Question

# Identify and analyze a real-life, business application of statistics. The "business" can be a for-profit,

non-profit, small or large entity. The following are __not__ acceptable topics:

· A specific application/problem discussed in class

· An application that uses descriptive statistics (i.e., graphs, percentages, measures of central tendency or dispersion)

*Part A: Description of Business Context*

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**Write a brief summary of the business context (e.g., manufacturing, marketing, finance, etc.) including the name of the company or organization.**

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*Part B: Problem/Issue*

**State the business problem/issue to be addressed using statistics and why this problem/issue is important to the company/organization.**

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*Part C: Statistical Procedure*

**Explain the statistical procedure (NOTE: Focus on ONE statistical procedure only) **

**Independent variable:**

**a) What is the variable: ___________________________________________**

**b) How it is measured, i.e. what units or categories are used (e.g., revenue measured in "dollars"; height measured as "short, average, tall") _______________________________ **

**c) Level of measurement (nominal, ordinal, interval, or ratio): ________________________________________**

**Dependent variable:**

**a) What is the variable: ___________________________________________**

**b) How it is measured, i.e. what units or categories are used (e.g., revenue measured in "dollars"; height measured as "short, average, tall") _______________________________ **

**c) Level of measurement (nominal, ordinal, interval, or ratio): ________________________________________**

**Name of the procedure/formula (e.g., ANOVA, Chi-Square, Hypothesis Test using z formula, Regression Analysis, etc.). NOTE: The procedure/ formula**: ____________________________________________________________________must__be one that was covered in the course**Describe the statistical rationale/justification for choosing this procedure/formula**: _______________________________________________ __________________________________________________________________**Describe how the data are collected by the business/organization**: __________________________________________________________________**Describe how the data are analyzed (i.e., identify the**: ________________________________________________________steps__in the statistical procedure)

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*Part D: Decision/Interpretation*

**Explain the type of business decision that the company/organization would make as a result of this statistical analysis. ________________________________**

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