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Collect the team members' Week 5 individual Inferential Statistics and Findings assignment papers and spreadsheets. Review each team member's inferential statistics and findings, incorporating the best elements into one team inferential statistics and findings paper and spreadsheet.
•Note the strengths and weaknesses
•Where there are differences, collaborate with your team to find the best approach. Complete the cumulative Business Research Project by combining all parts into a 2,450- to 2,800- word paper that is between by collaborating with your team to include the following:
•Revised tables or figures based on prior instructor feedback
•Description or interpretation of the tables or figures
•Summary of the results of testing the null hypothesis, with a clear statement whether or not the null hypothesis was rejected
•Answers to the research questions
•Conclusions that were derived from this study
•An inconclusive result is acceptable for this project. Should that be the case, suggest potential future research efforts and a new research questions that might provide more definitive results.
•Recommendations based on the results
•Observations (reflection) on the business problem and its solution
•Research challenges your team experienced in this study
•Steps to minimize challenges in future research
•Suggested future research based on your research results, challenges, and implications
Format your Business Research Report consistent with APA guidelines. Develop a 12- to 16-slide Microsoft® PowerPoint® presentation that includes the following elements:
•Overall picture of the research process
•Summary of the research results including specific answers to the research question
•Summary of the challenges, implications, and recommendations
Submit the Business Research Report, Microsoft® Excel® spreadsheet, and Microsoft® PowerPoint® presentation to the Assignment Files tabI need help with only these parts.
1. Answers to research question
- Summary of the challenges resulting from the research
- Summary of the implications resulting from the research
- An inconclusive result is acceptable for this project. Should that be the case, suggest potential future research efforts
- Suggest a new research questions that might provide more definitive results6. Recommendations based on the results
Inferential Statistics and Findings
During week five individual assignment, one is to create an inferential statistics (hypothesis) test using the research question and two variables ones learning team developed for the Week 2 Business Research Project
Part 1 assignment. This will include two aspects (1) the research question and (2) mock data for the independent and dependent variables. Next, one will determine the appropriate statistical tool to test the hypothesis based on the research question then, conduct a hypothesis test with a 95% confidence level, using the statistical tool. Finally, one will interpret the results of ones’ findings.
Creating an Inferential Statistics (Hypothesis) Test
According to Lind, Marchal, & Wathen (2015), inferential statistics is the process of “sampling from a population with the objective of estimating properties of a population” (Lind, Marchal, & Wathen, 2015, p. 5). As one creates an inferential statistics (hypothesis) test on the research question of: does promotions have a significant effect on sales revenue, one must understand that at times, limited set of data will require a decision. Such as being unable to tell if the null hypothesis is true or false and if the alternative hypothesis is true or false. Reeds Valley Market is a small local town main grocery store with about 150 employees, located in Winesingberg, MO. Reeds Valley commitment is to provide the finest fare-succulent and delectable perishables as well as the most monitored and maintained quality standards available every day. When it comes to produce, Reeds Valley Supermarket ensures that they offer the largest variety of high quality produce both organically and naturally through locally sourced farmers and seasonal picks of produce.
However, they are faced with a business problem. Reeds Valley Supermarket is faced with a business of sales dropping because of a new competitor and they would like to introduce a new promotional strategy to attract new customers, but they need to know the influential factors that promotions have on sales revenues. The promotional strategy is implementing a Loyalty Rewards Program. What this is, is that for every $100 spent on groceries using ones Reeds Card, they will receive $20 in free groceries their next purchase. The Reed’s Cards will initially be given out at the cash registers to customers when they purchase their goods and they can accumulate their points for the next 6 months. This way no extra resources are being used on marketing and its current customers and word of mouth getting the word out about the card. The overall expense of the distribution of these cards would be minimal this way, so if it was unsuccessful there would not be as much overhead costs sank into the program. At the very least the most loyal customers got discounts for 6 months and that might keep them around after or if the card goes away.
Determining the Appropriate Statistical Tool to Test the Hypothesis
The hypothesis statements based on the research question for Reeds Valley Supermarket is (1) there is no significant relationship between promotional strategies and sales revenue, and (2) there is a significant relationship between promotional strategies and sales revenue. The appropriate statistical tool to test the hypothesis is the two-sample t-test. This type of statistical tool is most common for hypothesis testing. The two-sample t-test will “test a hypothesis about the mean population difference between paired or dependent observations” (Lind, Marchal, & Wathen, 2015, p. 364). For hypothesis testing, Reeds Valley Supermarket is interested in the distribution of the differences in the sales revenue of its Reeds Card Rewards Program. The t-test will allow learning team C to answer the hypothesis by either accepting the null hypothesis or rejecting it. Based on the data calculations, the null hypothesis is false.
