Harshad Patil
Assignment Name
BA 6933 Statistics and Quantitative Methods
Date: 10/14/2017 Business management problem The potential business management problem identified is at a bookstore. The problem identified is that there is variation in the sales (in $1000s) relative to the number of sales persons. However, this is not true at all cases. Hence, the bookstore faces problem of relatively lower sales even with a higher number of sales persons and relatively good sales with an average lower number of sales persons. The bookstore requires to know if the two factors are related.
Management problem to hypothesis assumption The bookstore management problem requires to now if there is a significant linear relationship between the …show more content…
Regression Analysis Regression analysis is a statistical technique used to study the relationship between variables (Draper, & Smith, 2014). It is often of interest to know the effect that one or several variables can cause on another, and even to predict, to a greater or lesser degree, values of one variable from another. Regression is the set of techniques used to explore and quantify the dependency relationship between a quantitative variable called a dependent variable or response and one or more independent variables called predictor variables. The size of the sample also affects the generalizability of the results that are obtained through the ratio between observations and independent variables. A general rule is that this ratio should never fall below five. In order for the results to be generalizable, there must never be less of five observations for each independent variable (Draper, & Smith, …show more content…
We study the advantages and disadvantages of the most commonly used data collection methods,
Observation: It is the visual record of what happens is a genuine situational, ordering and recording the significant occasions as indicated by some plan and as per the issue being examined. Advantages: When it is decided to use it, certain considerations must be considered. As a method of data collection, it should be carefully planned to meet the requirements of validity and reliability. It should be conducted in a skillful and systematic manner and have skill in recording data, differentiating significant aspects of the situation and those that are not important. Disadvantages: Regarding errors related to the observer, these are associated with the fact that the participation of other people, in addition to the investigator, in the process of the observation of the facts or phenomena under study. This situation can lead to a lack of consistency of the results, since the observers can differ in the quantification and registration that is done of the observed aspects (Johnson, & Turner,
Assignment Name
BA 6933 Statistics and Quantitative Methods
Date: 10/14/2017 Business management problem The potential business management problem identified is at a bookstore. The problem identified is that there is variation in the sales (in $1000s) relative to the number of sales persons. However, this is not true at all cases. Hence, the bookstore faces problem of relatively lower sales even with a higher number of sales persons and relatively good sales with an average lower number of sales persons. The bookstore requires to know if the two factors are related.
Management problem to hypothesis assumption The bookstore management problem requires to now if there is a significant linear relationship between the …show more content…
Regression Analysis Regression analysis is a statistical technique used to study the relationship between variables (Draper, & Smith, 2014). It is often of interest to know the effect that one or several variables can cause on another, and even to predict, to a greater or lesser degree, values of one variable from another. Regression is the set of techniques used to explore and quantify the dependency relationship between a quantitative variable called a dependent variable or response and one or more independent variables called predictor variables. The size of the sample also affects the generalizability of the results that are obtained through the ratio between observations and independent variables. A general rule is that this ratio should never fall below five. In order for the results to be generalizable, there must never be less of five observations for each independent variable (Draper, & Smith, …show more content…
We study the advantages and disadvantages of the most commonly used data collection methods,
Observation: It is the visual record of what happens is a genuine situational, ordering and recording the significant occasions as indicated by some plan and as per the issue being examined. Advantages: When it is decided to use it, certain considerations must be considered. As a method of data collection, it should be carefully planned to meet the requirements of validity and reliability. It should be conducted in a skillful and systematic manner and have skill in recording data, differentiating significant aspects of the situation and those that are not important. Disadvantages: Regarding errors related to the observer, these are associated with the fact that the participation of other people, in addition to the investigator, in the process of the observation of the facts or phenomena under study. This situation can lead to a lack of consistency of the results, since the observers can differ in the quantification and registration that is done of the observed aspects (Johnson, & Turner,