Question 3 (20 Marks) Information about total net profits earned by 100 wineries

Question

Question 3 (20 Marks) Information about total net profits earned by 100 wineries in the Hunter Valley during 2016 (in million dollars), is summarised in the following descriptive statist ics: Total Net Minimum 0.02 First Quartile 51.19 3.20 52.34 24.55 Standard Error Median Mode Standard Deviation Sample Variance Third Quartile Maximum 99.85 1024.92 1.32 0.11 99.83 0.02 99.85 5118.85 100 Minimum Count The Box-and-Whisker Plot 20 40 80 100 Total Net Profits Based on the outputs presented above, write a short report about the total net profits earned by wineries in the Hunter Valley during 2016 (maximum 200 words). (20 Marks)

Explanation / Answer

REPORT:

The average total net profit earned by 100 wineries in the hunter valley during 2016 was 51.19 million dollas and the standard deviation was found to be 32.01million dollars. i.e. there is a variation of 32.01 million dollars from the mean to one winerier to another winerier. The minimum net profit was 0.02 and the maximum net profit was 99.85 million dollars. Here mean < median < mode and also the skewness is -0.11. Therefore the data is negatively skewed.And the coefficient of kurtosis is -1.32 <3. The shape of the give data is platycurtic.The box plot is showing the five number summery i.e. minimum, first quartile, second quartile, third quartile and maximum value. Second quartile is also known as median. The range of the total net profit is 99.83 (99.85-0.02).

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