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You are required to evaluate the nature and process of business and economic data from a range of different published sources: Business and Economic Data Evaluation and Analysis Report, UK
| University | University of Strathclyde (UOS) |
| Subject | Business and Economic Data Evaluation and Analysis |
You have finished two cases and will submit a report to your line manager for further review.
The first case is about an investment company considering expanding its business in the US. It requires your statistical service associating with the analysis of the macro-economic situation of the United States. You have gathered data from published sources showed in tab 1 and tab2.
Sunflowers Apparel is another client. Its sales director suspects that the greater the number of profiled customers who reside within a fixed radius of a store, the greater the store sales will be. If this association relationship is confirmed, the sales director can make a practical sales forecast. You have collected data from a sample of 14 stores showed in tab3 and will use the Least-Squares Method to measure the relating association.
The report you need to submit is to evaluate and analyze data based on these three tables in the attachment to draw specific information for clients:
1. You are required to evaluate the nature and process of business and economic data from a range of different published sources (such as that in the attachment). And then, you are expected to evaluate these data to draw some meaningful conclusions, such as that on the macro-economic situation of the United States, using different analysis methods. You need to critically evaluate the analytical techniques you will use in your data evaluation by arguing their advantages and limits.
2. You are requested to analyse and evaluate qualitative and quantitative raw business data using appropriate statistical methods. And then, evaluate the differences in application between descriptive statistics, inferential statistics, and measuring association in terms of their purpose and roles, using the examples of the data tables in the attachment to support your arguments.
3. You are also expected to critically evaluate the differences in application between methods of descriptive, exploratory and confirmatory analysis of business and economic data in terms of their purpose and roles, as well as their advantages and limits, using the examples of the data tables or the other sources you will have used to support your arguments.
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