Business Decision Making Project – Part 2

 
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. 
Assignment Steps
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.) .

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