Organizations sometimes want to go beyond describing the

Assignment Help Marketing Management
Reference no: EM13451691

You are hired as a statistical analyst for Silver’s Gym, and your boss wants to examine the relationship between body fat and weight in men who attend the gym. After compiling the data for weight and body fat of 252 men who attend Silver’s Gym, you find it relevant to examine the statistical measures and to perform hypothesis tests and regression analysis to help make general conclusions for body fat and weight in men.

Part I: Statistical Measures

Statistics is a very powerful topic that is used on a daily basis in many situations. For example, you may be interested in the age of the men who attend Silver’s Gym. You could not assume that all men are the same age. Thus, it would be an inaccurate measure to state that "the average age of men who attend Silver’s Gym is the same age as me."

Averages are only one type of statistical measurements that may be of interest. For example, your company likes to gauge sales during a certain time of year and to keep costs low to a point that the business is making money. These various statistical measurements are important in the world of statistics because they help you make general conclusions about a given population or sample.

To assist in your analysis for Silver’s Gym, answer the following questions about the Body Fat Versus Weight data set:

Calculate the mean, median, range, and standard deviation for the Body Fat Versus Weight data set. Report your findings, and interpret the meanings of each measurement. Notice you are to calculate the mean, median, range, and standard deviation for the body fat and for the weight. The measures of central tendency are important in real-world situations.

What is the importance of finding the mean/median? Why might you find this information useful? In some data sets, the mean is more important than the median. For example, you want to know your mean overall grade average because the median grade average would be meaningless. However, you might be interested in a median salary to see the middle value of where salaries fall. Explain which measure, the mean or the median, is more applicable for this data set and this problem. What is the importance of finding the range/standard deviation? Why might you find this information useful?

Part II: Hypothesis Testing

Organizations sometimes want to go beyond describing the data and actually perform some type of inference on the data. Hypothesis testing is a statistical technique that is used to help make inferences about a population parameter. Hypothesis testing allows you to test whether a claim about a parameter is accurate or not.

Your boss makes the claim that the average body fat in men attending Silver’s Gym is 20%. You believe that the average body fat for men attending Silver’s Gym is not 20%. For claims such as this, you can set up a hypothesis test to reach one of two possible conclusions: either a decision cannot be made to disprove the body fat average of 20%, or there is enough evidence to say that the body fat average claim is inaccurate.

To assist in your analysis for Silver’s Gym, consider the following steps based on your boss’s claim that the mean body fat in men attending Silver’s Gym is 20%:

First, construct the null and alternative hypothesis test based on the claim by your boss. Using an alpha level of 0.05, perform a hypothesis test, and report your findings. Be sure to discuss which test you will be using and the reason for selection. Recall you found the body fat mean and standard deviation in Part I of the task. Based on your results, interpret the final decision to report to your boss.

Reference no: EM13451691

Questions Cloud

Indiarsquos tata manufactures a car called nano check via : indiarsquos tata manufactures a car called nano check via google. tata wants to know if there is a market for the car
Finlon upholstery inc uses a job-order costing system to : finlon upholstery inc. uses a job-order costing system to accumulate manufacturing costs. the companys
What will you do to develop relationship make sure that you : nbspyou need to begin negotiating the contracts with the individual team from each country using the strategy that you
When companies accumulate costs they generally use either a : when companies accumulate costs they generally use either a job order or a process costing system. the type of system
Organizations sometimes want to go beyond describing the : you are hired as a statistical analyst for silverrsquos gym and your boss wants to examine the relationship between
Use the internet to research two publically held health : use the internet to research two publically held health care organizations in your state that you believe would benefit
Sow ethical scholarship in accurate representation and : globalization was welcomed around the world at the beginning of the 1990s. different trade theories were used to
There are several ways a company can allocate overhead : there are several ways a company can allocate overhead costs to products produced or services provided. two of these
Mr phillips of southwest investment bankers is estimating : mr. phillips of southwest investment bankers is evaluating the pe ratio of madison electronics conveyors mec. the firms

Reviews

Write a Review

Marketing Management Questions & Answers

  Question 1a which is a superior public relation tool a

question 1a which is a superior public relation tool a press conference or a press release? give at least five grounds

  Explain understanding entrepreneurship and intrapreneurship

Explain Understanding Entrepreneurship and Intrapreneurship and How would the keys to success would have been different though both situation

  The final paper should demonstrate understanding of the

the final paper should demonstrate understanding of the reading assignments as well as the implications of new

  Brands can play a number of specific roles within a

1 which of the following is most closely associated with a proactive marketing orientation?2 marketing is the art and

  Marketing a product has four key concepts which include

marketing a product has four key concepts which include product price place and promotion. using the vancouver 2010

  Currently the organization is decentralized around

senior management of a large multinational corporation is planning to restructure the organization. currently the

  Digital advertising strategy for a small business

Digital Advertising Strategy for a Small Business

  Describe what is meant by ldquohuman capital metricsrdquo

question 1 what is the significance of the lilly ledbetter fair pay act of 2009?question 2 interviewing can be

  Explain product failure

Explain Product failure and DailyFinance is a consumer finance site that helps consumers manage their money and understand

  How would you assess the status of chief executive officers

answer the following 5 questions. minimum 100 words per question. apa format include references for each question.1.

  How has the companyrsquos strategy changed from the

the web site amazon.com once aimed to be the worldrsquos largest bookseller. now the company offers a wide range of

  Explain segmenting the market and target margeting

Explain Segmenting the Market and Target Margeting and Distinguish between the terms market segmentation and target marketing  and Include a brief definition of the concepts.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd