Creative Reflection Prelab - Levi Getz Stats 250 Creative Reflection Prelab Statistics as many people know has an unfathomable amount of real life

Creative Reflection Prelab - Levi Getz Stats 250 Creative...

This preview shows page 1 - 2 out of 2 pages.

Levi Getz Stats 250 Creative Reflection Prelab Statistics, as many people know, has an unfathomable amount of real life applications. One of these applications that I am choosing to talk about is how statistics can be used in the concert and touring business. This is very important for many reasons because tour managers and ticketing companies need to figure out many moving parts in the upcoming months before a concert, tour, or festival. Some of these aspects are the venue, targeted market, crowd size, ticket price, ticket brackets, booking prices, etc. There are many things we’ve learned this year that could be applied to this business. For example, using a confidence interval of mean reservation prices for a ticket could give us a great estimate of a range of acceptable prices for any given concert. After we find that, we could also use a confidence interval to find an estimated range of the population proportion of a target
Image of page 1
Image of page 2

You've reached the end of your free preview.

Want to read both pages?

Unformatted text preview: audience in a given city that would be interested in attending a concert given a certain ticket bracket. For artists that are currently touring, it might be useful for them to use an ANOVA test to decide whether or not mean ticket prices will differ from city to city. If one city population mean is in fact different from another, the could adjust it accordingly by possibly using a different marketing scheme or possibly using a different ticket bracket for that city. In a lucrative business such as the music and touring business, every move and decision must be highly calculated analyzed, and using a statistical analysis to study consumer preferences is a great way to do this. This could cause the surplus for both artists and their employees and concertgoers alike....
View Full Document

  • Fall '10
  • Gunderson

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask ( soon) You can ask (will expire )
Answers in as fast as 15 minutes
A+ icon
Ask Expert Tutors