2024 – Individual Project Concepts and Terminology of Statistics Applied to Business Decision Making Mon 10 12 15 Numeric 120

Individual Project

 Concepts and Terminology of Statistics Applied to Business Decision Making

 Mon, 10/12/15

Numeric

 120

 0

 5–8 slides with speaker notes

Weekly tasks or assignments (Individual or Group Projects) will be due by Monday, and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.

One of the products that Company W makes is snack foods. The research and development department of Company W has developed a new formula for one type of snack food that is cheaper to make than the current formula. They want to test the new formula with consumers. They want to see if consumers can tell the difference between the old and new formulas. You propose to conduct this test and analyze the results in line with WidgeCorp’s approach to gathering statistical data and use it to form business intelligence decisions. You first need to explain the process to senior management at Company W. You advocate using an unbiased sample of consumers in their test, so that Company W is randomly selecting people based on the following: age; whether or not they have kids; where they live; how often they buy snack foods; and whether or not they already buy the current product.

Prepare a presentation that addresses the following:

• List at least 3 qualitative attributes of the snack food about which they might want to ask consumers. Make sure at least 1 of them is nominal.
• For each attribute that is ordinal, assign names for the endpoints of a 5 point rating scale.
• Explain the difference between nominal and ordinal data.
• Explain how nominal and ordinal data relate to a rating scale.
• List at least 2 quantitative attributes of snack food that the scientists might want to measure.
• Explain the difference between interval and ratio data.
• Include in your presentation the concept of business intelligence.
• Include in your presentation the difference between a population and a sample.
• Note why it is important to avoid bias when conducting research (see note below).

Note: Give 2 examples of possible populations for this test.

 

ASSIGNMENT #2

 

Weekly tasks or assignments (Individual or Group Projects) will be due by Monday, and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.

For this assignment, you will need to become familiar with specialized business intelligence (BI) software, then download the software. Complete the following steps to begin:

• Step 1: Watch an instructional video on the BI software.
• Step 2: Download the BI software. After you select the link, look for the orange icon in the upper right portion of your screen to begin the download.

Consider the following scenario:

The National Sales meeting is approaching. Each regional sales manager has to do a short presentation for the marketing department that highlights how the consumers in their territory are different from those in the total United States. You are still working with the local regional sales manager. Complete the following:

• Click here to download the reports for the United States. This file contains reports generated from a marketing organization’s Web site. The Web site provides free demographical services where one can choose from a variety of criteria and generate reports based on the U.S. Census data. This particular file contains 4 reports: General Summary, Census Trend 1980 to 2000 Summary, Occupation and Employment Summary, and Income Summary based on the entire United States.
• Click here to download the reports for zip code 60614. This particular file contains 4 reports: General Summary, Census Trend 1980 to 2000 Summary, Occupation and Employment Summary, and Income Summary based on the U.S. zip code 60614.
• Using all 4 demographic reports (General Summary, Census Trend 1980 to 2000 Summary, Occupation and Employment Summary, and Income Summary) for the United States and zip code 60614, prepare a 1-page memo explaining how your territory differs from the national profile. Feel free to note anything that you found surprising in this data.
• Use the business intelligence software to depict information from these reports.
• Prepare a presentation of 5–6 slides of your major findings. You may group a category of data from the Total United States and zip code 60614, and create a graph to show how they differ. The presentation should have at least one graph and a headline that summarizes a key takeaway from the graph. The last page should contain at least 3 questions that you would want answered based on what you’ve seen in this comparison.

Your presentation should include 5–6 slides in PowerPoint, plus title and reference slides with speaker notes (200–250 words per slide).

 

Please submit your assignment.