Essay on Statistics 201 Final Project

930 Words May 2nd, 2015 4 Pages
Final Project: Nyke Shoe Company
Barbara Greczyn
STA 201 - Principles of Statistics
Instructor Alok Dihtal
April 26, 2015

Introduction Nyke Shoe Company has been in business for over 50 years. Over the last five years, the company has been undergoing some financial hardship due to an erratic market and an inability to understand what the consumer actually needs. In a last ditch effort to avoid bankruptcy, they have adopted a new business model which entails the development of only one shoe size. In order to achieve this goal, statistical data must be utilized and applied to make the best choice. The data used will be explained to the fullest and a conclusion will be then obtained.
Methodology
A sample
…show more content…
However, if we were to look at the shoe sizes amongst all participants, only one participant actually wears a size 9, therefore, it makes more sense to reject that idea. Another approach can be taken by breaking down the data into two separate sets (females and males). It seems as though the best shoe size option for both females and males are 7 and 11 based on the values of the mean, median, and mode. We could select 6.5 or 7.5 for females, but chances are that some females might choose a slightly larger size than 6.5 or slightly smaller than a 7.5. On the other hand, males have a fewer options compared to the female shoe sizes because there were only two participants wear size 10.5 or below 11 and only one size 11 or above. There is not much sense in wasting money to produce size 11. Therefore, production of shoes for males will be rejected and the focus will be only on shoes for females. In comparison to any other size for all participants, female shoes of size 7 have a better multiplicity above and below.
Conclusion

The safest bet in order for the Nyke Company to come out of a possible bankruptcy situation is to focus only on female shoes of size 7. The result will remain consistent if the prices are the same for all shoes irrespective of gender and shoe size. If there are more data numbers

Related Documents