Use Common Statistical Tests to Draw Conclusions from Data

User Generated

inaaobbar

Business Finance

Description

Deliverable Length: 1,500-2,100 words


Based upon the input from Units 1 and 2, you have just received your next assignment that will contribute to your next decision. For the outdoor sporting goods client, based upon your prior decision as to either expand to the next market or retain your current position, justify your decision further utilizing the Chi-Square Distribution tool. One key criterion point: You do not have adequate data to formulate a full Chi-Square for the outdoor sporting goods client. However, you do have sufficient data to initiate this process. You are charged to demonstrate the initial steps of a nonparametric test that are qualitative. Utilizing the null and alternative hypothesis, further present your justifications for your selection and what it means beyond the mere formulas. What is this going to tell the Board of Directors and contribute to the decision-making process?

The following information may be helpful in understanding Chi-Square and hypothesis testing:
Chi-Square and Hypothesis Testing
Please review https://www.youtube.com/watch?v=WXPBoFDqNVk The presenter uses the "flip of the coin" and the "role of the die." These are examples and analogies used in the resources.
The following are assumptions you might make in this assignment that might make the assignment more helpful and make the responses more uniform:
* Continue to utilize the Big D scenario. Work under the assumption that the sample is based upon two different proposed product lines.
* Additionally, work under the assumption that the same demographics are utilized for each product.
Reference
Bozeman Science. (2011, November 13). Chi-squared test [Video file]. Retrieved from https://www.youtube.com/watch?v=WXPBoFDqNVk

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

this is what i had completed

Running head: STATISTICAL TESTS AND BUSINESS MANAGEMENT

Statistical Tests and Business Management
Name
Tutor
Institution
Date

1

STATISTICAL TESTS AND BUSINESS MANAGEMENT

2

Statistical Tests and Business Management
Introduction
Data analysis is an important statistical process that requires effective use of statistical
tools to draw necessary conclusions that will be used for making informed decisions (Newbol et
al., 2012). The effectiveness of the statistical tests requires the user to analyze data in the right
manner without succumbing to biasness or any form of technical hitches. Statistical tests are
many but the choice of each test depends on the requirements of the analysis process and the
available data. In many scientific studies, there is a primary question of identifying any
significant difference between groups. For example, in order to select people who drink and
those who don’t, it is necessary to consider possible explanations of this difference. This is only
attained in the event that the person analyzing data has mastered the art of choosing the right
statistical tool and subjecting data to it in order to come up with substantive conclusions (Newbol
et al., 2012). The effectiveness of utilizing various statistical tools is necessary to lay concrete
grounds for important actions such as initiating business investments, selecting and hiring a
specific number of organizational employees and obtaining necessary information on opinion
polls. This essay exams utilization of Chi-square distribution tool (qualitative non-parametric
test) for outdoor sporting goods client (to consider expanding the market or stick to the current
market) and utilization of null and alternative hypothesis to justify conclusions.
Chi-Square Distribution
Indeed sporting good client does have a promising future in the business. In order to
realize this, it is important for it to expand to new markets. However, this cannot be done without
considering prevailing market conditions and utilizing chi-square distribution tool. This tool is

STATISTICAL TESTS AND BUSINESS MANAGEMENT

3

important when asse...


Anonymous
Really useful study material!

Studypool
4.7
Indeed
4.5
Sitejabber
4.4

Similar Content

Related Tags