Business Decision Making Project Part 2, statistics homework help

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Use the same business problem/opportunity and research variable you wrote about in Week 3.

Remember: Do not actually collect any data; think hypothetically.

Develop a 1,050-word report in which you:

  • Identify the types of descriptive statistics that might be best for summarizing the data, if you were to collect a sample.
  • Analyze the types of inferential statistics that 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.


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Running head: BUSINESS DECISION MAKING 1 Business Decision Making Cherrie Blackman QNT/275 May 22, 2017 Robert Schaller BUSINESS DECISION MAKING 2 Business Decision Making Elite Technologies Company is one of the best companies globally, and it has a relatively bigger market share, which is attributed to its ability to provide quality products and service to its customers. The company deals with assembling and sale of electronics ranging from household electronics to entertainment appliances. The company also has a subsidiary service branch that deals with all the service problems from the company and any other services brought to them. The existing combination could to forge a strong relationship with customers improving the companycustomer relationship. The company has been enjoying higher profits due to its suitability and good business relations, unlike other companies who do not have a renowned service affiliated company that can be able to improve its customer satisfaction. Despite having better business deals, recent seasons have seen a slight decline in the sales of some of its best-suited products. However, the organization remains adamant that the low season will soon be over and it will achieve its set sales objectives. Therefore, the organization depends on assumptions rather than engaging its customers into finding out what the problem might be. The fact that the company is customer dependent, there is need to establish better strategies that the organization can be able to know if there is anything wrong which should be achieved as well. The company has been making abnormal profits, which have made it more adamant in addressing the basic needs of some of its longstanding stakeholders who played a huge role in the rise of the company by providing invaluable advice and support which have placed the organization at its current level of success. BUSINESS DECISION MAKING 3 A research variable is an important factor that is put into consideration when developing a research analysis. It is important to identify the research variables before commencing any data collection because the whole research will ultimately depend on these variables to make a conclusion about the situation of the company. In any given research, the variables may assume different roles depending on how the study is developed. In this case scenario, one of the variables will be sales, which will constitute the dependent variable (Male, 2015). A dependent variable, in this case, will depend on other independent variables, which will provide the organization with the mush needed information regarding the fluctuations in sales. The independent variables are factors that are not influenced by other occurrences but are rather reflective. The independent variable will provide the best picture to know if the company’s assumption that the sales are lower because the season is low is held true. Therefore, in this respect, some of the independent variables that can be considered include attitude, prices, low season and any other that the organization may consider and are considered effective (Powell and Grossman, 2015). In this case, the method selected for data collection should be able to capture the details involving the research variables both independent and dependent. Data collection method will involve various strategies that can be employed to obtain an unbiased outcome. In any statistical research data collection, a lot of emphases is placed on the method undertaken to obtain data mainly because biased data cannot provide the most effective result since it will be influenced by other factors that are not considered in each research. In this case, the company has a large BUSINESS DECISION MAKING 4 customer base, and the best response involving the subject matter can only be obtained from the individuals who consume the company’s products (Powell and Grossman, 2015). Since the total population is much greater, the company should effectively identify the best sampling design that they will use to get the sample population, which they will be able to work with. In this case, the best sampling design would simple random sampling. Simple random sampling will be the best sampling technique that will ensure that the sample selection is not biased in any way. This procedure ensures that the research assistants who will be undertaking the survey randomly pick the selected samples or respondents. The total sample should be able to reflect equally to the total population since the fishers formula will be best suited to get the best reflective sample of the total population (Shields et.al, 2016). After the establishment of the sample size, the research then will employ the use of a questionnaire, which will be administered to the selected sample to provide an honest opinion regarding the question involving the variables. The questionnaire is commonly referred because if the questions are perfectly framed, the outcome will be very much a true representation of the total population. The data collected in this case would include both qualitative and quantitative (Male, 2015). However, it will