Purpose of Assignment
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 outlined in Week 3.
Note: Do not actually collect any data; think hypothetically.
Continue to develop your research to the business problem and variable by adding the following to your week3 outline:
Descriptive statistic: Describe which descriptive statistic of your variable that would help you understand the variable and problem:
Graphical Display: Describe a potential graphical display (graph/chart/table/illustration) you could use to help illustrate your descriptive statistic.
Probability: Describe how probability might help in addressing the business problem (for example, expected values or finding the probability of incurring a loss, or accuracy of your descriptive statistic, etc.) .
Add slides to your Week3 presentation and update your table of Contents.
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