QNT 275T Wk 5 Case Study The MOST Super Secrets to the Secret Sauce of Stats Success

Assignment Content

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It’s week 5 and it’s TOTALLY unusual…but…we have a case study to complete. Shock and surprise, right?

Right!

Okay, you should know the drill by now. You FIRST do your work in excel answering problems utilizing new-found statistical knowledge. Then SECOND, you upload your excel work. To upload your assignment, click on the black “view assessment” button on this screen (you may need to scroll down to see it).

Don’t forget to look in the conversations area for detailed 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.

It is recommended that you use these detailed 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. You are welcome to post questions or thoughts in this thread but they will not be counted toward your weekly participation grade.

Happy solving!

Here are the parameters for our week 5 (and final) case study together:

You are the manager of a retail store. You want to investigate how metrics can improve the way you manage your business.

Data on current metrics can be found in the week 5 data set excel file:

Week 5 Case Study Data Set _ Click the 3 Dots to the Right to Open Me ————>

Create and calculate the following in Excel®:

1 Conduct a goodness of fit analysis which assesses orders of a specific item by size and items you received by size.

• Conduct a hypothesis test with the objective of determining if there is a difference between what you ordered and what you received at the .05 level of significance.
• Identify the null and alternative hypotheses.

2 Generate a scatter plot, the correlation coefficient, and the linear equation that evaluates whether a relationship exists between the number of times a customer visited the store in the past 6 months and the total amount of money the customer spent.

• Set up a hypothesis test to evaluate the strength of the relationship between the two variables.
• Use a level of significance of .05.

3 Use the regression line formula to forecast how much a customer might spend on merchandise if that customer visited the store 13 times in a 6 month period. Consider the average monthly sales of 2014, $1310, as your base to:

• Calculate indices for each month for the next two years.
• Graph a time series plot.

4 In the Data Analysis Toolpak, use Excel’s Exponential Smoothing option.

• Apply a damping factor of .5, to your monthly sales data.
• Create a new time series graph that compares the original and the revised monthly sales data.

Don’t forget to access the STEP BY STEP instructions for each of the four case study questions embedded 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. Why do it yourself? Let’s do it TOGETHER!

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