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.
Watch the instructional video by clicking on the Lynda.com® link.
Type the title "Statistics Foundations: 2" in the Search Bar to find the video.
Watch the following tutorials from Section 5:
- Type I and Type II Errors
Consider the following as you watch:
- Which is the most common error?
Watch the instructional video by clicking on the Lynda.com® link.
Type the title " Statistics Foundations: 2" in the Search Bar to find the video.
Watch the following tutorials from Section 5:
- How to Test a Hypothesis in Four Steps
Consider the following as you watch:
- List four steps to test a hypothesis.
- Identify how to state an alternative hypothesis.
- What are different types of errors are produced from hypothesis testing? Explain.
Explanation & Answer
There you go :-)
Running head: BUSINESS DECISION MAKING
Business Decision Making
Student’s Name
Number
Course
Professor
Date
1
BUSINESS DECISION MAKING
2
Business Decision Making
There are different types of descriptive statistics that suit different research studies when
it comes to the summarizing the data. As far as the study on ACCION USA is concerned, there is
a specific type of descriptive statistic that would come in handy to help with the decision making
process. Notably, as noted before, the decisions made by ACCION are reached after the
organization observes data that has been generated which informs the rubric that guides how the
decisions are made in the organization. The measure of central tendency would be the most
applicable and strategic type of descriptive statistic which would come in handy in this particular
study.
The measures of central tendency as a type of descriptive statistics would come in handy
in this study which seeks to determine trends in the market through the collection of samples.
The mean, median and mode are the three types of measures of central tendency (Weisburd &
Britt, 2014). Certain cons are associated with these types of descriptive statistics which would
come in handy in the study. Firstly, the model is quite easy to obtain, and also it can be used
where there is nominal data. Notably, the business data has a great tendency to be inclined
towards nominal data (Weisburd & Britt, 2014). As such, this would be a strategic option.
The other two...