01 Oct Identify and analyze a real-life, business application of statistics.
STATISTICS FOR BUSINESS – MNS 601
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.
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:
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.
Submit this project via the course website.
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
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): ________________________________________
2. 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): ________________________________________
3. 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: __________________________________________________________________
4. Describe the statistical rationale/justification for choosing this procedure/formula: _______________________________________________ __________________________________________________________________
5. Describe how the data are collected by the business/organization: __________________________________________________________________
6. 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. ________________________________
________________________________________________________________________
