Concepts and Terminology of Statistics Applied to Business Decision Making, management homework help

User Generated

gvolgvof

Business Finance

Description

One of the products that Company W makes is snack foods. The research and development department of Company W has developed a new formula for one type of snack food that is cheaper to make than the current formula. They want to test the new formula with consumers. They want to see if consumers can tell the difference between the old and new formulas. You propose to conduct this test and analyze the results in line with WidgeCorp's approach to gathering statistical data and use it to form business intelligence decisions. You first need to explain the process to senior management at Company W. You advocate using an unbiased sample of consumers in their test, so that Company W is randomly selecting people based on the following: age; whether or not they have kids; where they live; how often they buy snack foods; and whether or not they already buy the current product.

Prepare a presentation that addresses the following: 6 to 8 slides with speaker notes

  • List at least 3 qualitative attributes of the snack food about which they might want to ask consumers. Make sure at least 1 of them is nominal.
  • For each attribute that is ordinal, assign names for the endpoints of a 5 point rating scale.
  • Explain the difference between nominal and ordinal data.
  • Explain how nominal and ordinal data relate to a rating scale.
  • List at least 2 quantitative attributes of snack food that the scientists might want to measure.
  • Explain the difference between interval and ratio data.
  • Include in your presentation the concept of business intelligence.
  • Include in your presentation the difference between a population and a sample.
  • Note why it is important to avoid bias when conducting research (see note below).

Note: Give 2 examples of possible populations for this test.

Unformatted Attachment Preview

Student’s Name Instructor’s Name Course Date Statistics Company W may want to consider a few qualitative attributes in their research to find out useful answers from their consumers. The attributes in question may include 1. Do the respondents prefer brand name snacks(less healthy preference) over fruit snacks (healthy preference)?(ordinal) 2. Can the respondents tell the difference between the new formula and the old one? (ordinal) 3. Who buys snacks more often A. Male B. Female (nominal) Ordinal attribute include brand name snacks or fruit snacks. The names for the rating on a 5 point scale are as follows Brand name snacks 1. Often 2. Never 3. Rarely 4. Sometimes 5. Very frequently Fruit snacks 1. Never 2. Rarely 3. Often 4. Sometimes 5. Very frequently Can they tell the difference between the new formula and the old formula? 1. Yes definitely 2. Sometimes 3. Rarely 4. Half the time 5. Never Ordinal values are values that can be ranked or that can have a rating scale attached. Ordinal values are used to give more precise results. On the other hand, nominal values are values that are used to label or name a series of values but is not founded on numerical classification (group). Nominal ranking does not associate with a rating scale. It only signifies the presence or absence of a variable on the rating scale. Ordinal ranking rates certain attributes and their numbers as either higher or lower when compared. For example, an ordinal attribute with a scale rating of four is less than one with a rating of an eight or six. Quantitative attributes that should be measured may include; 1. The number of people within a certain age group that prefer brand snacks over fruit snacks or vice versa 2. The overall number of people who consume snacks are have medical complications that may have resulted from snack consumption. Interval data is data that has variables that range from negative to positive affinity, the difference between variables is also usually equally split example is temperature in degrees. On the other hand, ratio data has an absolute zero point and the variance and the ratio of two values has a meaning. Example of ratio data is time since even 0 time is equally useful. Business intelligence is an important factor when choosing whether or not to adapt this new snack and its possible success (Rouse). Through proper application of business intelligence, the company can successfully collect data, prepare it for analysis, run queries against the data and create reports which eventually help in the decision-making depending on the results found. In statistics, population is a term that is used to refer to all members of a defined/target group that is being studied or that information is being collected from for decision making. Sample is a term that is used to refer to a part of the population that is chosen randomly from whom data or information is collected. Possible population in this research may include students from United States of America colleges who are high consumers of snacks. This would require a sample from each schools across the country to represent ages, tastes and preferences and also culture diversity. The research could also be carried across the whole population of United States of America which would require different respondents of different backgrounds and age from across different states to represent the general view. It is important to avoid bias in research is because the results of the research being conducted should be a representation of the target population. Research is used for sound decision making and if the results are biased towards a certain age group, culture of even social class, the decisions made are bound to be faulty because the results are not reflective of the population. References group, Market research. My market research. 13 March 2013. 19 May 2017. Rouse, Margaret. Search data management. October 2014. 19 May 2017.
Purchase answer to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Please let me know if there is anything needs to be changed or added. I will be also appreciate that you can let me know if there is any problem or you have not received the work Good luck in your study and if you need any further help in your assignments, please let me know Can you please confirm if you have received the work? Once again, thanks for allowing me to help you R MESSAGE TO STUDYPOOL NO OUTLINE IS NEEDED AS IT IS A

Filename: stats_and_decision_making_presentation.pptx
Date: 2017-05-28 16:06 UTC
Results of plagiarism analysis from 2017-05-28 16:08 UTC
2 matches from 2 sources, of which 2 are online sources.
PlagLevel: 0.9%
[0] (1 matches, 0.9%) from https://www.britannica.com/science/Munsell-color-system
(+ 1 documents with identical matches)
Settings
Sensitivity: Medium
Bibliography: Consider text
Citation detection: No detection
Whitelist: --

Analyzed document
=====================1/8======================
Student’s Name
Instructor’s Name
Course
Date
Statistics
=====================2/8======================
Qualitative attributes

Company W may ...


Anonymous
Really helped me to better understand my coursework. Super recommended.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Related Tags