Capstone Project
Executive Summary
The hypothetical idea which has been chosen for this analysis is the establishment of a Bar BQ restaurant in an area, in which we have asked number of questions from the respondents to get an idea about their choice, and what sort of products they are intending to have in the market with us. We have found that age plays a dominating role in having the choice of foods, and it is also found that the stance of the company is very essential as far as managing the productivity is concerned.
Introduction
Business Statistics is an important thing, and it has its tendency and utilization in different subjects and different walks of life in particular (Fisher, Lewis & Embleton, 1987). There are numerous concept that specifically stride under the statistical management and aspect, which all be used for the statistical based management and analysis. Some of the major statistical management concepts are average, standard deviation, and min and max and so on. All of these statistical concepts and packages would be used specifically for the analysis and hypothesis testing purpose. All of the concepts that stride under the statistical management concept are integral and effective from the standpoint of analysis and management, and these concepts are the one which will be taken into account for the analysis purpose particularly (Härdle & Simar, 2012).
This particular assignment is all about utilizing the statistical concepts and some of the major techniques which have been used under the same concept like average, deviations and others. The assignment depends upon the personal inclination or interest and it usually has an important concept related to it. The assignment depends solely upon the assumption, and it is usually associated with the concept of a particular thing. Suppose a restaurant is opening a fast food restaurant Chain in a certain market, and now they are requiring analyzing the total amount of people required to have Bar-BQ items. The business managers has made a questionnaire, and have been distributed among hundred people outside of the newly established hotel to get an idea that how many of them wanting to have Bar BQ item, and at what age, the product would be effective.
Analysis & Finding
There are three different questions which have been asked from the respondents to get an idea about the business idea. The questions are both open ended and close ended particularly.
This particular question is a close ended question in which the people have limited options to analyze the things in an organized manner. They have the option either from Yes, Not and Don’t Know. The same has been asked from the sample size of 100 individuals to get an idea about their inclination towards having the Junk or Bar BQ Foods particularly (Kachigan, 1982). Mentioned below is the statistics which have been computed form the questionnaire analysis
Question-2
What kind of items you would like to have in Bar BQ item?
This particular question is all about getting the idea of the business, and getting the idea about the Bar BQ item which the person is intending to have (Keilegom & Wilson, 2011). This particular question is an open ended question in which individuals have the choices to select a single dominating thing in a Bar BQ item as compared to other aspect. This particular question has been asked with the respondents to get an idea about the company’s productivity and their strategy to enhance in the market with positive attitude.
Question-3
This particular question has been made on the basis of hypothesis testing. Hypothesis testing is a statistical tool which usually made on the core assumption level. With the help of effective hypothesis testing, a company can get on an organized and perfect idea which is very important to accomplish accordingly. There are certain statistical significance tests which have been used specifically for the same purpose in particular to apply the techniques in an effective and organized manner. The hypothesis that will be used to analyzed in this particular analysis will be like this
HO: Providing food as per the likeness and requirement of the individual would not make the restaurant productive and effective within the eyes of the general public
HA: Providing food as per the likeness and requirement of the individual would make the restaurant productive and effective within the eyes of the general public
There is a need to apply a perfect test with it, and the test which has been applied in this particular analysis is Chi-Square Z-Test, because the sample size is higher than the level of 30, and it will give a good hand to the company particularly. Mentioned below is the statistical analysis initiated through the Chi-Square Testing
The test has been initiated through the Z-Test Strategy and with 100 samples particularly. It is one of the most important tools that have been taken into account for the same analysis particularly (Kolaczyk, 2014). There are two results which have been found in the Z-test, a computed test, and a tabulated test. The test which has been analyzed in this analysis is Computed Result, while the other result which has been used here is the tabulated result which have been computed and found through the statistical table of Z-Table, which are 11.89. The computed result will lie in the critical region, and as per the analytical vision, the null hypothesis should be rejected in this particular vision, and alternatively alternative hypothesis should be selected. By selecting the alternative hypothesis, it is found that providing food as per the likeness and requirement of the individual would make the restaurant productive and effective within the eyes of the general public. This result gives a clear idea to us to get an idea about the same aspect.
Conclusion
The concept of statistical management like mean, proportion, likert scaling and hypothesis testing has been taken into account for this analysis. It is also found from the analysis that the application of these statistical tools would be extremely essential and effective for us to cover up the thing in an effective manner.
References
Fisher, N., Lewis, T., & Embleton, B. (1987). Statistical analysis of spherical data. Cambridge [Cambridgeshire]: Cambridge University Press.
Härdle, W., & Simar, L. (2012). Applied multivariate statistical analysis. Berlin: Springer.
Kachigan, S. (1982). Multivariate statistical analysis. New York: Radius Press.
Kachigan, S. (1986). Statistical analysis. New York: Radius Press.
Keilegom, I., & Wilson, P. (2011). Exploring research frontiers in contemporary statistics and econometrics. Berlin: Springer/Physica-Verlag.
Kolaczyk, E. (2014). Statistical analysis of network data with R. New York, NY: Springer.