significantly depend on how the questions in the study have been framed. Incorporating both qualitative and quantitative detail will provide a much-detailed outcome. Qualitative data will provide the descriptive part of the research where the respondents will be able to provide information regarding how the situation is by use of more data that can be observed but BUSINESS DECISION MAKING 5 not measured. Quantitative data, on the other hand, will provide important information regarding the exact numbers, which can be measured and effectively analyzed (Shields et.al, 2016). After the establishment of the sample size, the research then will employ the use of a questionnaire, which will be administered to the selected sample to provide an honest opinion regarding the question involving the variables. The questionnaire is commonly referred because if the questions are perfectly framed, the outcome will be very much a true representation of the total population. The data collected in this case would include both qualitative and quantitative (Male, 2015). However, it will significantly depend on how the questions in the study have been framed. Incorporating both qualitative and quantitative detail will provide a much-detailed outcome. Qualitative data will provide the descriptive part of the research where the respondents will be able to provide information regarding how the situation is by use of more data that can be observed but not measured. Quantitative data, on the other hand, will provide important information regarding the exact numbers, which can be measured and effectively analyzed (Shields et.al, 2016). Ensuring reliability of data collected depends on some aspects that need to be monitored closely to develop a better data that can be accurately analyzed and present the best solution that can help the organization in making rightful decisions. Reliability of data means that the data collected can be used to produce undisputed outcome while validity means that the data collected is accurate and correct without any bias or influence from non-accounted for factors in research (Male, 2015). BUSINESS DECISION MAKING 6 One of the methods to ensure reliability and validity of research data are use of reliable data sources. This means that the sample population chosen should be able to provide accurate information without any influence to help the company make necessary changes. Another method of ensuring that the data collected is reliable and valid is to ensure that the data capture methods used in data collection are accurate and are highly recommended in a study. It is also important to ensure that the respondents in the research know perfectly well, what they are supposed to do in ensuring that they are trained or guided on how to answer the questions as presented to enhance reliability and validity (Powell and Grossman, 2015). To conduct a study that can form basis of policy formulation or change of strategy, it is important to effectively outline the best possible research design that will be adopted for the implementation of the whole research. BUSINESS DECISION MAKING 7 References: Hilemon, C. G., Nelson, T. E., Skeirik, R. D., Hayzen, A. J., & Horn, D. M. (2016). U.S. Patent No. 20,160,048,110. Washington, DC: U.S. Patent and Trademark Office.ser Powell, M., & Grossman, A. (2015). Quality indicators in pituitary surgery: a need for reliable and valid assessments. What should be measured?. Clinical endocrinology. Rosen, D. L., & Olshavsky, R. W. (2015). Interactive Data Collection: Implications for Laboratory Research. In Proceedings of the 1984 Academy of Marketing Science (AMS) Annual Conference (pp. 82-86). Springer International Publishing. Shields, A. L., Shiffman, S., & Stone, A. (2016). Recall Bias: Understanding and Reducing Bias in PRO Data Collection. EPro: Electronic Solutions for Patient-Reported Data, 5.
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Running head: DATA ANALYSIS METHODS REPORT

Data Analysis Methods Report
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DATA ANALYSIS METHODS REPORT

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Types of descriptive statistics that might be best for summarizing the data, if you were to
collect a sample
Descriptive statistics provides a significant understanding of some of the key factors that
can be clearly observed without much engagement. Elite Technologies needs to focus on some of
the significant variables, which are having an influence on its sales. Therefore, in conducting
descriptive statistics, it is important to understand the variables that are being considered to
understand some of the key descriptive tools that are incorporated in the analysis process.
Descriptive statistics, therefore, provide a significant visual representation of the data that is being
considered in the study. The visual representation that is included is aimed to create a significant
environment where a better understanding of the study outcomes can be based.
Descriptive statistics in will incorporate qualitative data. Qualitative research is a
significant statistical research technique that is more concerned with developing explanations of
social phenomena and has a non-positivist perspective. Thus, the emphasis of the qualitative
technique is more on general characteristics of certain phenomena that are being considered by the
researcher. Qualitative research provides a significant visual understanding of major
characteristics that are considered in a given study, and thus it provides a better environment where
quantitative research can be developed effectively and ensure that the interpretations that are made
from quantitative researc...


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