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.
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.
The week 1 assignment is attached below.