Description
Purpose of Assignment
This assignment provides students with practice in understanding how to develop a hypothesis and interpret its findings. Students will learn to implement the use of these statistical measures for better business decision-making.
Assignment Steps
Resources: Week 4 Videos; Week 4 Readings; Statistics Lab
Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products.
Use the same business problem/opportunity and research variable you wrote about in Week 3.
Note: Do not actually collect any data; think hypothetically.
Develop a 1,050-word report in which you:
- Identify which types of descriptive statistics might be best for summarizing the data, if you were to collect a sample.
- Analyze which types of inferential statistics might be best for analyzing the data, if you were to collect a sample.
- Analyze the role probability or trend analysis might play in helping address the business problem.
- Analyze the role linear regression for trend analysis might play in helping address the business problem.
- Analyze the role a time series might play in helping address the business problem.
Format your assignment consistent with APA guidelines.
Explanation & Answer
Attached.
Business Decision-Making Project Part 2
I.Essential Types of Descriptive Statistics in Decision Making
II.Essential Types of Inference Statistics in Decision Making
III.Role of Probability or Trend Analysis in Business Decision Making
IV.Role of Linear Regression for Trend Analysis in Decision Making
V.Role of Time Series in the Process of Making Business Decision
Running head: BUSINESS DECISION MAKING
Business Decision-Making Project Part 2
Student’s Name
Institutional Affiliation
1
BUSINESS DECISION MAKING
2
Business Decision-Making Project Part 2
Worth a note, decision making in an enterprise play a pivotal role in enhancing the
success of an organization because the process plays an integral point in the course of making
managerial decisions. Notably, to enhance the capacity of realizing a successful decision
processes, it imperative to identify the primary goal, collect essential information regarding an
issue, evaluate the consequences of adopting a particular decision, making the appropriation
informed decision as well as evaluating the impact of the decision made (Ford, & Richardson,
2013). For instance, in 2015 when McDonald's income declined by 11 percent, the management
would have resulted in making informed decisions to revamp the declining income due to
various issues, such as global economic recessions. Thus, decision making in an enterprise plays
a paramount role in safeguarding the affluence and achievement of the tactical goals and the
profitability of an organization.
Essential Types of Descriptive Statistics in Decision Making
In the course of McDonald’s administration addressing declining company’s income,
various descriptive statistics would be adopted in the process of making an informed decision.
Notably, descriptive statistics enhance the understanding of the current enterprise conditions in
comparison with...
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