We can work on Business Analytics and Decision Making

We encounter statistics in our daily lives more often than we probably realize and from many different sources, like the news. You are probably asking yourself the question, “What is statistics? When and where will I use statistics?” If you read any newspaper, watch television, or use the Internet, you will see statistical information. There are statistics about crime, sports, education, politics, and real estate. Typically, when you read a newspaper article or watch a television news program, you are given sample information. With this information, you may make a decision about the correctness of a statement, claim, or “fact.” Statistical methods can help the business managers make the “best educated guess.” In general, statistics is a field of study concerned with summarizing data, interpreting data, and making decisions based on data.

Once you have collected data, what will you do with it? Data can be described and presented in many different formats. For example, suppose you are interested in buying a house in a particular area. You may have no clue about the house prices, so you might ask your real estate agent to give you a sample data set of prices. Looking at all the prices in the sample often is overwhelming. A better way might be to look at the median price and the variation of prices. The median and variation are just two ways that you will learn to describe data. Your agent might also provide you with a graph of the data.

In Module 1, we learned about using descriptive statistics and visual displays in data analysis and decision making. In this module, we will focus on creating confidence intervals and conducting hypothesis testing.

A statistical graph is a tool that helps you learn about the shape or distribution of a sample or a population. A graph can be a more effective way of presenting data than a mass of numbers because we can see where data clusters and where there are only a few data values. Newspapers and the Internet use graphs to show trends and to enable readers to compare facts and figures quickly. Statisticians often graph data first to get a picture of the data. Then, more formal tools may be applied. Some of the types of graphs that are used to summarize and organize data are the dot plot, the bar graph, the histogram, the stem-and-leaf plot, the frequency polygon (a type of broken line graph), the pie chart, and the box plot. In this module, our emphasis will be on histograms.

A histogram is a graphic version of a frequency distribution. The graph consists of bars of equal width drawn adjacent to each other. The horizontal scale represents classes of quantitative data values and the vertical scale represents frequencies. The heights of the bars correspond to frequency values. Histograms are typically used for large, continuous, quantitative data sets. A frequency polygon can also be used when graphing large data sets with data points that repeat. The data usually goes on y-axis with the frequency being graphed on the x-axis.

In this module, you will be using Microsoft Excel to calculate statistics and produce the graphical displays mentioned above. Microsoft Excel is used widely in the workplace today, so the tools you learn in this module will be very useful.

Required Reading
Statistics are all around you, sometimes used well, sometimes not. We must learn how to distinguish the two cases. Just as important as detecting the deceptive use of statistics is the appreciation of the proper use of statistics. You must also learn to recognize statistical evidence that supports a stated conclusion. When a research team is testing a new treatment for a disease, statistics allows them to conclude based on a relatively small trial that there is good evidence their drug is effective. Therefore, it is important to understand statistics. In this course, you would reform your statistical habits from now on. No longer will you blindly accept numbers or findings. Instead, you will begin to think about the numbers, their sources, and most importantly, the procedures used to generate them. In this way, you can become a more rational decision maker by analyzing the past performance to make business planning.

Statistics are often presented in an effort to add credibility to an argument or advice. You can see this by paying attention to television advertisements. Many of the numbers thrown about in this way do not represent careful statistical analysis. They can be misleading, and push you into decisions that you might find cause to regret. If you cannot distinguish good from faulty reasoning, then you are vulnerable to manipulation and to decisions that are not in your best interest. Statistics provides tools that you need in order to react intelligently to information you hear or read. In this sense, statistics is one of the most important things that you can study. For these reasons, learning about statistics is essential to business intelligence. This course will help you refresh some statistical essentials that are related to business analytics and decision making.

The primary resource for this module is Introductory Business Statistics, by Alexander, Illowsky, and Dean.

Alexander, H., Illowsky, B., & Dean, S. (2017). Introductory Business Statistics. Openstax. Retrieved from https://openstax.org/details/books/introductory-business-statistics

For Module 2, you should read through the following material in this textbook. There is quite a bit of detailed material in this module, so please start early.

Chapter 7: The Central Limit Theorem
Sections 7.1 and 7.2 only
This chapter explains sampling distributions and the Central Limit Theorem.

Chapter 8: Confidence Intervals
Sections 8.1, 8.2, and 8.3 only
This chapter explains how to calculate confidence intervals for population means and proportions.

Chapter 9: Hypothesis Testing with One Sample
This chapter introduces hypothesis testing, including the general steps and how to conduct one-sample tests.

Chapter 10: Hypothesis Testing with Two Samples
Sections 10.1, 10.3, and 10.6 only

This chapter expands on Chapter 9 material and focuses on two-sample tests. There are five tests introduced in this chapter, but we will only focus on three of them.

If you have never used Excel before, you will benefit from working through these tutorials:

https://support.office.com/en-us/article/excel-for-windows-training-9bc05390-e94c-46af-a5b3-d7c22f6990bb

If you have used Excel before and are comfortable with entering data and working with the dropdown menus, you can start by ensuring you have the Analysis Toolpak add-in, which will allow you to quickly generate many of the statistics we will discuss during this course:
https://support.office.com/en-us/article/load-the-analysis-toolpak-in-excel-6a63e598-cd6d-42e3-9317-6b40ba1a66b4

Optional Sources
Center for Creative Leadership Website. (2015) Retrieved from http://www.ccl.org/index.shtml

McNamara, C. (2017) All about Leadership. In Free Management Library. Retrieved from http://managementhelp.org/leadership/
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Case Assignment
You are a consultant who works for the Diligent Consulting Group. In this Case, you are engaged on a consulting basis by Loving Organic Foods. In order to get a better idea of what might have motivated customers’ buying habits you are asked to analyze a customer database. You realize the database is still incomplete, so you recontact these customers and collect additional information. The database now includes “Annual Amount Spent on Organic Food,” “Age,” “Annual Income,” “Number of People in the Household,” and “Gender.”

