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Data Compilation for Business Decisions

Competency
Compile data required to inform business insights.

Scenario
You are a Business Analyst for a company that produces energy drinks. Your manager wants you to determine if your company’s customers would prefer the energy drinks in can containers versus bottles. Given this scenario, you are required to decide how to package the energy drinks through your research. Your answers should be in the context of this company/energy drink – thus, this should be reflected in your answers. You are to compile your research and present it to your manager in a memo.

Instructions
This assignment does not require the use of Excel and is more of a critical thinking exercise. After reviewing the course readings, answer the following questions in a memo for your manager:

Indicate at least two data collection methods to use and a rationale for the two methods selected?
What kind of sampling technique would you use and why? NOTE: Make sure the sampling technique you choose here goes well with the data collection method chosen in Question 1 because some sampling techniques cannot be used with certain data collection methods.
Compare measures of central tendency and variance using clear examples.
Of the data that you are collecting, which data are qualitative, and which are quantitative? NOTE: Keep in mind what you answered in Question 1 because the type of data you are collecting would depend largely on the data collection methods chosen in Question1.
What kind of visualization (bar chart, pie chart, frequency histogram, stem, and leaf, etc.)would you use to describe the data you are collecting, and why?

Sample Answer

To: Manager From: Bard Date: 2023-07-16 Subject: Customer preferences for energy drink packaging

Introduction

As you know, our company produces energy drinks. We are currently considering whether to package our energy drinks in cans or bottles. In order to make a decision, we need to determine which packaging option our customers prefer.

Data collection methods

There are two data collection methods that I would use to determine customer preferences for energy drink packaging:

Survey: I would conduct a survey of our customers to ask them which packaging option they prefer. I would ask them to rate their preference on a scale of 1 to 5, with 1 being “strongly prefer cans” and 5 being “strongly prefer bottles.”
Focus group: I would conduct a focus group of our customers to discuss their preferences for energy drink packaging. I would ask them open-ended questions about their preferences, such as why they prefer one packaging option over the other.

Full Answer Section

Sampling technique

I would use a convenience sampling technique for both the survey and the focus group. This means that I would select participants who are convenient to reach, such as customers who visit our website or who participate in our social media campaigns.

Measures of central tendency and variance

Measures of central tendency are used to describe the “average” value of a set of data. The most common measures of central tendency are the mean, median, and mode.

The mean is the average of all the values in a set of data. The median is the middle value in a set of data when the data is arranged in order from least to greatest. The mode is the most frequent value in a set of data.

Variance is a measure of how spread out the values in a set of data are. The higher the variance, the more spread out the values are.

Qualitative and quantitative data

The data that I would collect from the survey and the focus group would be both qualitative and quantitative.

The qualitative data would be the open-ended responses that I would receive from participants. This data would help me to understand the reasons why customers prefer one packaging option over the other.

The quantitative data would be the ratings that I would receive from participants on a scale of 1 to 5. This data would help me to determine which packaging option is more popular overall.

Visualization of data

I would use a bar chart to visualize the data that I collect from the survey. A bar chart is a good way to show the frequency of different responses.

I would use a pie chart to visualize the data that I collect from the focus group. A pie chart is a good way to show the relative proportions of different responses.

Conclusion

I believe that the data collection methods and sampling technique that I have outlined will provide me with the information that I need to determine customer preferences for energy drink packaging. I will use the measures of central tendency and variance to describe the data, and I will use bar charts and pie charts to visualize the data.

I will present my findings to you in a report. I will also make recommendations for which packaging option we should use.

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