You are advised to commence work on your assessment from week 1 and all tasks must be submitted by the due dates provided.

  1. All assessments must be completed and delivered individually. Where an assessment involves group discussions, you should consider the input of your group but submit an individual assessment to your trainer.
  2. Please read all instructions on completing each assessment. Instructions for completion are provided at the beginning of each assessment.
  3. All written answers must be typed in a word document using Arial font, 12 size and single spacing if similar instructions are not provided in the assessment.
  4. Your trainer will not be able to assist you in answering questions. However, your trainer will address any issues concerning questions requiring further explanation.
  5. You may refer to your student learning resources or any other relevant resources when completing your assessment.
  6. Assessments are due for submission as specified in the assessment schedule. Any variations to this arrangement must be approved by your trainer prior to the due date for submission.
  7. You have access to computers which are equipped with Microsoft suite of products or any other relevant software and printing facility.
  8. Use assessment templates if provided, to complete relevant sections of the assessment. You can also create your known templates for assessment evidence.
  9. You must achieve a satisfactory result for all tasks to achieve competency in this unit.
  10. All assessment answers should be submitted to the trainer in required format (soft or hard copy) as per trainer instructions with completed assessment cover sheet (if required).

Assessment Schedule
Task Due Date
Task 1 Week 1
Task 2 – Q1 Week 2
Task 2 – Q2 Week 3

These materials were originally developed by Enhance Your Future Pty Ltd but may now be altered from the original form. Enhance Your Future Pty Ltd does not accept any liability for the Materials, the content and/or any reliance thereon.’
Task 1: Theory Assessment
Student Instructions

  1. Type all the answers in a word document if required.
  2. You can conduct internet research to answer these questions.
  3. Provide explanation of 2-3 lines when answering ‘Describe’ questions.
  4. Provide detailed workings for calculations questions.
  5. Provide answers in table format wherever possible.

Question 1 – Written Answers

Provide answers to questions below in 1-2 paragraphs.

a) What statistical analyses methods are commonly used in the financial services industry?
b) What areas of your business would you examine before applying statistical analysis?
c) How can you implement statistics and apply mathematical models that reflect your organisational demands and conditions?
d) What is economical modelling?
e) What are liquidity ratios?
f) Where can you source information for financial and economic statistical and analytical data?
g) Briefly describe mean, median, mode, range, and standard deviation.
h) What is the aim and purpose of data analysis?
i) What do records tell us?
j) explain types of graphs, charts, diagrams and tables used in statistical modelling and reporting
k) Explain the principles of statistical standards and sampling techniques that are used to gather valid data.

Question 2 – Statistical Analysis

  1. For this task you must answer the following questions:

a. Explain the following statistical analysis methods.

I. Linear and non-linear regression
II. Multivariate analysis
III. Time series analysis
IV. Trend analysis
V. Moving average analysis
VI. Cash flow forecasting

b. The most commonly used tools for accessing financial information from reports and statements are ratios. Describe the following types of ratios.

I. Liquidity ratios
II. Profitability ratios
III. Activity analysis ratios
IV. Capital structure analysis ratios
V. Capital market analysis ratios

c. Explain the following sampling techniques used in the field of statistics.

I. Survey
II. Descriptive statistics and inferential statistics
III. Trends over time
IV. Statistical associations
V. Variability

d. Provide a description of the following graphs used in statistical modelling and reporting.

I. Line Graph
II. Bar Chart
III. Pictogram
IV. Pie Charts

  1. The following table records the number of vehicles owned by staff in a local business. Answer the following:

a. Represent the following data in a Pictogram and a Pie Chart.
b. What statistical modelling software could you use?

Person How many vehicles they have owned
Elizabeth Smith 6
Jack Olsen 3
Tristen Piper 4
Jacqui Welsh 1
Edward Montgomery 9
Susie Elliott 7
Sylvia Orr 7
Jacinta Hero 11
Kole Gover 4
Honey Welsh 4

Task 2: Case Study and Practical Assessment
Student Instructions

  1. Type all the answers in a word document if required.
  2. You can conduct internet research to answer these questions.
  3. Provide explanation of 2-3 lines when answering ‘Describe’ questions.
  4. Provide detailed workings for calculations questions.
  5. Provide answers in table format wherever possible.

Question 1 – Australian Financial Services Industry

a) Written Report

For this task you are to write a report detailing how you could interpret and use financial statistics and tools in the financial services industry. You may use information from the links below for additional information:

• industry factsheet:
• Regulations information:

You report must include details on the following:

  1. Where can you source and access external data and information relevant to the financial services industry?
  2. What are statistical standards and why is it important to follow them?
  3. What elements need validation in a statistical standard?
  4. What organisational requirements and priorities do you need to consider when applying statistics to the workplace?
  5. What techniques can you use to counter and avoid data errors?
  6. How can you efficiently record, file and store records for easy retrieval while meeting all security requirements?

b) The annual salaries (in $000) of the seven junior research officers at a university research Centre are as follows: 42, 45, 40, 46, 44, 40, 43

Find the median salary of the employee.

c) In Australian defence force recently recruited new soldiers from Victoria. The heights of the soldiers are as follows: 700mm, 600 mm, 470 mm, 350 mm, 450mm, and 300 mm.

Find mean, the variance and the standard deviation.

Question 2 – Herry’s Transport Pty Ltd

Assessment Information

You are a management consultant specialising in statistical data analysis and you have been engaged by Herry’s Transport Pty. Ltd. to provide expert advice with regard to a recent statistical analysis of Herry’s business.

Instructions to complete this assessment

In order to complete this assessment, you are required to complete the following section Details and specific instructions are provided within each section and on the form/templates provided.

Section – Prepare Client Advice

  1. Download and review the case study Herry’s Data, located in Appendix.

Step 2: Herry, the owner of Herry’s Transport Pty. Ltd. wants you to respond to the following in a report template provided in Appendix C:

a) Herry’s company employs 76 drivers. 20 are aged over 50 years, and of these, 5 go to a gym regularly. Of the drivers under 50 years, 36 attend a gym regularly. As long distance driving is physically demanding Herry is concerned that the lack of regular exercise may affect the performance of the over 50 drivers. Herry has asked you to look at the available data, specifically gym membership, sick days and Kms. driven, to see if there is any statistical evidence to show performance is affected by not having gym membership. Respond to Herry with supporting statistical evidence.

b) Herry’s pays his drivers a fixed weekly wage, which varies according to age and experience. Some of the drivers are asking to be paid on a $ rate per kilometre basis as they say the current pay basis favours older drivers and penalises younger ones. Herry does not, in principle, have a problem with this, but he would like some statistical data to enable him to make a decision. Are the younger drivers correct in their assertion? Support your answer with appropriate statistical data.

c) Herry has a “gut feeling” that his business is both seasonal and trending downwards. Using the Orders Received and Sales Invoiced data, identify any seasonality and trend in the 201X year.

d) Herry would like to see in graphical form

  1. A comparison of sales invoiced by customer with orders received by customer, and
  2. Amount invoiced by kilometre by customer

Create illustrative graphs and add any comments that Herry might be interested in.

e) Recommend a methodology to Herry for the secure recording and storage of statistical data relevant to his business.


Case Study – Herry’s Transport Pty Ltd Herry’s Data Client Report

References / recommended resources

Interpret and use financial statistics and tools – FNSINC602, Enhance Your Future.

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