Project Aims: Your team has been appointed to advise a manager on the applications of data analysis and statistics in business as an aid to decision making. She has asked you to write a management report to include:
A summary of your data using descriptive statistics and data presentation techniques
(use Excel for this task);
An example of a discrete random variable relevant to your topic and its probability distribution;
Inferential Statistics on a relevant continuous random variable;
An application of Regression on a relevant variable.
Your team should choose one of the following choices for your data:
Open Data: You may use any open source data appropriate to the application of business data analysis. As there are so many, we have identified some websites which host open data files
Management Report Components:
Calculate at least 2 measures of central tendency and at least 2 measures of variation for your Continuous Variable sample data. Explain the results and meaning of these measures in your report. Include a summary of the data in your report using a graph or table. Use
Excel for this task.
Explain what your Discrete Random Variable is and what probability distribution can be used to describe it. Give some examples and interpretation of the usage of the probability distribution function and outline its business relevance.
Either do 3.a or 3.b
3a Calculate and interpret a confidence interval estimate of the Continuous Random
Variable. Choose an appropriate confidence level for your interval.
3b Set up and conduct a hypothesis test relevant to the continuous random variable. Choose an appropriate level of significance for your test.
Show how Regression techniques can be used to extrapolate or interpolate values for your dependant variable.
Suggested Report Content / Checklist for your report: 1) Introduction
Summary and explanation of descriptive statistics.
You may want to include some theoretical background to the Normal (and Sampling)
Distribution. Topics could include:
What is the Normal Distribution?
Why is the Normal Distribution used in Sampling Distributions?
What is the basis for Inferential Statistics?
You should include:
An explanation of your continuous random variable and sampling work
An explanation of what a Confidence Interval / Hypothesis Test is;
An insight into the construction of the interval/test;
An interpretation of your Confidence Interval/ Hypothesis Test results;
Summary and Conclusion.
|Due By (Pacific Time)||07/05/2015 12:00 am|
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