Big data is everywhere, and various businesses around the world are driven by big data. While some businesses rely on big data for organizational decision making, this does not mean that the implications and applications of big data are properly used to ensure optimal effectiveness for the organization
For this scenario, you have been appointed as a business analyst for Big D Incorporated, charged with providing authoritative recommendations to the Board of Directors. As the business analyst, the recommendations that you provide will be based upon data calculated from statistically appropriate formulas. Be reminded that you are not the company’s statistician yet. However, as the business analyst, you are therefore responsible for interpreting statistical data and making the appropriate recommendations.
Big D Incorporated was offered a series of business opportunities, and it is your job as the business analyst to provide expert insight and justification for recommendations regarding these potential prospects.
Big D Incorporated has a business opportunity to provide two different types of information to a new client. As the business analyst, you are tasked to assess the financial feasibility of this opportunity. The new client is a retailer and looking to expand its product offerings. However, the client is requesting Big D Incorporated to assist in the decision-making process.
For the outdoor sporting goods client, based upon your prior decision on whether or not to expand to the next market or retain your current position, justify your decision further utilizing the chi-square distribution tool. One key criterion point: You do not have adequate data to formulate a full chi-square for the outdoor sporting goods client. However, you have sufficient data to initiate this process. You are charged to demonstrate the initial steps of a nonparametric test that are qualitative. Utilizing the null and alternative hypotheses, further present your justifications for your selection and what it means beyond the mere formulas. What is this going to tell the Board of Directors and contribute to the decision-making process?
The following information may be helpful in understanding chi-square and hypothesis testing:
Please review this helpful video. https://www.youtube.com/watch?v=WXPBoFDqNVk
The presenter uses flipping a coin and rolling a die.
The following are assumptions that might make the assignment more helpful and make the responses more uniform:
- Continue to utilize the Big D scenario. Work under the assumption that the sample is based upon 2 different proposed product lines.
- Additionally, work under the assumption that the same demographics are utilized for each product.
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