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)

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.
Use one of these statistical procedures:

 
Hypothesis Testing

1.    Apply hypothesis tests to compare sample means with population means

       
Tests of Variance

1.    Compare two population variances

2.    Apply one-way ANOVA procedures

        
SimpleLinear Regression

1.   Apply the least squares solution to simple, linear regression problems.

       
Chi-Square

1.   Apply Chi-Square analyses in tests of independence.

      
TimeSeries & Forecasting

1.   Apply the Ratio-to-Moving-Average Method to measure seasonal variation

2.   Apply trend analysis for a time series

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. ________________________________

________________________________________________________________________

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MNS 601 Special Project