Final Project
Bryant/Smith Manual Case 7:
Tom’s Used Mustangs

Applied Managerial Statistics

I. Executive Summary

The data file named “MUSTANGS”, contains observations on 35 used Mustangs with a variation of 10 different characteristics[1]. This file was used to prepare a report on the influence of various options on asking price and to relay how this information could be used to set prices on used Mustangs. Statistical analysis by Hypothesis Testing and Multiple Regression Analysis was performed on the asking prices for used Mustangs and it was found that there are five independent variables that affect the selling price of used Mustangs:

• If the car is a convertible or not
• If the car is a GT model or not
• Age of the car in years
• Odometer reading in miles
• Number of cylinders in the engine

II. Introduction

Research suggests that pricing strategies can have a huge influence on company profits.[2] Several customers of Tom’s Used Mustangs have mentioned that asking prices are way out of line with the rest of the market. These prices may be too high or too low, and are never close to the going rate. It had been determined that asking prices for the used Mustangs were based on an informal scheme and has not proved to be as effective as anticipated.

In researching competitors, and because the physical characteristics are many, there has been some difficulty pinpointing a useful pricing strategy. To effectively find a pricing scheme, statistical analysis of the given data involved hypothesis testing and multiple-regression analysis. Hypothesis testing is the rational agenda for applying statistical tests. The main question we usually wish to dig up from a test such as this is whether the sample data is important or not. There are two hypotheses that are possible:

• H0: the null hypothesis. The number is from a standard normal distribution with μ = 0. • HA: the...

...Comparing a sample to a known population mean
2) Comparing of sample mean with independent samples
3) Pre and Posttest with dependent (paired) samples
Hypothesis Testing in Regression-Null hypothesis: β=0/ t- statistic: t= b-b/sb
Average standard error test statistics DF
Sample to pop | | | | |
Sample mean with independent sample | | | | |
Pre and post test | | | | |
Interpretations:
Accept: the...

...BRYANT/SMITH CASE 32
WHAT FACTORS INFLUENCE PAYING BILLS ON TIME???
Ernest G. Hamilton III
Keller Graduate School of Management
GM 533 – AppliedManagerialStatistics
December 14, 2010
INTRODUCTION
As you requested, the following information below illustrates my analysis in determining whether the dollar of a bill has an effect of the number of days the bill is late. Additionally, I have obtained information that determines if the bill is...

...Normal(88.532,5.07943)
Normal(97.1033,5.04488)
Normal(107.15,5.15367)
Summary Statistics
Mean
88.532
Std Dev
5.0794269
Std Err Mean
0.2271589
Upper 95% Mean
88.978306
Lower 95% Mean
88.085694
N
500
Sum
44266
Summary Statistics
Mean
97.103333
Std Dev
5.0448811
Std Err Mean
0.2912663
Upper 95% Mean
97.676525
Lower 95% Mean
96.530142
N
300
Sum
29131
Summary Statistics
Mean...

...AppliedManagerial Decision Making
MGMT600-1301B-03
Phase 3 individual project
Rocklyn Kee
Colorado Technical University Online
Professor Donald Pratl
March 11, 2013
There are 500 employees in the sales force of Company W that are spread out over Southeast, Northeast, West, and Central regions. The company has recently incorporated a new software program in and attempt to monitor how many sales are generated by each employee. It is expected that each...

...B6014 MANAGERIALSTATISTICS
Course Description: This course introduces students to basic concepts in probability and statistics of relevance to managerial decision making. Topics include basic data analysis, random variables and probability distributions, sampling distributions, interval estimation, hypothesis testing and regression. Numerous examples are chosen from quality-control applications, finance, marketing and management. Type...

...ManagerialStatistics
Distinguish between primary data and secondary data?
OBJECTIVE
The main objective of this topic is to measure the degree of relationship between the variables under consideration.The correlation analysis refers to the techniques used in measuring the closeness of the relationship between the variables.
DEFINITION
Some important definitions of correlation are given below:
1. “Correlation analysis deals with the association between two or...

...Statistics 1
Business Statistics
LaSaundra H. – Lancaster
BUS 308 Statistics for Managers
Instructor Nicole Rodieck
3/2/2014
Statistics 2
When we hear about business statistics, when think about the decisions that a manager makes to help make his/her business successful. But do we really know what it takes to run a business on a statistical level? While some may think that business...

...mathematical tools to aid decision making for decades. During World
War II many techniques were developed to assists the military in decision making. These developments were so successful that after World War II many companies used similar techniques in
managerial decision making and planning.
The decision making task of modern management is more demanding and more important
than ever. Many organisations employ operations research or management science personnel or...

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