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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

 

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

________________________________________________________________________

________________________________________________________________________


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.

________________________________________________________________________

________________________________________________________________________


Part C: Statistical Procedure


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

  1. 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):  ________________________________________

  1. 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):  ________________________________________

  1. 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: __________________________________________________________________
  2. Describe the statistical rationale/justification for choosing this procedure/formula: _______________________________________________ __________________________________________________________________
  3. Describe how the data are collected by the business/organization: __________________________________________________________________
  4. Describe how the data are analyzed (i.e., identify the steps in the statistical procedure): ______________________________________________________

__________________________________________________________________


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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