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ACC544 Decision Support Tools

Published : 24-Sep,2021  |  Views : 10

Questions:

(a) What is a random variable What are the various types of random variable Describe the difference between them.
(b) What is meant by the term expected value What does it measure How is it computed for a discrete probability distribution Give an example of its calculation.
(c ) Consider the following record of daily sales of cars over the last 100 days.Sales Units (x) Number of days p(x) Exp Value More than Less than
1 20
2 40
3 20
4 10
5 10
Total 100

(1) Copy the above table and complete the missing column figures (note that the last 2 columns refer to cumulative probability distributions). Then answer the following questions highlighting the answers to (3), (4) and (5).
(2) What was the probability of selling 1 or 2 units on any one day
(3) What were the average daily sales
(4) What was the probability of selling 3 or more
(5) What was the probability of selling 4 or less
(d) The average sales of apples is 5000 with a standard deviation of 500.
(1) What is the probability that sales will be greater than 5500 apples
(2) What is the probability that sales will be less than 4900 apples
(3) What is the probability that sales will be less than 4250 apples

The following question involves learning/employing research skills in searching out data on the Internet, presenting it in a well constructed and informative table, and calculating some probabilities showing calculation methods.
1. Search the Internet for the latest figures you can find on the age and sex of the Australian population.
2. Then using Excel, prepare a table of population numbers (not percentages) by sex (in the columns) and age (in the rows). Break age into about 5 standard groups, eg, 0-14, 15-24, 25-54, 55-64, 65 and over. Insert total of each row and each column. Paste the table into Word as a picture. Give the table a title, and below the table quote the source of the figures.
3. Calculate from the table, showing your calculation methods:
• The probability that any person selected at random from the population is a male.
• The probability that any person selected at random from the population is aged between 15 and 24.
• The joint probability that any person selected at random from the population is a female and aged between 15 and 34.
• The conditional probability that any person selected at random from the population is 25 or over given that the person is a male. 

Answer:

One of the most important factors for the growth of the Australian economy is tourism. Nowadays, there are various reasons for the people travelling to variety of different places. Their work at times force them to go to various places. Other factors include education or holiday. The diversity of different types of landscapes and regions have always attracted tourists to Australia.

The major landscapes of Australia include the rainforest, the desert of red sand and the most importantly the Great Barrier Reef, the coral island (Ruhanen, Whitford & McLennan, 2015).  The tourism department of the country has been taking several new initiatives to develop the industry. It is worth mentioning that in 2014, the Australian GDP has been enhanced by 3 percent by the tourism industry (Reisinger & Turner, 2015).

2.0 Nature of the Business

An explicit strategy has to be adopted by the tourism industry in order to attract more tourists to visit the country. One of the most important type of business that can be adopted on this basis is the travel agency business. The travel agency or the travel agents provide the tourists with facilities and services for roaming around the country. It is the duty of the travel agency or the agents to take care of the tourists by providing them with a safe and comfortable place for staying, providing them with proper transport when needed, planning their tours. They can provide each of these services individually or provide them together as a package (Australia, 2014). The tourists can have the option to choose the best kind of help they need. The tourism authorities thus have to recruit well trained travel agents who can deal with all the problems that the tourists can face. The travel agents will also have to be well informed about all the relevant matters such as the availability of hotels, tourist spots and transports to increase the number of bookings resulting in the increase in the number of tourists in the country. This will help in proper bookings.

3.0 Type of Business

The travel agencies can adopt various types of businesses. The most important type nowadays is online booking (Pham et al., 2013). People are very busy nowadays. Out of that busy schedule, they find out leisure time to go on tours. It is not much possible for the people to go in person to the booking offices and conduct all the bookings necessary. Thus, with the availability of the online booking facility bookings can be done at any time of the day, whenever a person is free. The connectivity with the internet is extremely helpful for the tourists to explore all the options provided by the agencies, which they can choose from the respective agency websites. The tourists can also have access to multiple agencies and compare the prices of the services provided by the agencies. They can compare and choose the best agency according to their needs and affordability (Mahadevan, 2014). Thus, in today’s world, this can be termed as the most important type of booking process.

