Business Statistics Essay Discussion
SECTION A
Happy Now is a start-up food and beverage company in Singapore. It plans to launch new ice-cream flavors for the Singapore market. To ensure the success of the product launch, it is engaging you to provide your recommendations based on research data.
In order for you to do so, you have to address the following questions:
Question 1
Happy Now will like to collect data to understand Singapore’s consumption habits. Discuss what are the variables you will recommend for Happy Now to collect? In discussing each of the variables, you are to: Business Statistics Essay Discussion
- Name and describe what do each variable measure,
- Classify each variable by type (qualitative, discrete or continuous variable),
- Classify each variable by the type of measurement level.(Nominal, Ordinal, Interval, Ratio)
For completeness of future data collection, you must provide at least one variable for each type of measurement level.
| Nominal
[Lowest] |
Ordinal | Interval | Ratio
[Highest] |
| Gender (Male/Female) | Satisfaction level | Year and Seasons | Age |
| Flavours of the Ice cream | Ranking of ice cream flavours | Number of ice creams they consume or buy in a month/week | |
| Ice cream brands | Price |
Propose ONE sampling method you would recommend to use to collect the data. In your proposal, you will have to provide the following information:
- Describe the sampling method with reference to the context of what are you trying to collect.
- Explain why your proposed sampling method is the best recommendation as compared to the other sampling methods. Business Statistics Essay Discussion
Question 3
Answer the following:
- Create a survey form online to collect sufficient data from some of your friends on the amount of money that they are willing to spend on ice cream per month. In your answer, you are required to:
- Include the URL of your survey site
- Download the excel data file from the online survey form
- Assume that the national (Singapore) average amount a customer is willing to spend on ice-cream monthly is $8.
Conduct a hypothesis test to determine if the amount that your friends are willing to spend is the same as the national average. When answering this question, you may consider using some or all of the following pointers to guide you:
- Name the test you will be conducting and explain the reason for your choice
- The value of the sample means and standard deviation.
- The null and alternative hypotheses
- Your calculation (based on the data and the assumption)
- Your outcome of the Hypothesis Testing
- Your recommendation on whether Happy Now should price their ice-cream at $8?
Business Statistics Essay Discussion