Expert answer:Business Decision Making Project Part 2

Solved by verified expert:Purpose of AssignmentThis assignment provides students with practice in understanding how to develop a hypothesis and interpret its findings. Students will learn to implement the use of these statistical measures for better business decision-making. Assignment Steps Resources: Week 4 Videos; Week 4 Readings; Statistics Lab Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products. 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 a 1,050-word report in which you: Identify which types of descriptive statistics might be best for summarizing the data, if you were to collect a sample.Analyze which types of inferential statistics might be best for analyzing the data, if you were to collect a sample.Analyze the role probability or trend analysis might play in helping address the business problem. Analyze the role linear regression for trend analysis might play in helping address the business problem.Analyze the role a time series might play in helping address the business problem. Format your assignment consistent with APA guidelines.Click the Assignment Files tab to submit your assignment.
business_decision_making_project_part_1.docx

Unformatted Attachment Preview

Running head: BUSINESS DECISION MAKING PROJECT PART 1
Business Decision Making Project Part 1
Chris Holden
QNT/275 Statistics for Decision Making
October 09 2017
Cynthia Roberts
1
BUSINESS DECISION MAKING PROJECT PART 1
2
Business Decision Making Project Part 1
1.0
Introduction
In this context, I will be major more about a problem within the ice cream industry. Such
a problem has been existing since the inception of this product. Every business firm dealing
with this product has been suffering from same fate. In my case, I will major on Blue Bell
Creameries Company which is among the leading sellers of ice products. Moreover, I will
highlight on some of ways of data collection which should be put in place in order to correct
and verify the problem.
1.1 Blue Bell Creameries
Currently, Blue Bell Creameries Company has been rated among the biggest ice cream
manufactures within U.S. The company began its operations in the year 1907 in Brenham,
Texas. Initially, this company focused on manufacturing of both butter and ice creams. During
mid 1900’s, the company extended its services and operations in order to cover the entire
Texas State. During this expansion period the company ended up abandoning production of
butter products (McCrackan 2005).
More plans were put in place which enabled the company to expand its services
to the Southern States. As per now, Blue Bell Company operates four main stations among 13
States. Its headquarters are positioned at the “Little Creamery” within the city of Brenham,
Texas. Since the year 1919, this company has been under management of the Kruse family.
Regardless of being sold within a limited number of states, since the year 2015 Blue Bell
BUSINESS DECISION MAKING PROJECT PART 1
3
Company has been rated as the fourth highest-selling ice cream brand within U.S (McCrackan
2005).
1.2 The Problem
Based on current studies, the ice cream industry has in operation since late 1800. In
overall, this product is highly liked by both children and women. According research conducted
in the year 2014, ice cream companies were able to make more than 872 million gallons of ice
creams (MacInerney 2007). This implied that, ice cream is among the leading source of income
for U.S. Market demand of this product is currently facing problem of weather changes. In
general, ice cream producers such as Blue Bell are currently facing market problems as a result
of arrival of the winter season.
According to information shared from ice cream retailers, a great fluctuation of ice sales
has been recorded during winter season. This season has been said to last for 2-3 months in
each year. During winter, most customers are unwilling to buy ice creams which has resulted to
a great market loss. Additionally, such loss result to a reduced production which later yields to
loss of jobs (MacInerney 2007). Though Blue Bell Company has invested and diversified in other
products like butter as well as Cheese, Ice cream has been termed to be its leading source of
income.
1.3 Research Variables
Based on its financial data, the amount of ice cream sold on its annual basis is the
dependent variable whereas Months in which it sells its products is the independent variable.
This is based on the fact that; different months have varying weather patterns in form of
BUSINESS DECISION MAKING PROJECT PART 1
4
changes in temperatures. In most cases, high temperatures translate or results to high sales in
terms of ice cream. Temperatures vary from one month to the other (Smith 2006). During low
temperatures clients avoid ice cream products resulting to lower sales for ice cream vendors
among other firms.
1.4 Data Collection
Its financial data has clearly explained on how the company distribute ice creams among
other products in U.S. This implies that we have a huge volume of data collection points. As per
our case here, we will verify the problem at hand by utilizing real world data. This data will
enable the company in implementing the appropriate sampling strategy for the problem at
hand. To gather sales data for the ice cream, it is critical to pay a visit to numerous facilities
which sell Blue Bell ice creams for instance supermarkets among other established ice cream
shops. In getting the real data, we may not need exact values of the company’s sales but we
may choose to go for the overall trends over the given months (Smith 2006). Additionally, the
ice cream problem is a not restricted to some companies alone. The best sampling approach
which will enable the company to save resources is convenience sampling.
Convenience sampling involves paying visits to nearest ice cream shops as well as
supermarkets. Interviews may also be considered as a key strategy in collection of data. The
information to be gathered comprise of the quantity of ice creams sales in each month within
the given year. Capturing information through electronic media by taking pictures may be
preferred too. Current studies have concluded that, more than 6% sample of a large population
will be enough when collecting data based on the ice cream sales. In our case, 5% of various ice
BUSINESS DECISION MAKING PROJECT PART 1
5
cream shops and supermarkets which deal with Blue Bell ice creams will be analyzed and
sampled.
1.5 Reliability and Validity of data
Generally, reliability is defined as the degree at which an assessment tool generates a
stable and consistent results. This will be very useful as per our case. In determining whether
the data is valid and reliable the company will have to use a software in evaluating various
coefficients involved. For reliability, the correlation of numerous months on the gathered data
will be examined to check for significance. Outliers among other issues which may impact the
reliability of data will be eliminated too. In case the data collected proves un reliable even after
outliers are eliminated, it will be necessary to sample more stores and supermarkets and
comparison of the results will be performed.
BUSINESS DECISION MAKING PROJECT PART 1
6
REFERENCES
MacInerney, Dorothy McLeod. 2007. Blue Bell Ice Cream. Brenham, Tex.: Blue Bell
Creameries.
McCrackan, Andrew. 2005. Practical Guide To Business Continuity Assurance. Boston: Artech
House.
Smith, Andrew F. 2006. Encyclopedia Of Junk Food And Fast Food. Westport, Conn.:
Greenwood Press.
…
Purchase answer to see full
attachment

How it works

1. Paste your instructions in the instructions box. You can also attach an instructions file
2. Select the writer category, deadline, education level and review the instructions 
3. Make a payment for the order to be assignment to a writer
4.  Download the paper after the writer uploads it 

Will the writer plagiarize my essay?

You will get a plagiarism-free paper and you can get an originality report upon request.

Is this service safe?

All the personal information is confidential and we have 100% safe payment methods. We also guarantee good grades