There should also be several offices of a tourism, so that it is easily accessible for anybody who wants to consult the offices in person. Thus, different offices at different locations should be available. There should also be site based offices where there will be some agents attending the customers (Amelung & Nicholls, 2014). However, this facility has been outdone by the online market. Everybody gets all the information necessary from the internet sources.

Another important type of tourism business is promotions. Leaflets and brochures should be designed and distributed at random at various locations to keep the people informed about the agency and the services provided by them. This can be done online also as the leaflets or pamphlets might get lost. The advertisements should be made attractive and eye soothing to attract tourists. Attractive images of the sites should also be attached in the advertisements to attract the tourists (Airey & Ruhanen, 2014). The hotels, transport and food benefits that the agencies will provide should also be mentioned in the advertisements.

4.0 Selected Cohort of Tourists

The type of tourists that can be selected include baby boomers. They try to spend their leisure by visiting the tourist spots. Tourist spots also attract the newly married couples or the young people. The newly married couples always demand for a tourist spot in order to spend their honeymoon abroad (Scott & Ruhanen, 2015). The young people also have a lot of energy and interest to explore the destinations and look for adventures. Australia contains all types of packages together. There is mountains, beaches and deserts all together in the country. Thus, it is of high demand to the tourists. Special honeymoon suits should also be arranged for the newly married couples in terms of hotel rooms and restaurant facilities.

4.1 Funding for the Tourists

Funding is one of the most important criteria for foreign trips. It has to be taken into consideration that the packages offered to the tourists for the various purposes as discussed earlier are reasonable and easily affordable by the clients. The honeymoon couples have a tendency to arrange costly trips. Thus, it can be assumed that they have some funding to afford for the costly trips. This is not much of a problem. Higher number of tourists are attracted by providing them with outstanding deals, presentations, advertisements and offers (Ruhanen, Whitford & McLennan, 2015).

5.0 Business Ventures

The business ventures that needs to be considered by the Australian tourism agencies is that they should be providing the trips at a lower costs. Moreover, trips to not so famous but beautiful locations should be organized at lower prices. Trips conducted by the students of different schools or universities should also be funded at a lower costs providing special student discounts. These trips will mostly be to local areas (Amelung & Nicholls, 2014). This is bound to attract more tourists and students to visit the country and thus increasing the economy of the country. Australian tourism agencies

The figure 1 shows the domestic tourism indicators of the country Australia. The effect of tourism industry on the Australian GDP has been shown by the following figure 2. Tourism Share

6.0 Conclusion

From the discussions above and the statistics provided, it can be concluded that tourism industry is one of the growing industries in Australia and has already affected almost 4 percent of the Australian GDP. It can be said that with the increasing years, it is going to be one of the most important industry in Australia. A major part of the GDP is supposed to be affected by this industry. This can be said from the increasing number of international tourists visiting the country and domestic tourists. Thus, the industries should be doing the necessary changes in order to meet the increasing demands properly in the near future.

References

Airey, D., & Ruhanen, L. (2014). Tourism policy-making in Australia: A national and state perspective. Tourism Planning & Development, 11(2), 149-162.

Amelung, B., & Nicholls, S. (2014). Implications of climate change for tourism in Australia. Tourism Management, 41, 228-244.

Australia, T. W. (2014). Australia’s North West: Overnight visitor fact sheet years ending December 2011/12/13. Perth: Tourism Western Australia.

Mahadevan, R. (2014). Understanding senior self-drive tourism in Australia using a contingency behavior model. Journal of Travel Research, 53(2), 252-259.

Pham, T. D., Bailey, G., Marshall, J., Spurr, R., & Dwyer, L. (2013). The economic impact of the current mining boom on the Australian tourism industry. Canberra: Tourism Research Australia.

Reisinger, Y., & Turner, L. (2015). Cultural Marketing for Asian Tourism into Australia. In Proceedings of the 1998 Multicultural Marketing Conference (pp. 535-535). Springer, Cham.

Ruhanen, L., Whitford, M., & McLennan, C. L. (2015). Indigenous tourism in Australia: Time for a reality check. Tourism Management, 48, 73-83.

Scott, N., & Ruhanen, L. (2015). Tourism Queensland, Australia.

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