Purchase Solution

Statistical Technique

Not what you're looking for?

Ask Custom Question

A group of executives at a local company is considering introducing a new product into a market area. It is important to know the age characteristics of the people in the market area.

a. If the executives with to calculate a number that would characterize the "center" of the age data, what statistical technique would you suggest? Explain.
b. The executives need to know the percentage of people in the market area that are senior citizens. Name the basic category of statistical inference tools they would use to provide this information.
c. Describe a hypothesis upon which the executives might wish to conduct a test concerning the percentage of senior citizens in the market area.

Attachments
Purchase this Solution
Solution Summary

A group of executives at a local company is considering introducing a new product into a market area. It is important to know the age characteristics of the people in the market area.

a. If the executives with to calculate a number that would characterize the "center" of the age data, what statistical technique would you suggest? Explain.
b. The executives need to know the percentage of people in the market area that are senior citizens. Name the basic category of statistical inference tools they would use to provide this information.
c. Describe a hypothesis upon which the executives might wish to conduct a test concerning the percentage of senior citizens in the market area.

Purchase this Solution
Free BrainMass Quizzes
Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.

Terms and Definitions for Statistics

This quiz covers basic terms and definitions of statistics.

Know Your Statistical Concepts

Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.

Measures of Central Tendency

Tests knowledge of the three main measures of central tendency, including some simple calculation questions.

View More Free Quizzes
Related BrainMass Solutions

  • Statistics - Confidence Intervel

    A dean of a business school wanted to know whether the graduates of her school used a statistical inference technique during their first year of employment after graduation.

  • Statistical Technique Determination

    Write the following: - Dependent Variable (DV) and Independent Variable (IV) - Level of Measurement of each Variable (Nominal, Ordinal, Interval, Ratio) - Look up the Statistical Technique on the attached matrix - Briefly explain your reasoning for

  • Appropriate Statistical Techniques

    253487 Appropriate Statistical Techniques What are the factors that determine the choice of the appropriate statistical technique? In order to select the appropriate statistical technique, hypothesis to be tested needs to be identified first.

  • Statistics - Hypothesis Testing

    Based on your readings in the white papers, text and lectures, how do you feel that the inferential statistical technique of Hypothesis Testing can be used by managers to make better business decisions?

  • Statistical Analysis Techniques: ANOVA and Post-Hoc Tests

    Which statistical analysis technique should be used? What is the null hypothesis? Can the market researcher get an answer? Why or why not?

  • statistical inference technique during first year of employment

    196281 Calculating Confidence Intervals in Excel A dean of a business school wanted to know whether the graduates of her school used a statistical inference technique during their first year of employment after graduation.

  • Pert Estimation vs. Three-Point Estimating

    This estimating technique is most often used with information technology projects. PERT is a version of the three-point estimation but is a bit less statistical and can be used with a wider variety of projects. References: Wikipedia. (2013).

  • Steps in Selecting and Evaluating Statistical Test Controls

    - Third, the auditor makes a decision about the audit sampling technique by determining which technique to use. The auditor exercises his judgment by the choice of statistical and nonstatistical sampling to be used.

  • Forecasting

    158813 Forecasting Among the advantages of the _____________ technique of forecasting are ease of calculation, relatively little requirement for analytical skills, and the ability to provide the analyst with information regarding the statistical significance

View More Related Solutions