Executive Summary
This report details the statistical analysis and evaluation of guests’ option for accommodation budget during overseas trip over a span of 2 days. To ensure the accuracy of the statistical study, we will be utilizing Define, Collect, Organize, Visualize and Analyze (DOCVA) framework as a baseline for the analyzing of the occupants’ spending between Hotel and B&B during a mid-week in October. The statistical data will be based on “Fall-back data – Tourism Data” provided for this report purposes.
We will be utilizing two main statistical methods of data analysis – 1) descriptive statistics – summarize the data by means of standard deviation, which will be a representation of a sample or entire dataset, and 2) inferential statistics – to draw conclusions to determine the reliable of the assumption based on sample data from a pool of statistical data.
The method used will compare the patron’s spending across a defined day range and the feasibility and economical benefit for staying in a hotel or B&B. This report will also separate the analysis for the pricing range offered by the 2 different accommodation type and the results will be decisive in allowing patrons to choose the best accommodation at the preference pricing.
However, one should take note that this analysis has its limitations, such as the inflation of pricing for both accommodation type, and the utilization of past information does not connote and ensure a consistent growth in the industry. This report does not consider the present and past conditions which can influence the estimation of the room prices and guests’ behavioral change.
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