BUS1804 Quantitative Methods for Business - Reflective Journal

For this module BUS1804 Quantitative Methods for Business, we are required to form a group of 4 students to work on a group assignment. The group assignment benefits me a lot, because we get to help each other on the assignment and build relationship between our group members. The group assignment consists of 2 questions. After we form a group of 3 members, we divide the question according to everyone’s ability and strength over a group discussion.

After the group discussion, I am allocated to obtain the data for the first question and completing the second question. For the first question, it required us to log into a property website such as iproperty or propertyguru. From these websites, we obtained a set of data which include the price, sizes, and the date posted for 60 condominiums from Bandar Sunway. After I obtain the data and key in the data into Microsoft Excel, I passed the data obtained to one of our group members to work on the part A and part B in the first question.

However, we still help each other on the questions. From the data obtain, we started on calculating the mean, median, mode, interquartile rage, variance and standard deviation of both selling price and square feet. From this assignment, we also learnt how to calculate the coefficient of variation (CV) and coefficient of determination (R²). CV is a statistical measure of the dispersion of data points in a data series around the mean. While on the other hand, R² is a measure used in statistical model analysis to access how well a model explains and predicts future outcomes. We also leant on how to do the frequency distribution. Moreover, from this assignment, we improved our Microsoft Excel skills. It taught us on how to create graphs such as histogram by just putting in the data and frequency.

The second question is a probability question. For this probability question, I spent quite a lot of time on it. Although the question is easy and straight forward, but I spend a lot of time on double checking the answer. Probability is a measure or estimation of how likely it is for something to happen or that a statement is true. From this question, it taught us on how to predict outcome of event using different formulae for different situation. For example, to calculate the probability for both events to occur, I applied the addition rule for two events on the question.

In conclusion, the group assignment taught us a lot that is very useful for us business student. I am sure that the knowledge we gained will benefits us in our future academic purposes. Besides that, after completing this group assignment, we understood the importance of working together in a group to get things done. Like what people said, two heads are better than one. Working in a group enables us to get things done faster and more efficient. Lastly, I hope that we can obtain a good result for our group assignment and pass our exam with flying colours.

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