Business statistics - Finer Suit Company sells suits in the US and the European

business statistics - critical thinking question finding descriptive statistics and making report

Finer Suit Company sells suits in the US and the European Union. The company monitors its suit sales by collecting randomly chosen data from store locations throughout the US and the EU. They record list price (in dollars), sale price (in dollars), and number of days it takes to sell each suit. Data were collected from 200 suits sold in the US and 200 in the EU region. The complete data set is in the file named Suits.

Managerial Report

Prepare a report (see below) that summarizes your assessment of the nature of the suit market in each region. Be sure to include the following seven items in your report.

1. Calculate descriptive statistics (mean, median, range, standard deviation, and coefficient of variation) to summarize each of the three variables for the all US suits. Use z-scores to determine if there any outliers in the data set for any of the three variables.
   • If there are any outliers in any category, please list them and state for which category they are an outlier.
   • If a result is an outlier, state whether it is below or above the mean.
   • How can one use the above descriptive statistics to understand the US suit market better? Could there be any other descriptive statistics that can help one understand the US suit market better?
2. Descriptive statistics (mean, median, range, standard deviation and coefficient of variation) to summarize each of the three variables for the all EU suits. Use z-scores to determine if there any outliers in the data set for any of the three variables.
   • If there are any outliers in any category, please list them and state for which category they are an outlier.
   • If a result is an outlier, state whether it is below or above the mean.
   • How can one use the above descriptive statistics to understand the EU suit market better? Could there be any other descriptive statistics that can help one understand the EU suit market better?
3. Compare your summary results from #1 and #2. Discuss any specific statistical results that would help Finer Suits understand its two types of businesses.
   • Discuss any specific statistical results that would help Finer Suits understand its two types of
4. Develop a 99% confidence interval estimate of the population mean sales price and population mean number of days to sell for US suits.
   • What is the margin of error?
   • Interpret your results.
   • Interpret what each confidence intervals means.
   • How can both confidence intervals provide useful US suit sales information?
   • What other confidence interval would you choose to compute to obtain more information related to US suit sales? Explain why.
   • What happens to the confidence interval as the level of confidence is increased.
5. Develop a 99% confidence interval estimate of the population mean sales price and population mean number of days to sell for EU suits.
   • What is the margin of error?
   • Interpret your results.
   • Interpret what each confidence intervals means.
   • How can both confidence intervals provide useful EU suit sales information?
   • What other confidence interval would you choose to compute to obtain more information related to EU suit sales? Explain why.
6. Assume the Finer Suit Company requested estimates of the mean List Price for the US suits with a margin of error of $600 and the mean List Price of EU suits with a margin of error of $600. Using 99% confidence, how large should the sample sizes be for each one?
   • How could the sample size formula be useful in understanding both types of suit businesses? What are some advantages of a larger sample size?
7. Suppose a US suit has a list price of $1,500 and an EU suit has a list price of $1,200. What is your estimate of the final selling price (based on the percent difference for the sale and list price) and number of days required to sell each of these suits?
   • How would these two estimates be useful in this application?

Write a report that adheres to the formatting and APA expectations outlined on the CSU Global Writing Center (Links to an external site.). As with all written assignments at CSU Global, you should have in-text citations and a reference page.

Submit your Excel file in addition to your report.

Requirements:

1. Paper must be written in third person.
2. Your paper should be four to five pages in length (counting the title page and references page) and cite and integrate at least one credible outside source. The CSU Global Library (Links to an external site.) is a great place to find resources.
3. Include a title page, introduction, body, conclusion, and a reference page.
4. The introduction should describe or summarize the topic or problem. It might discuss the importance of the topic or how it affects you or society as a whole, or it might discuss or describe the unique terminology associated with the topic.
5. The body of your paper should answer the questions posed in the problem. Explain how you approached and answered the question or solved the problem, and, for each question, show all steps involved. Be sure this is in paragraph format, not numbered answers like a homework assignment.
6. The conclusion should summarize your thoughts about what you have determined from the data and your analysis, often with a broader personal or societal perspective in mind. Nothing new should be introduced in the conclusion that was not previously discussed in the body paragraphs.
7. Include any tables of data or calculations, calculated values, and/or graphs associated with this problem in the body of your assignment.