Identify the types of descriptive statistics (graphical measures) that might be best for summarizing the data, if you were to collect a sample.

Identify the types of descriptive statistics (graphical measures) that might be best for summarizing the data, if you were to collect a sample.

The purpose of this assignment is for students to build upon the problem or opportunity identified in Part 1 in Week 3. In this part, students will identify the appropriate numerical and graphical techniques of descriptive statistics learned in Weeks 2 and 3 and apply them to further studying their problem or the opportunity. Additionally, students will gain experience in using basic concepts of probability to their research.

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Assignment Steps

Use the same business problem/opportunity and research variable you wrote about in Week 3.

Note: Do not actually collect any data; think hypothetically.

Develop an analysis of 1,050 words in which you:

Identify the types of descriptive statistics (numerical measures) that might be best for summarizing the data, if you were to collect a sample.
Identify the types of descriptive statistics (graphical measures) that might be best for summarizing the data, if you were to collect a sample.
Analyze the role probability (for example, expected values or finding the probability of incurring a loss, etc.) might play in helping address the business problem.

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