Executive Summary of Quantitative Methods for Accounting & Finance

The Australian organization wants to expand its business into different parts of Asia. The organization wants to provide new products to its customers. Along with new products the organization has the aim to launch a new product line as well. In order to expand the business into different countries, it is important to analyze various factors regarding the markets where the corporation wants to expand its business. The descriptive statistics of shoe prices in the three countries have been provided. The average price of shoes is 305, 265, and 283. The standard error is 9.69, 13.01, and 15.04. The median shoe price is 303, 250, and 282 whereas the mode of the price is 314, 244, and 367.

Table of contents

Executive Summary. 2

Business Problem.. 3

Statistical problem.. 3

Analysis. 4

Pie Charts. 4

Cross-classification table of frequencies. 4

Descriptive Statistics of prices for men and women shoes. 5

Descriptive statistics of prices for the three countries. 7

Hypothesis testing. 9

The relationship between price and cost 9

Conclusion. 11

Business Problem of Quantitative Methods for Accounting & Finance

The Australian organization wants to expand its business into different parts of Asia. The organization wants to provide new products to its customers. Along with new products the organization has the aim to launch a new product line as well. In order to expand the business into different countries, it is important to analyze various factors regarding the markets where the corporation wants to expand its business. The organization for analyzing the characteristics of the market collected data of 99 products. The data which is collected includes information about gender, cost of production, prices of shoes, and the countries where the shoes are produced. The analysis of data will help the corporation to take a decision regarding business expansion. In order to analyze the data, various statistical techniques have been utilized.

Statistical problem of Quantitative Methods for Accounting & Finance

In order to analyze the data, various statistical techniques have been utilized. For understanding the relationship between two variables the regression analysis has been used. The statistical approaches such as mean median mode and standard deviation have been used for analyzing the data. For testing the hypothesis t-test has been used.

Analysis of Quantitative Methods for Accounting & Finance
Pie Charts

Figure 1: Pie Charts

In the above pie charts, the average price of male and female shoes are presented. From the pie chart, it is pretty clear that the average price of female shoes is less than the average price of male shoes. The average female shoe price is $281.54 whereas the average price of the male shoe is $289.16. The second pie chart shows the average price of shoes in three countries. The highest average price of shoes is in Thailand. The second highest shoe price is in the country of China. Singapore has the lowest average price of shoes in the three countries.

Cross-classification table of frequencies of Quantitative Methods for Accounting & Finance

Table 1: Cross-classification table of frequencies

From the above table, it can be analyzed how many male and female products are made in each country. In Thailand, there is an equal number of male and female products.  In Singapore, there are more female products than male products. There are 25 female products and 10 male products. However, in China, there are more male products than female products. There are 11 female products and 17 male products. So that data have 36 Thailand products, 35 Singapore products, and 28 china products.

Figure 2: Gender & Country

In the above bar chart, the female and male products in the three countries can be seen. Singapore has the highest female products whereas Thailand has the highest male products.

Descriptive Statistics of prices for men and women shoes

Table 2: Descriptive Statistics-Women Shoes

In the above table, the descriptive statistics of women's shoe prices have been provided. The average price of women's shoe prices is 281.53. The standard error is 10.52. The median shoe price is 277 whereas the mode of the price is 353. The standard deviation of the price is 77.31. The maximum price of shoes is 400 whereas the lowest price of shoes is 151.

Table 3: Descriptive Statistics-men Shoe

In the above table the descriptive statistics of men shoe prices have been provided. The average price of women shoe prices is 289.15. The standard error is 10.05. The median shoe price is 294 whereas the mode of the price is 244. The standard deviation of the price is 67.46. The maximum price of shoes is 396 whereas the lowest price of shoes is 153.

Figure 3: Box Plots

The box plot shows the distribution of the data on the basis of the 5 number summary. From the above box plots of female and male shoe prices the minimum, maximum, first quartile, third quartile, and median values can be seen. the median value of female shoes is 277 whereas the median value of male shoes is 294 which s clearly understood from the box plot graphs.

Descriptive statistics of prices for the three countries

Table 4: Descriptive Statistics-Thailand

Table 5: Descriptive Statistics-Singapore

Table 6: Descriptive Statistics-China

In the above tables, the descriptive statistics of shoe prices in the three countries have been provided. The average price of shoes is 305, 265, and 283. The standard error is 9.69, 13.01, and 15.04. The median shoe price is 303, 250, and 282 whereas the mode of the price is 314, 244, and 367.

Figure 4: Box Pots-Countries

As discussed earlier the box plot shows the distribution of the data on the basis of the 5 number summary. The median shoe price is 303, 250, and 282 which can be seen from the above box plots.

Hypothesis testing of Quantitative Methods for Accounting & Finance

Table 7: T-Test

The above table is providing information regarding the T test with two samples assuming equal variances. Through the results of the t-test, it is evident that the average price of female shoes is less than the average price of male shoes.

The relationship between price and cost of Quantitative Methods for Accounting & Finance

Table 8: Regression Analysis

In the above table, the results of the regression analysis are provided. The regression analysis has been performed to identify whether there is a relationship between the cost of the product and the price of the shoes or not. The p-value is less than 0.05 which indicates that there is a significant relationship between the cost of production and price of the shoes. As the p-value is less than 0.05 the null hypothesis will be rejected.

Figure 5: Scatter Plot

Conclusion of Quantitative Methods for Accounting & Finance

It is concluded that In Thailand there is an equal number of male and female products.  In Singapore, there are more female products than male products. There are 25 female products and 10 male products. However, in China, there are more male products than female products. There are 11 female products and 17 male products. So that data have 36 Thailand products, 35 Singapore products, and 28 china products. The regression analysis has been performed to identify whether there is a relationship between the cost of the product and the price of the shoes or not. The p-value is less than 0.05 which indicates that there is a significant relationship between the cost of production and price of the shoes. As the p value is less than 0.05 the null hypothesis will be rejected.  It is recommended to the corporation to focus on the latest trends that persist in the markets of the three countries. The corporation should set competitive prices and meet the needs of its customers.