Consider you or your friend or a relative is contemplating on introducing a new product or opening a new business (be creative – come up with a story here if not real). They need help in determining if their idea is a good one. After you have read the article and watched the videos prepare the following:
A plan for collecting data. Remember to use statistical terminology from chapters in this module while describing sampling techniques. Prepare to explain why this data collection strategy is useful/highly recommended.
Come up with a variety of questions regarding the business or the product which will provide valuable data on why/how the venture can become successful. Then make sure to identify them as categorical data or quantitative data.
Describe how one will statistically analyze the data ? (Depending on the type of data collected, refer to Module 1: Independence of categorical variables or Module 2: Correlation, for answering important questions in regards to quantitative or categorical data. You may suggest graphical displays of data as in Module 1. )
Then, write a friendly informative or a persuasive letter to him/her on the main take-aways from the article as well as your data collection strategy and analysis as described above. What strategies will you suggest that s/he take to ensure they have a good idea? Help them develop an experimental plan utilizing concepts regarding random data collection methods and experiment/observational study. List the questions that must be looked at and if those provide categorical or quantitative data. Explain to them how the data will be analyzed and how it will inform the process. Provide them an opportunity to discuss more with you.
Instructions: Come up with a context. Identify the real problem/question. Develop a plan to collect data that will address the problem/question followed by analysis strategies. Be sure to include the following parts of a Friendly Letter (Links to an external site.):
Body (should contain 3 paragraphs each with at least 5 sentences)
Ensure that there are no grammatical and/or punctuation errors and that thoughts are complete and substantial. A detailed rubric can be found below.
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