Analyze Real-Life Application of Statistics

Analyze Real-Life Application of Statistics

Instructions/Descriptions

Analyze Real-Life Application of Statistics

Statistics FOR Business –

Special Project

Project Description:

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)

The statistical procedure you choose to illustrate MUST be one that was covered in this course.

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You do not have to collect actual data from a business or apply the statistical procedure/calculate an answer.

To complete your project, copy and paste the form on the second page of this document. Then, fill in all the blanks. You can adjust the size of the answer spaces as necessary – the lines are just there to indicate where the answers go. Do not hand in this instruction page.

Criteria & Administration:

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Be concise. Your project submission must not exceed two (2) pages in length (12-point font).

You must write this. Copies of documents/analyses written by someone else will not be accepted.

The form provided is in bold font. Do not use bold font for your responses. Using a colored font (other than red) for your responses is preferable.

Hints:

If you need help finding ideas for business applications, read the problems at the end of the relevant sections/chapters of the textbook. These problems usually include a business application/context. And, you can always “Google it.”

If you have difficulty finding an actual business application, you can design and propose one for a specific business.

Statistics FOR Business – MNS 601

Special Project

Name:_________________________________________ Date: ____________

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

In 200 words 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:
2. a) What is the variable: ___________________________________________
3. 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”) _______________________________
4. c) Level of measurement (nominal, ordinal, interval, or ratio): ________________________________________
5. Dependent variable:
6. a) What is the variable: ___________________________________________
7. 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”) _______________________________
8. c) Level of measurement (nominal, ordinal, interval, or ratio): ________________________________________
9. 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: __________________________________________________________________
10. Describe the statistical rationale/justification for choosing this procedure/formula: _______________________________________________ __________________________________________________________________
11. Describe how the data are collected by the business/organization: __________________________________________________________________
12. 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. ________________________________

Analyze Real-Life Application of Statistics

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