Entrepreneurship Essay

1875 words - 8 pages

STA2300 Data Analysis S1, 14

Assignment 2
Due Date: Weighting:

5 May, 2014 20%

Answering the questions in this assignment should not be your first attempt at these types of questions. It is essential that you work through practice exercises from the tutorial sheets and/or text book first. This assignment is important in providing feedback and helping to establish competency in essential skills. Answer all the questions. The questions are not of equal weight; some questions are worth much more than others. The questions relate to material in Modules 1 to 6. Before starting this assignment read Notes Concerning Assignments under the Introductory Material link in the Course ...view middle of the document...

(a) (4 marks) State the variable of interest, and suggest an appropriate model to estimate the probabilities of the possible numbers of small businesses that will fail in the first year of operation. Explain why this model is appropriate by discussing the important distinguishing features of the model (also assuming information from part (b) of this question). (b) (2 marks) Using the model from part (a), estimate the probability that, in a randomly selected group of 12 small businesses, 2 or less will fail in the first year of operation. (c) (2 marks) For a group of 12 randomly selected small businesses, find the mean number of small businesses expected to fail in the first year of operation. (d) (4 marks) A random group of 65 small businesses have been selected from all small businesses that registered in December 2013. From this sample of 65, estimate the mean and standard deviation of the number of small businesses who will fail in their first year of operation. (e) (6 marks) Determine the probability that, in a random sample of 65 small businesses (selected in part (d)), 5 or less will fail. State and check any assumptions, conditions or rules of thumb that should be considered before performing the calculations to determine this probability.

Question 2

(12 marks)

The time to microwave a 50 gram bag of Crunchy Corn popcorn using an automatic setting on a 600W microwave oven has an approximate normal distribution with a mean of 260 seconds and a standard deviation of 15 seconds. (a) (2 marks) Identify the variable of interest and the unit of measurement of the variable. (b) (5 marks) The manufacturers of Crunchy Corn want to be as accurate as possible with their labelling. What time should they quote on their packaging such that no more than 10% of their 50 gram bags will take longer than this time to pop, under the stated conditions? (c) (5 marks) What proportion of 50 gram bags of Crunchy Corn popcorn will take more than 5 minutes to pop under these conditions?

2

STA2300 Data Analysis S1, 14

Question 3

(12 marks)

Use this extract taken from the news article, “Ingredients in Tea, Chocolate and Berries Can Prevent Diabetes,” (appeared on preventdisease.com on January 21, 2014) to answer the questions that follow: Strong evidence from several studies has shown that individuals consuming fruits and vegetables rich in different flavonoids have a reduced risk of overall mortality and of several chronic diseases. According to new research from the University of East Anglia (UEA) and King's College London, eating high levels of flavonoids including anthocyanins and other compounds (found in berries, tea, and chocolate) may prevent type 2 diabetes, a disease whose initial stages is now affecting almost 40 percent of Americans age 20 and older. Flavonoids, which are found in a variety of fruits and vegetables as well as in tea, red wine, chocolate and berries, are thought to boost health in part by combating oxidation, a...

Other Essays Like Entrepreneurship

Entrepreneurship Notes Essay

2352 words - 10 pages WHAT IS ENTREPRENEURSHIP? Entrepreneurship is the process of creating something new of value by devoting (giving) the necessary time and effort. By accepting and acknowledging the necessary financial, psychological, and social risks, and finally receiving the resulting rewards be it monetary and personal satisfaction and freedom to do what you want. Process of creating something new and assuming the risks and rewards. WHO IS AN ENTREPRENEUR

Building Entrepreneurship Essay

1301 words - 6 pages [pic] | | FACULTY OF BUILT ENVIRONMENT CONSTRUCTION ENTREPRENEURSHIP IV - ASSIGNMENT 3 “CONCISE SYNOPSIS OF THE QUANTITY SURVEYING ACT 2000” SEPTEMBER 2010 COMPILED BY: NCAPAYI XOLA 209046627 FOR LECTURER: MR JH BEZUINDENHOUT Table of Contents Introduction 3 Establishment of South African Council for the

International Entrepreneurship

2398 words - 10 pages International Entrepreneurship Case Report: Steam CC Arturo Castro May 11, 2015 Dr. Dan Hsu Table of Contents I. Background II. Competitors III. Operations IV. Marketing V. Advantages / Disadvantages VI. Resources VII. Recommendations VIII. References Background The retail coffee industry was disrupted when Starbucks introduced their innovative approach to making coffee desirable again; bringing lattes, frappuccinos and

Entrepreneurship

592 words - 3 pages GrameenPhone is the Bangladesi largest Mobile Company   and the Biggest Internet Service provider of bangladesh .GrameenPhone Surfs EDGE mobile Internet Service Lets Checks Grameenphone`s Internet package [pic] GrameenPhone have Six Different package for Subscriber  Package 1 (P1) is a pay-as-you-go offer. It is available for both prepaid and postpaid subscribers. For every kilobyte (KB) of data browsed, subscribers are charged Tk. 0.02

