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Statistical terms and uses in business plan

A. Clearly define the dependent and independent variables that are the focus of the team's study. The dependent variable is the variable whose value is the result or is a function of the control or independent variables.
b. State the null and alternative hypotheses and the theories that support these hypotheses that will be tested. You should also present the methodology that will be used to test these hypotheses.
c. Clearly define all primary and secondary data sources.
d. Compute the sample size required for the project and provide clear support for the criteria used to arrive at this figure.
e. Describe how you selected and produced your samples. Specifically, you must state how the data was selected, discuss a final plan or methodology to collect the data, describe the survey instruments that would be used to collect your samples, and indicate the analytical approach and test statistics that would be used to test your hypotheses.
f. Make final recommendations related to defining and explaining the problem and stating the hypotheses that will be tested.
g. Include an appendix for any related data and survey instruments. Additional work may include the analysis of the data, interpretation of the results, testing hypotheses, and recommendations based on this analysis

Solution Preview

Okay, I will outline information for the questions. I am going to use Southwest Airlines as the company, since they are always solvent and an excellent study. I hope this helps.

I am using Southwest Airlines as the example company and will be trying to decide whether weather is more likely to predict if people will fly or if ticket prices are more likely to influence if people will fly. You may want to determine the time such as a particular winter month or during the winter season or hurricane season or even to a specific place which makes the study more specific as well.

First you may want to read the website to decide which of the questions is more likely to work best. The questions, just for your own work or because sometime they may required would be like:

1. What affects do weather and price of tickets have on the flying customers of Southwest Airlines?
2. Does the weather affect the number of customers flying SWA in the winter?
3. Does the price of tickets affect the number of customers flying SWA in the winter?
4. Which affects the number of customers flying SWA in the winter, weather or price of tickets?
5. How can I test the relationship between these three variables

a. Clearly define the dependent and ...

Solution Summary

A review of the use of statistical data and how it is used to form a business needs plan. The steps used on creating the statistics study are outlined briefly.