Statistics for Financial Decisions Assessment
Learning Outcomes
1. Analyse and present data graphically using spreadsheet software (Excel).
2. Critically evaluate summary statistics against suitable benchmarks.
3. Apply judgement to select appropriate methods of data analysis drawing on knowledge of regression analysis, probability, probability distributions and sampling distributions.
4. Select and apply a range of data analysis tools to inform problem solving and decision making.
5. Conduct quantitative research both individually and as part of a team and articulate and present findings to a wide range of stakeholders, from accounting and non- accounting backgrounds.
Assignment
The Board of Directors of Schmeckt Gut recently received the results of a customer satisfaction survey conducted in the Federated Islands from the Schmeckt Gut Marketing Department. The results of the survey are presented in Table 1; see excel file. Based on these results, the Board of Directors raised concerns about the quality of our Schmeckt Gut Energy Bars and instructed the Schmeckt Gut Research Department to investigate this further.
Following these instructions, the Research Department of Schmeckt Gut Energy Bars conducted two independent random tests at our production facilities in 5 districts in the Federated Islands. The tests investigated the actual weight of the Energy Bars and recoded the results which are presented in Table 2 of the excel file. Please note that the weight listed on the Schmeckt Gut Energy Bars is listed as 47gramms and should not deviate from this too much.
Your task:
The Board would like you to do a detailed analysis of these results (Tables 1 and 2) and to provide a list of recommendations. In your analysis you are required to apply selected tools and concepts of your own choosing that have been discussed in the subject so far. The Board is looking forward to your report as the guide for decision making. Please keep in mind that any changes to production processes or marketing involves costs to Schmeckt Gut which means that your recommendations need to do both, clearly explain your rational behind the recommendations while taking possible costs involved into account.