Entrepreneurship and Innovation

2079 words - 9 pages During the last few years, the entrepreneurship and innovation become increasingly popular as it is argued that they have an impact on economic development. According to Naudé (2008),the world have experienced an accelerating economic development over the past fifty years or also. During this period, the extending of entrepreneurship makes a contribution to development of economic through pushing innovation into market. Additionally

Developing Bahamian Entrepreneurship

671 words - 3 pages Developing Bahamian entrepreneurship within the Bahamas Financial Service Sector What steps are necessary to ensure Bahamian engagement and investment in such a critical component of the economy? Is this necessary for sustained growth within the sector? Entrepreneurship according to Wikipedia the free encyclopedia is defined as the act of being an entrepreneur, this word entrepreneur is a very strong word in that it is what all

Entrepreneurship Reflection Essay

979 words - 4 pages According to Pinchot University (2015), "Entrepreneurship is the willingness to take risks and develop, organize and manage a business venture in a competitive global marketplace that is constantly evolving. Entrepreneurs are pioneers, innovators, leaders, and inventors." (1). Entrepreneurship is when someone is willing to take the risk needed to build the company from the ground up and stay actively evolved with different ideas. There are

Self Assessment Entrepreneurship

1013 words - 5 pages Self-assessment Is entrepreneurship for me? It can be, since almost anyone can become an entrepreneur. Based on the self-evaluation quizzes, I think I would probably ace at being an entrepreneur. According to the Myers-Briggs personality test that I have done there are weaknesses and strengths in me which I have discovered. This test is the best way to understand your personality or psychological type as people differs from each other

Five Guys - Entrepreneurship

1913 words - 8 pages play a vital role which had a tremendous impact on their overall success. Three factors that contributed to Five Guys’ success in such a short time frame were human resources, capital and entrepreneurship. Of course natural resources pertaining to the building sites for the fast-food chain was significant as well, but the most important factors would be the three factors listed above. Based upon demand and supply consumers are

Entrepreneurship and Need of Achievement

601 words - 3 pages Risk-taking is one of the chief dimensions of entrepreneurship. Entrepreneurs are found to be more risk takers than the managers and salaried employees, such that, they are willing to put their homes on mortgage, jobless and can work for years without any earning (Burns, 2011; Masters & Meier, 1988). According to (Moore & Gergen, 1985), entrepreneurs always take calculate risk and always analyse the situation. Cognitive Psychology supports that

Entrepreneurship: Are Opportunities Found or Created?

2275 words - 10 pages Entrepreneurship has a positive correlation relationship with opportunities. Opportunity does indeed plays a very significant role in entrepreneurial process (reference V..). This is because, opportunity can be considered as a fundamental basis for entrepreneurial process. The success of an entrepreneur depends on whether they have the opportunity or visions to act upon. Over the years, there is alot of article and studies which written in

Related Papers

Entrepreneurship Essay

757 words - 4 pages January 30, 2007 Entrepreneurship Though both an exciting and important area of study, entrepreneurship research has been characterized by little consistency or established theory, and therefore impossible to be concretely defined. Some definitions to date have described entrepreneurship as the performance of an economic function, the result of characteristic personal attributes, and the pursuit of opportunity without regard to resources

Entrepreneurship Essay

2647 words - 11 pages THE ROLE OF GOVERNMENT IN PROMOTING INNOVATION FOR ENTREPRENEURSHIP DEVOLOPMENT IN INDIA-A STUDY India is a young country with an average of about 63 per cent population currently being in the working age group of 15 to 59 years. In spite of having a sizeable education base and superior science and technology infrastructure, India has not been able to realize its entrepreneurial potential due to fragmented innovation. Studies have found that

Entrepreneurship Essay 1668 Words

1668 words - 7 pages The University of Nottingham Faculty of Social Sciences Nottingham University Business School Student Name : Yousef Alawi Yaaqob Al-kaf Student ID : 008290 Module Name : Entrepreneurship and Business Module Code : N11440 Lecturer : Dr Kenny Wong Meng Seng Due Date : December 6, 2012 The word entrepreneur originates from the French word, entreprendre, which means "to undertake.” The entrepreneur is the one who

Social Entrepreneurship Essay

582 words - 3 pages Social entrepreneurship is a process of combining social cause with business approach and innovations. Social entrepreneurs are individual entrepreneurs who find innovative, efficient and effective methods of serving a social purpose such as reduce unemployment, reduce pollution, toxicity and reducing the inequality between the rich and the poor. Instead of leaving social issues to government or big Corporations, social entrepreneurs find the