MIS2001S Data Analysis for Decision Makers

MIS2001S Data Analysis for Decision Makers

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.
2. As an alternative, if you cannot identify a suitable Open Data source, you will find a fallback topic and sample data for your team on 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 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. 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 dependent variable.

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Table 3: Customer behaviour
Customer loyalty Card Time customer spends in store (mins) Number items purchased Number customer queries
nht678 9.21 4 1
nht678 10.6 6 0
rty567 10.77 4 0
gtb678 10.82 6 0
sdf765 10.99 9 0
ghj645 11.15 6 0
ret529 11.2 4 0
gse438 12.38 9 0
kil786 12.69 5 1
tre456 13.01 11 0
ewr345 13.26 7 0
drf435 13.32 4 1
kuj123 13.32 5 1
hyn845 13.93 4 0
fgh567 14.33 6 1
abc123 14.64 5 0
hhh777 14.81 9 0
kil786 15 7 0
gfd654 15.19 4 1
dfh987 15.42 8 0
uyt876 15.47 6 0
kuj123 15.83 5 0
tyu567 15.85 3 0
lkj876 15.87 5 0
hxe438 16.11 3 0
htg425 16.49 6 0
lkj876 17.04 6 0
hjy732 17.1 9 1
uyt876 17.82 6 0
gtb649 18.99 6 0