Applied Managerial Decision-Making 4-6 slides with notes Due July 8, 2009 Concepts and Terminology of Statistics Applied to Business Decision Making One of the products that Company W makes is snack foods. The Research and Development department of Company W has developed a new formula for one type of snack food that is cheaper to make than the current formula. They want to test the new formula with consumers. They want to see if consumers can tell the difference between the old and new formulas. You propose to conduct this test and analyze the results in line with WidgeCorp's approach to gathering statistical data and using it to make decisions. You first need to explain the process to senior management at Company W. You advocate using an unbiased sample of consumers in their test, so that Company W is randomly selecting people based on the following: age; whether or not they have kids; where they live; how often they buy snack foods; whether or not they already buy the current product.. Prepare a presentation that addresses the following: 1. List at least 3 qualitative attributes of the snack food about which they might want to ask consumers. Make sure at least one of them is nominal. 2. For each attribute that is ordinal, assign names for the endpoints of a 5 point rating scale. 3. Explain the difference between nominal and ordinal data. 4. Explain how nominal and ordinal data relate to a rating scale. 5. List at least 2 quantitative attributes of snack food that the scientists might want to measure. 6. Explain the difference between interval and ratio data. 7. Include in your presentation the difference between a population and a sample. 8. Note why it is important to avoid bias when conducting research (see note below). 9. Give 2 examples of possible populations for this test.
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I will put it in a powerpoint this pm and post.toneemarie ________________ Prepare a presentation that addresses the following: 1. List at least 3 qualitative attributes of the snack food about which they might want to ask consumers. Make sure at least one of them is nominal. Qualitative attributes are categories of data variables that are not numeric. For our snack foods the categories are healthy choices=1 versus less healthy=0, Do they prefer brand name snacks, preference for fruit snacks2. For each attribute that is ordinal, assign names for the endpoints of a 5 point rating scale.Cateogories for qualitative ordinal five point rating scale: Brand name snacks 1 never 2 sometimes 3 half of the time 4 frequently 5 every time Fruit snacks 1 never 2 sometimes 3 half of the time 4 frequently 5 every time3. Explain the difference between nominal and ordinal data. Nominal data is not based on numerical classification. For instance using an Adult as a category. The adult label would require defining the variables of man and woman with a numeric representation. (ie. Woman =1 and Man= 0).rdinal data has variables that represent a ranking of numbers. For instance the ranking of never to every time as defined above could be assigned values of one to five.4. Explain how nominal and ordinal data relate to a rating scale.Nominal data does not relate to a rating scale in the sense of ranking the related information.Instead the number references the presence or absence of the variable.5. List at least 2 quantitative attributes of snack food that the scientists might want to measure.1. Quantitative attributes of snack foods include the number of people within an age range that eat healthy snacks.2. The overall health of people within an age range that eat less healthy snacks compared to those who do. Possible questions are they on medication? How often do they have schedule doctor appointments related to ill health?6. Explain the difference between interval and ratio data. Interval data refers to data that has variables ranging from negative infinity to positive infinity. The differences between each variable should have a consequential or useful meaning. An example would be dates in time or history.Ratio data has variables for which the variance and ratio of two values are of consequence.7. Include in your presentation the difference between a population and a sample.Population is the range or territory that you are trying to pull data from.Sample is a segment of the population from which you are going to extract data or survey information from.8. Note why it is important to avoid bias when conducting research.If your data is not a true representative of the population you are trying to study, the data can be schewed or bias. Therefore, it is best to get information from a sample that represents the entire population.For example: If you want to poll the popularity of the current Administration in Washington D.C.The population have to be representative of the entire U.S.The sample would be the same number of people selected at random from each state.A random sample is usually best so that you do not get a bias toward a specific ethnic group, social class or regional majority such as southern citizens, west coast citizens, or eastern citizens which may tend to vote in the same parties.
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