Research statistical data in a business context that requires a decision. You should use real data (not fabricated) from any reasonable source to help you make a decision. Use probability concepts to formulate your decision.
Write a 3-4 page paper, explaining the research methods and the process you used to arrive at your decision.
Address each of the following topics in your paper. Precede each topic in your paper with an APA level-one heading to make it visibly clear where each of the 4 sections starts.
o Define the business question you set out to answer.
o Describe the data you obtained to answer the questions and define each of the variables in the data. Where did you get the data? Why do you trust the information source? Are there any issues with the data? Etc.
o Summarize the data by creating a table of descriptive statistics (mean, median, minimum, maximum, standard deviation, percentage, etc., as appropriate for your situation). Also create a graphical summary (bar charts, scatter plots, pie charts, etc., as appropriate for your situation) of the data that is useful for answering your business question. Your tabular and graphical summaries should be professional in organization and appearance. Interpret the tabular and graphical data summaries and describe their relevance for making a decision. What have you learned from these analyses?
o What is your decision based on your analysis of the data? How did you use statistical and probability concepts to formulate your decision? How might your decision have been different had you not applied these course concepts?
Format your paper according to APA standards that is organized into 4 sections in the body of the paper, each preceded with an APA level-one heading, as described earlier. Also include an introduction and conclusion.
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