Choose an industry or business of interest to you and explore, discuss, and comment on some of the real world applications of hypothesis testing, business and finance homework help

/in /by

***IMPORTANT*** PLEASE DO NOT EMBARRASS ME. IF YOU CAN’T DO THE REQUIRED RESEARCH IN MASTER DEGREE LEVEL LANGUAGE, SIMPLY DO NOT ACCEPT THIS ASSIGNMENT. I WOULD RATHER PAY SOMEONE TO DO IT RIGHT THE FIRST TIME. IF YOU DO NOT UNDERSTAND SOMETHING SIMPLY ASK ME.

I need 2 peer responses to the following discussions, include APA style citations to prove your point.

THE QUESTION THE PEERS HAD TO ANSWER:

Choose an industry or business of interest to you and explore, discuss, and comment on some of the real world applications of hypothesis testing? Cite some of the real world cautions related to statistical inference and hypothesis testing that managerial practitioners need to be aware of?

PEER #1:

The industry I chose to talk about is ecommerce. Like in traditional retail, in ecommerce hypothesis testing can help identify consumer behavior and how to change the layout of the website to achieve maximum clicks and purchases. According to Optiverse it is helpful to optimize a websites search box, so that customers can find what they are looking for easily and the purchase can be made. This can be tested by adjusting the search bars and viewing the results. Another way to conduct hypothesis testing in ecommerce is by adjusting the scrolling banners and hero images, which are large images pointing out specific products of the site (Optiverse). Some of these items don’t move in a convenient way, so by optimizing them the ecommerce manager could identify if this increased the banner and hero clicks. Cautions for a manager in ecommerce could be problems with programming the desired tests. Depending on the maintenance available for the website a manager may or may not be able to afford reprogramming major aspects of the site.

PEER #2:

In the fast food industry, to continue to attract new consumers, companies will often offer new menu items in select markets to test out how well the new item would fair if offered nationwide. Chick fil a offers a seasonal milk shake, peach shake, that they tend to offer at select stores for the summer months. Based on how well the sales are with their new flavor, impacts whether or not the peach shake will earn its spot as a permanent fixture on their menu (Driscoll & Crosby, 2000). Chick fil a will gather statistics on cost to keep the peach shake inventory versus the sales revenue generated from offering the additional flavor as well as how the peach flavor sales compare to the strawberry, chocolate and cookies in crème. While using statistical inferences as one of the many streams of data that are available to managers to make business decisions, they are not without some caveats. A statistical inference is only as good as the study design, meaning, before managers decide to base a business decision on a sample group, it is imperative that the sample group used is truly representative of their larger target consumer population it is meant to represent (Michael, 1974). Failure to properly represent the target population could result in a misjudgment of how well a new flavor of shake would do in the market and the inventory costs and lack of sales could result in loss of profits.