QNT 275T Wk 3 Case Study MORE Super Secrets to the Secret Sauce of Stats Success

0 items
QNT 275T Wk 3 Case Study MORE Super Secrets to the Secret Sauce of Stats Success
QNT 275T Wk 3 Case Study MORE Super Secrets to the Secret Sauce of Stats Success
$10.00
Go to the store page
  • Description

QNT 275T Wk 3 Case Study MORE Super Secrets to the Secret Sauce of Stats Success

Week 3 Case Study – A BETTER Secret Sauce of Stats Success

It’s Week 3 and we have ANOTHER case study to complete. How do we do that? Easy!

 

Look in the conversations area for detailed STEP by STEP instructional posts on how to complete each part of the case study (Q1 is posted on Wednesday, Q2 is posted on Thursday, Q3 is posted on Friday and Q4 is posted on Saturday). To access the conversations area for this assignment, click on the small icon in the upper right corner of your screen that looks like a person with a square talk balloon next to its head.

 

WHEN YOU ARE COMPLETE WITH YOUR CASE STUDY, PLEASE UPLOAD IT HERE TO THE CASE STUDY ASSIGNMENT AREA by clicking on the black “view assessment” button on this screen.

 

It is recommended that you use the case study detailed instruction posts like you would a recipe. Have excel up and running as you review each step in the detailed instructional post. Create your secret sauce of statistical success by working step by step in real time. You WILL like how this secret sauce tastes. While you are welcome to post questions or thoughts in this thread, please remember that any posts made will NOT count toward your weekly discussion grade.

  

Happy solving! Here is the full case study for week 3:

 

 Three hundred consumers between 21 and 49 years old were randomly selected. After sampling a new wine cooler, each was asked to rate the appeal of the phrase “Not sweet like wine coolers, not filling like beer, and more refreshing than wine or mixed drinks” as it relates to the new wine cooler. The rating was made on a scale from 1 to 5, with 5 representing “extremely appealing” and 1 representing “not at all appealing.” 

As a manager overseeing the development of the concept, you bottled the wine cooler and placed it into distribution in one test store. Your manager has asked you to assess the data and determine the most likely customer based on the ratings. Additionally, your manager would like you to review sales in the test store.

 

Using the Week 3 Data Set, create and calculate the following in Excel®:

 

Week 3 Case Study Data Set _ Click the 3 Dots to the Right to Open Me ————>

 

1 Based on the following, estimate the probability that a randomly selected 21- to 49-year-old consumer:

  • Would give the phrase a rating of 5

  • Would give the phrase a rating of 3 or higher

  • Is in the 21 to 24 age group

  • Is a male who gives the phrase a rating of 4

  • Is a 35- to 49-year-old who gives the phrase a rating of 1

  • Based on the probabilities for the ratings of 4 and 5, which age/gender demographic would be the best target audience for the new concept?

 

2 Create a probability distribution using the data which shows how many cartons of the wine cooler were bought per customer in a month, and do the following:

  • Calculate the mean and the standard deviation of your probability distribution.

  • Calculate the probability that exactly 3 six packs will be bought in a month.

  • Calculate the probability that between 4 and 8 six packs will be bought in a month.

  • Calculate the probability that at least 5 six packs will be bought in a month.

  • Calculate the probability that no more than 5 six packs will be bought in a month.

 

3 Create a relative frequency distribution based on the wine cooler drinking temperatures, and do the following:

  • Create 6 bins with the same interval in each.

  • Create a histogram.

 

4 Considering the mean and standard deviation for the ideal drinking temperature, calculate the following: 

  • The z values, then refer to Table 6.1 – Cumulative Areas Under the Standard Normal Curve

  • The probability of the wine cooler being less than 45 degrees

  • The probability of the wine cooler being greater than 60 degrees

  • The percentage of wine coolers served at the ideal temperature, between 49 and 55 degrees

 

Don’t Forget, to access the STEP BY STEP instructions on how to complete each of these 4 questions that are posted in the conversations area for this assignment, click on the small icon in the upper right corner of your screen that looks like a person with a square talk balloon next to its head.