Decision Support Tools ( Acc544 ) - 1032 Words

Subject: Decision Support Tools (ACC544) Student’s Name Student Id Ujas Patel 11560442 Maulik Raval 11580367 Faculty Member: MR RAJEEV ARORA Title: Income Distribution in Australia Income Distribution of Australia Its uses in business decisions Table of Contents Table of Contents 3 Introduction: 4 Descriptive Statistics: 5 Income distribution across states in Australia 6 Discussion with regard to transport sector: 9 References: 10 Introduction: There are various ways of presenting the income distribution in any country. It can be graphically represented using a histogram with the various ranges of net worth as shown in the following figure. Source: (ABS, 2014) The above graph shows the income and net worth of households and the percentage of population belonging to each net worth category is depicted using the various data points. One can notice that the percentage of population which is in the net worth category of $0 to $50000 is nearly 12%, while the data points in the distribution is said to be skewed, which can be analyzed in more detail when descriptive statistics for the same is calculated. Descriptive Statistics: Net Worth Ranges Mean 3.222581 Standard Error 0.44208 Median 3.4 Mode 3.8 Standard Deviation 2.461397 Sample Variance 6.058473 Kurtosis 4.226665 Skewness 1.595086 Range 11.7 Minimum 0.3 Maximum 12 Sum 99.9 Count 31 In the above descriptive statistics we can see that both