. Ethico moral reasoning (recognises ethical and moral issues within a discipline and is able to reason based on these principles) Difficulty in formulating own opinion and lack of recognition of ethical principles and competing interests. Does not clearly demonstrate moral-ethical reasoning. Difficulty in justifying conclusions based on moral ethical principles but recognises different viewpoints. Conclusions are justified based on moral-ethical principles. Formulates and justifies conclusions based on moral-ethical principles. Can recognise the competing interests in arguments and identify ethical issues embodied in them. Uses ethical principles to identify competing interests and views. Sophisticated understanding of the ethical and moral positions. Well-articulated viewpoint based on moral-ethical reasoning.

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