Project Aims: Your team has been appointed to advise a manager on the applications of data analysis and statistics in business as an aid to decision making. She has asked you to write a management report to include:
1. A summary of your data using descriptive statistics and data presentation techniques (use Excel for this task);
2. An example of a discrete random variable relevant to your topic and its probability distribution;
3. Inferential Statistics on a relevant continuous random variable;
4. An application of Regression on a relevant variable.
Source Data:
1. Open Data: You may use any open source data appropriate to the application of business data analysis. As there are so many, we have identified a small subset for you to choose from on Blackboard. Your report should reflect on the data source and related data issues.
Note: You may not conduct your own data gathering without ethical approval!
Team Code of conduct: Include a Statement of Authorship, signed by each participant of the group giving their weighted contribution. You may wish to include the Terms of Reference agreed by the group at the start of the project. Students who do not contribute to the team project, may not receive the team grade. Indicate the nominated team member on your Statement of Authorship. This person is responsible for uploading your work to Blackboard.
The Management Report: The aim of your report is to provide a meaningful interpretation of your data analysis to the business manager, demonstrating its use in decision making. Choose one discrete random variable and one continuous variable relevant to your topic. For example, a service provider may be interested in a discrete random variable counting the number of orders they receive per day, and a continuous random variable measuring the length of time it takes them to complete these orders.
To ensure a favourable response to your report, you need to explain to your manager any statistical terminology and techniques that you use in your report. Graphs may help the manager in understanding the concepts you are outlining. Rough work and calculations should not appear in the main body of the report but can be included in an appendix.
As this is a management report, format your report appropriately. Marks will be deducted for unprofessional aspects of your typed report such as misspellings, poor grammar, unreferenced sources or inappropriate graphs.
Management Report Components:
1) Calculate at least 2 measures of central tendency and at least 2 measures of variation (from 2 different countries) for
your Continuous Variable sample data. Explain the results and meaning of these measures in your report. Include a summary of the data in your report using a graph or table. Use Excel for this task.
2) Explain what your Discrete Random Variable is and what probability distribution can be used to describe it. Give some examples and interpretation of the usage of the probability distribution function and outline its business relevance.
3) Either do 3.a or 3.b
a. Calculate and interpret a confidence interval estimate of the Continuous Random
Variable. Choose an appropriate confidence level for your interval.
b. Set up and conduct a hypothesis test relevant to the continuous random variable.
Choose an appropriate level of significance for your test.
4) Show how Regression techniques can be used to extrapolate or interpolate values for your
dependant variable.
Suggested Report Content / Checklist for your report: 1) Introduction
2) Summary and explanation of descriptive statistics. 3) Inferential Statistics
a. You may want to include some theoretical background to the Normal (and Sampling) Distribution. Topics could include:
i. What is the Normal Distribution?
ii. Why is the Normal Distribution used in Sampling Distributions?
iii. What is the basis for Inferential Statistics?
b. You should include:
i. An explanation of your continuous random variable and sampling work
ii. An explanation of what a Confidence Interval / Hypothesis Test is;
iii. An insight into the construction of the interval/test;
iv. An interpretation of your Confidence Interval/ Hypothesis Test results;
4) Summary and Conclusion.
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