Choose a local company in the industry of your liking from the following list: Restaurant/ hotel, hospital, internet/cable, construction, grocery store,

Learning Objective: State Mandated Outcomes numbered 3,5,7,8 and 10.

  1. Compute descriptive statistics, construct graphs for data analysis, and interpret outcomes.
  2. Calculate expected values to evaluate multiple outcomes of a decision.
  3. Construct and interpret confidence intervals for means and proportions.
  4. Formulate, perform, and interpret hypotheses tests (one and two population parameters).
  5. Use statistical software to graph, compute, and analyze statistical data

 

Choose a local company in the industry of your liking from the following list:

  • Restaurant/ hotel,
  • hospital,
  • internet/cable,
  • construction,
  • grocery store,
  • insurance,
  • automobile
  • banking/fianace/loan

You should be done with the following four First in Part A:

Step by Step Instructions:

  1. Make sure, you do have a data access from the chosen company in the above industry for two different time periods or two different locations in the same time period.
  2. Suppose you work on quality control in that company. Your job is to do monthly checks on the quality of service by collecting data on key areas.  Your company is watching sales by collecting data on location, and three variables.
  3. Select the three variables of your choice (based on data availability).
  4. You are to prepare a Managerial Report answering the following (show the work for each of the following at the end of managerial report)
  5.  Use appropriate descriptive statistics to summarize each of the three variables. (Covered in Chapter-2)
  6.  Use appropriate descriptive statistics to summarize each of the three variables for the comparison year/quarter/location (dependent on what you chose in #1 – location or time). (Covered in Chapter-2)
  7.  Compare your summary results. Discuss any specific statistical results in visuals that would help the reader to understand your point. (Covered in Chapter-2)

 

 

Example

Make sure, you do have a data access from that company. Suppose you work on quality control in that company. Your job is to do monthly checks on the quality of service by collecting data on key areas.  Your company is watching sales by collecting data on location, and three variables – list price, sale price, and number of days it takes to sell each residential single-family housing unit. Each single-family housing unit is classified as “Collin” if it is located within Collin county or “Non-Collin” if it is located near (within 50 miles), but not in Collin county.

Part-A:

You are to prepare a Managerial Report answering the following (show the work for each of the following at the end of managerial report)

  1.  Use appropriate descriptive statistics to summarize each of the three variables for the Collin housing units. (Covered in Chapter-2)
  2.  Use appropriate descriptive statistics to summarize each of the three variables for the Non-Collin housing units. (Covered in Chapter-2)
  3.  Compare your summary results. Discuss any specific statistical results that would help a real estate agent understand the DFW housing market. (Covered in Chapter-2)

Part-B :

  1.  Develop a 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for Collin housing units. Interpret your results.
  2.  Develop a 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for Non-Collin housing units. Interpret your results.

Assume the branch manager requested estimates of the mean selling price of Collin housing units with a margin of error of $40,000 and the mean selling price of Non-Collin housing units with a margin of error of $15,000. Using 95% confidence, how large should the sample sizes be?

  1.  Your company just signed contracts for two new listings: a Collin housing unit with a list price of $589,000 and a Non-Collin housing unit with a list price of $285,000. What is your estimate of the final selling price and number of days required to sell each of these units?

 

Part-B

Excel Exercise

  1.  Develop a 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for Collin housing units using excel. Attach the excel file to your report. Also enlist the steps explaining how you used excel.
  2.  Develop a 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for Non-Collin housing units using excel. Attach the excel file to your report. Also enlist the steps explaining how you used excel.

(Hint: Review the guidelines for Interval Estimation Using Excel)

 

 

Reference no: EM132069492

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