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...

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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

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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....
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• Fall '10
• Gunderson

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