Scenario: Upon successful completion of the MBA program, imagine you work in the analytics department for a consulting company. Your assignment is to analyze one of the following databases:
The consumer food database contains five variables: Annual Food Spending per Household, Annual Household Income, Non-Mortgage Household Debt, Geographic Region of the U.S. of the Household, and Household Location. There are 200 entries for each variable in this database representing 200 different households from various regions and locations in the United States. Annual Food Spending per Household, Annual Household Income, and Non-Mortgage Household Debt are all given in dollars. The variable Region tells in which one of four regions the household resides. In this variable, the Northeast is coded as 1, the Midwest is coded 2, the South is coded as 3, and the West is coded as 4. The variable Location is coded as 1 if the household is in a metropolitan area and 2 if the household is outside a metro area. The data in this database were randomly derived and developed based on actual national norms.
Write a 1,000- to 1,600-word detailed, statistical paper including the following:
· Explain the context of the case
· Provide a research foundation for the topic
· Present graphs
· Explain outliers
· Prepare calculations
· Conduct hypotheses tests
· Discuss inferences you have made from the results
This assignment is broken down into four parts:
· Part 1 – Preliminary Analysis
· Part 2 – Examination of Descriptive Statistics
· Part 3 – Examination of Inferential Statistics
· Part 4 – Conclusion/Recommendations
Part 1 – Preliminary Analysis
Generally, as a statistics consultant, you will be given a problem and data. At times, you may have to gather additional data. For this assignment, assume all the data is already gathered for you.
State the objective:
· What are the questions you are trying to address?
Describe the population in the study clearly and in sufficient detail:
· What is the sample?
Discuss the types of data and variables:
· Are the data quantitative or qualitative?
· What are levels of measurement for the data?
Part 2 – Descriptive Statistics
Examine the given data.
Present the descriptive statistics (mean, median, mode, range, standard deviation, variance, CV, and five-number summary).
Identify any outliers in the data.
Present any graphs or charts you think are appropriate for the data.
Note: Ideally, we want to assess the conditions of normality too. However, for the purpose of this exercise, assume data is drawn from normal populations.
Part 3 – Inferential Statistics