Assessment - Statistical Inference 1
Write a 1-2 page analysis of an approach to gather data and statistically test a hypothetical assertion.
This assessment provides you with the steps required to confirm that your product has the best price in the marketplace compared to your competition.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
Competency 1: Evaluate the quality and fit of data for use in business analysis.
- Determine the null hypothesis and alternative hypothesis for making decisions regarding pricing comparison.
- Identify a sample selection technique to gather data for testing a price comparison hypothesis.
Competency 3: Analyze business decision opportunities using basic inferential statistics.
- Analyze statistical tests for a price comparison hypothesis.
Competency 6: Communicate in a manner that is professional and consistent with expectations for members of the business professions.
- Communicate in a manner that is professional and consistent with expectations for members of the business professions.
Context
After developing a hypothesis, you need to determine what data to collect and how to collect the data to be used in your analysis. Consider the type of analysis you will be performing on the data, the difficulty in obtaining the data, and the degree of confidence required in the data analysis and your conclusions. For example, will you be performing a random probability sampling for making statistical inferences about the sampled population or a non-probability sampling based on convenience, voluntary, or judgment sampling?
What is a dependent sample and when will you use it? What are the advantages of dependent sample design compared with independent sample design?
Assessment Instructions
You are the manager of the Blander Mountain store in Frogtown, Illinois. Recently, a customer mentioned that he believed your prices for ammunition were lower than the prices of Blander's primary competitor in the hunting equipment market. You would like to be able to include that statement in a forthcoming print advertisement, so you need statistical evidence to support this assertion.
Identify the null and alternative hypotheses needed to test the contention.
Analyze the most appropriate sample selection technique to gather data for testing the hypothesis.
Identify what statistical test you should use to test this hypothesis with the data you will collect.
Compile your work in a 1-2 page Microsoft Word file, pasting in any graphics or tables you used in your analysis.
Assessment - Statistical Inference 2
Overview
Use a provided data file to resolve statistical questions presented in a scenario. Summarize your findings and recommendations in a 1-2 page report for management.
When product improvements are made, there is an assumption that the new product will perform better than the previous product. It is important to understand how to select the appropriate statistical tests to determine with a degree of certainty if an improvement has increased the performance of a product.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
Competency 1: Evaluate the quality and fit of data for use in business analysis.
- Determine the null hypothesis and alternative hypothesis for making a product performance comparison.
Competency 3: Analyze business decision opportunities using basic inferential statistics.
- Compute the appropriate statistical test to determine acceptance or rejection of a null hypothesis.
- Compute the p-value to indicate acceptance or rejection of a null hypothesis regarding a product performance comparison.
Competency 5: Apply data analysis to general business management planning and decision making.
- Compile findings into a management report with details for recommended actions.
Competency 6: Communicate in a manner that is professional and consistent with expectations for members of the business professions.
- Communicate in a manner that is professional and consistent with expectations for members of the business professions.
Practical Application Scenario
Your love of golf has brought you back to the range as the new product manager for UniDun's "Straight Flight" (SF) line of golf balls. The company's research and development group has been experimenting with dimple patterns that promote straight flight and have achieved some degree of success. You, however, are worried about the effect that the new pattern might have on driving distance.
The Golf Ball Distance Test file contains test results that compare the driving distances for the two different kinds of balls: 40 balls of the new SF type, and 40 of the old UniDun type. Your job is to determine if the old UniDun balls can be driven further than the new SF balls. To resolve this question, you need to appropriately address the following:
- Identify the null and alternative hypotheses you should form for this test.
- State each both as a written explanation and as a math equation.
- Identify the appropriate statistical test to accept or reject the null
- hypothesis.
- Calculate the p-value.
- Summarize your findings and recommendations about the new golf ball product to the vice president of marketing. Your report should not be a statistical analysis of the testing but a summary of the testing results. Assume that your audience is unfamiliar with statistical analysis.
Attachment:- Assignment Files.rar