Purpose of Assignment
The purpose of this assignment is for students to build upon the problem or opportunity identified in Part 1 in Week 3. In this part, students will identify the appropriate numerical and graphical techniques of descriptive statistics learned in Weeks 2 and 3 and apply them to further studying their problem or the opportunity. Additionally, students will gain experience in using basic concepts of probability to their research.
Assignment Steps
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 an analysis of 1,050 words in which you:
Identify the types of descriptive statistics (numerical measures) that might be best for summarizing the data, if you were to collect a sample.Identify the types of descriptive statistics (graphical measures) that might be best for summarizing the data, if you were to collect a sample.Analyze the role probability (for example, expected values or finding the probability of incurring a loss, etc.) might play in helping address the business problem.
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