Statistical Analysis Common Wealth Bank

Question: Write about theStatistical Analysis for Common Wealth Bank. Answer: The paper discusses about the statistic analysis of trade balance for the year 2017. It also describes about the data description that is the type of data, sources of data and scale of measurement. It also gives vivid summarisation as well as presentation of data with statistical interferences. The data has been extracted from the Common Wealth Bank of Australia. As the data source has been mentioned. The data source gives a vivid idea about the tading balance for the last three years in Australia. The data type that is used is the time series data as the data has been collected for for a various time span of January 2007 to 2017 for Goods and Service Trade, January 2011 to 2017 for the goods and service exports and from 1988 to 2016 it gives the trade share for various countries. Secondary data collection has been followed. As the data that has been collected and studied is dependent on the primary data like questionnaire or interview, or the data collection is done from some journal and the graphical orientation has been exhibited in the journal. It can also be a secondary collection of data as the journal is based fully on the line graph (OLeary, 2013). It cannot be a primary data collection because no sign of interviewing the commercial person or questionnaire of the commercial person has any link with the data sources. The collected data has been processed in Quantitative data analysis. The data sources are not qualitative because it does not contain any theoretical discussion about the data sources (Clark, 2013). The data sources only contains the numerica value and thevalue are been discussed and presented in form of graph. Therefore, it is a quantitative data (Pierce Sawyer, 2013). The scale of measurement are done on the basis of good and service tra de, Goods and Service export and the trade shares. The variables are goods, servicestrades, services exports, imports and trade shares. The other constant variable which is the signiuficant factor for measurement is taken as time span. Ther are four scales of measurement: Nominal Level: It is the first level of measurement. In this measurement level the numbers present in the variables are only used for classifying the data. It has no order and gives labels to the variables only. Ordinal Level: In this level it helps in depicting the ordered relationships within the observation of variables. It definitely has orders but those orders are not that meaningful within the interval. Interval level: This is third level of measurement. It classify as wellas order the measurement. It specifically relate the distances within the interval on the graph. The scale are equivalent but the true starting point is absent (DeVellis, 2016) Ratio level: In this level the obersvation have equal intervals and it also have a value of zero. The presence of zero means it has a true starting point and it make this category of measurement very unique from the other type. This level of measurement provides exact data. The time span over here is a nominal level of measurement as the variable of time span is present only to classify the data of time span. The goods and service trade is ratio level of measurement as the data of this variable has a starting point of zero and the interval are equivalent and are defined excellently in the graph. The goods and service exports is interval level of measurement as it does not has a true starting point but the interval are equivalent and are been defined well. The trade share is a ordinary level of measurement as the data helps in depicting the ordered relationships within the observation of variables. It definitely has orders but those orders are not that meaningful within the interval. Data has been summarised in the form of graphical representation. In the data sources we can see that the trade share with respect to time has been depicted. The data presentation in the form of graphical interpretation is helpful as it helps to understand and comprehend trade balance of Australia for the last three years. This data source is both descriptive as well as statistical interferences. The data is descriptive statistics because it provides all the values of the surplus position on the basis of time period. It is also statistical inference because provides the conclusional statement like the surplus position is been decreased by 1.3 billion dollar in January. It also infers that by 3 percent the surplus is decreased for exports and for imports its rise about by 4%. Therefore, these are the conclusive statement as drawn by the author in the data source report. The location measurance is Australia as the data sources provided clearly states that it is the data interpretation of Australia for last 3years in trade balance. The measure of variance is the variation for the trades service, export and imports. Overhere we have seen that the export and the import is varying by a big margin. The probability concepts determines that the export has the more chance to get decreased if the trade service is declining in the way it is shown in the graph. On the other hand as the good trades are featuring excellently therefore the probality for import to get rise is close to 1 (DeFusco et al., 2015). The author might use the interval level for the trade share. The level of compare variations might be increased as it helps in better analysing. Conclusovely we can say the trade balance for Australia is facing a great crisis. As the percentage of imports is increasing but its exports is decreasing drustically. Therefore the export needed to be done in a good manner. Moreover, in this data sources some qualitative data might be included and the ordinary level of measurement might be eliminated. Reference List Clark, G. (2013). 5 Secondary data.Methods in Statistics, 57. DeFusco, R. A., McLeavey, D. W., Pinto, J. E., Runkle, D. E., Anson, M. J. (2015).Quantitative investment analysis. John Wiley Sons. DeVellis, R. F. (2016).Scale development: Theory and applications(Vol. 26). Sage publications. O'Leary, Z. (2013).The essential guide to doing your research project. Sage. Pedhazur, E. J., Schmelkin, L. P. (2013).Measurement, design, and analysis: An integrated approach. Psychology Press. Pierce, W. C., Sawyer, D. T. (2013).Quantitative analysis. John Wiley And Sons, Inc; London; Toppon Company, Ltd; Japan.