Introductory Statistics

[cal] [docs] [modules] [eBook]
 

IS: Business Practicum Assignment 3

[lamplighter icon]
Practicum Assignment 3: Confident Sales

Let us now estimate an expected value. In essence, you are using the sample to draw conclusions about the population. Let us return to our Lamplighter dataset to answer a research question.

The Research Question

Collecting the Data

Use the original data that is in your Practicum folder. Place another copy in your Practicum 3 folder. Work from this latest copy. Why?

This will allow you to edit the data directly in your favorite spreadsheet program without ruining your previous analyses.

Analyzing the Data

Use the data to correctly answer the research question. Use at least two acceptable methods to perform the estimation. In the conclusion, compare and contrast the two methods and determine which is the better of the two.

Interpreting the Results

Interpret your analysis. Include appropriate graphics. Make sure that you defend your choices (of analyses and of data). Spend a full, separate paragraph defending your decision on which data to use. Be explicit about what statistical procedures you ran and why you ran those procedures. Again, spend another full paragraph defending your choices of procedures. Your reader (me) should never have to guess about your analysis. If I have to guess, I will guess incorrectly.

Note that if you provide a point estimate, you will also need to provide a confidence interval for that estimate. Again, you will need to specify which subset you used and why you only used that subset. Defend your decisions.

However, just because you defend your decisions does not make the decisions correct. A part of your grade will be based on those decisions, not just how well you defend them. If you select a sample that is too restrictive or too unrepresentative, your grade will suffer. Again, a part of your grade will be based on the decisions, not just in how well you defend them.

Checklist

In additional to the general checklist (see the Overview), here is the particular checklist for this practicum activity.

  • Data subset decisions are correct and explicitly stated
  • Data analyzed appropriately, where decisions are explicit in the write-up
  • Point estimate of the expected gross sales calculated
  • Confidence interval for the expected gross sales calculated
  • Appropriate graphic(s) provided
  • Appendix:
    • All R Code is included in the appendix, properly commented.

Structural Examples

Here is a document laying out the necessary sections and what should go in each. Additionally, here is an example to help you make sure you are presenting your results fully and in a meaningful manner. Note the structure and how the information provided in each of the sections. Be clear. Use statistics to support your conclusion. Interpret the results. Earn that grade.