Maths from Scratch for Biologists - Assignment Example

? Foundation of business analysis: Data analysis report July 20, Foundation of business analysis: Data analysis report Introduction Decision making processes relies on identified alternatives to a problem and analysis of factors to the alternatives. Such analysis identifies viability of alternatives and may compare the alternatives to identify the most suitable option and statistical applications plays an important role in data analysis for business decisions. Test of hypothesis is fundamental to determining relationships between variables and ascertain significance of the relationships, a process that determines chance occurrence in observations and develops assurance towards reliable decisions. Statistical tools such as analysis of variance and regression analysis, together with data analysis software facilitates the analyses. This paper conducts data analysis for the Food For Fork to inform the proprietor, Michael Jenkins, of viability of the business venture. Background information into the project suggests possible viability following the proprietor’s experience as a supply sales representative and contact with many restaurant owners in the city. The target location for the business has a population of about 500000 people and an assurance that a significant portion of the population earns enough income level to demand for the proposed venture’s services is necessary. There is further need for certainty on possible existence of market, suitable promotional strategies for the proposed venture, and particular market segments in which business promotion should focus. Other necessary information towards decisions on the proposed business venture relates to the restaurant’s design, appropriate price for the market and location for the proposed business venture and this report analyses available data to explore the concerns and inform the proprietor of the viability of the proposal. The report explores the following issues. Demand for an upscale restaurant and at what price level Suitable design and operation characteristics for the proposed business Suitable location of the proposed venture Appropriate promotion strategy for the business In order to inform the proprietor on the basis for decision making, the report evaluates the following research questions. Is the average amount that people are willing to pay for a meal less than the forecast value of $19? Does the average income of the people surveyed differ from $70,000? Is there a difference in preference for simple decor and elegant decor? If so, which is preferred? Is there a difference in the mean amount spent in restaurants each month across people with different marital status? If the groups are different, which category (or categories of material status spend the most? Is there a difference in the between mean preference for jazz combo and string quartet? If so, which is preferred? Is there an association between likelihood of attending and the section of the newspaper that is read? Which section (or sections) of the newspaper are superior for advertising? Is there a difference in average price people are willing to pay for a meal across postcodes? If so, in which post code are people, on average, willing to spend the most? Does the average monthly restaurant expenditure differ across genders? If so, which gender spends the most? Is there a relationship between income and total expenditure? What is the nature of this relationship? Can the average amount people spend on food each month be explained by the average price people are willing to pay for meals, age, marital status, gender and income? Discussion Determination of whether the average amount that people are willing to pay for a meal is less that the forecasted amount of $ 19 is achievable through exploration of the following set of hypotheses. H10: µp=19, the average amount that people are willing to pay for a meal is not less that the forecasted amount of $ 19 H1A: µp Read More