Using Excel, generate descriptive statistics for these new variables: “Annual Income,” “Number of People in the Household,” and “Gender.”

You have much more information about the customers than you did in the Module 1 Case. After you have reviewed the results generated above, write a report to your boss that briefly describes the results that you obtained.

Please include the following in your report:

  1. The descriptive statistics you generated.
  2. Your interpretation of the descriptive statistics and any visual displays or other tools you used to analyze the data.
  3. Your recommendation on how this new data might be used for marketing purposes.
  4. Comment on whether this new recommendation is different than the one you provided in the Module 1 case. If so, explain why it is different.
  5. Compare your statistical results from the new variables with those of the industry.
  6. Lastly, your client argues that the amount of money spent on organic food is the same for females and males. You decide to test this at the α = 0.10 level, using a two-sample hypothesis test. You don’t know the population standard deviation, but you assume they are the same. Run this test in Excel and interpret the results. Can you support your client’s claim?

Use the IBISWorld database or other databases such as Business Source Complete (EBSCO) and Business Source Complete – Business Searching Interface in our online library.

Check the professional market research reports from the IBISWorld database to conduct the industry analysis. IBISWorld can be accessed in the Trident Online Library.

IBISWorld Overview (n.d.). IBISWorld, Inc., New York, NY.
IBISWorld Forecast (n.d.). IBISWorld, Inc., New York, NY.
IBISWorld Data and Sources (n.d.). IBISWorld, Inc., New York, NY.
IBISWorld Navigation Tips (n.d.). IBISWorld, Inc., New York, NY.

IBISWorld is a proprietary database providing industry research. It is accessible via the Trident Online Library, Additional Library Resources.
Trident Online Website: https://mytlc.trident.edu
University Email Address:[email protected]
Password: Ijeoma0724!!
Locate: Library Access and click Additional Library Resources
After you have reviewed the data:

Written Report
Provide a brief description on the industry background and the consumer changing attitudes and behavior toward healthy lifestyles. Also provide a brief description of organic food industry and target market characteristics such as their demographics, lifestyles, and shopping behaviors. This should be similar to the description you provided in Module 1 Case, but now you have more variables that you want to ensure you are able to compare to the industry data.

Length requirements: 4 pages minimum (not including Cover and Reference pages). NOTE: You must submit 4 pages of written discussion and analysis.
Assignment Expectations

Provide a written analysis that addresses each of requirements listed under the “Case Assignment” section.

Sample Solution

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Non-verbal correspondence Any connection includes two primary components of how individuals are seen: words, or articulations and non-verbal words, articulations, signals, language sound, and other Position. Numerous individuals feel that the fundamental messages are their words, yet that is really their nonverbal signs. The speculation of this exploration paper is that outward appearances straightforwardly influence human discernment. This theory is affirmed by short writing search. Non-verbal correspondence Any cooperation includes two fundamental components of how individuals are seen: words, or articulations and non-verbal words, articulations, motions, language sound, and other Position. Numerous individuals feel that the fundamental messages are their words, however that is really their nonverbal signs. The speculation of this exploration paper is that outward appearances legitimately influence human discernment. This theory is affirmed by short writing search. Nonverbal correspondence is typically more important than verbal correspondence Nonverbal correspondence is inane than verbal correspondence Nonverbal correspondence is frequently more vague than verbal correspondence. Non-verbal data about our own introduction, garments style, and our character will be sent in situations, for example, residences, lofts, vehicles or workplaces. Dissect some non verbal signs sent by your own introduction or condition. How would they say what your identity is? Do they make the impression you want? What is nonverbal correspondence? Nonverbal correspondence is all messages sent notwithstanding correspondence words. These messages are, for instance, discourse, face message, eye to eye connection, spatial message, and so forth. Nonverbal correspondence generally passes on more significance than verbal correspondence. As indicated by Dr. Albert Melavian, nonverbal correspondence represents 93% of day by day correspondence. This measurement shows that nonverbal correspondence is significant in our every day life. At the point when we talk, we ordinarily don’t simply express in words, messages other than words pass on more data than words. Hence, we can finish up both head and nonverbal work in return. The accompanying papers depict the significance of example based nonverbal correspondence and the sorts of nonverbal correspondence. Nonverbal correspondence is generally more important than verbal correspondence Nonverbal correspondence is insignificant than verbal correspondence Nonverbal correspondence is regularly more questionable than verbal correspondence. Non-verbal data about our own introduction, attire style, and our character will be sent in situations, for example, residences, condos, vehicles or workplaces. Break down some non verbal signs sent by your own introduction or condition. How would they say what your identity is? Do they make the impression you want? What is nonverbal correspondence? Nonverbal correspondence is all messages sent notwithstanding correspondence words. These messages are, for instance, discourse, face message, eye to eye connection, spatial message, and so forth. Nonverbal correspondence normally passes on more importance than verbal correspondence. As per Dr. Albert Melavian, nonverbal correspondence represents 93% of day by day correspondence. This measurement shows that nonverbal correspondence is significant in our day by day life. At the point when we talk, we ordinarily don’t simply express in words, messages other than words pass on more data than words. Thusly, we can finish up both head and nonverbal work in return. The accompanying papers portray the significance of example based nonverbal correspondence and the kinds of nonverbal correspondence.>

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