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Business Decision Making: Analysis of Random Samples for Supermarket Chain

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Added on  2023-06-04

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This presentation analyzes random samples of 25 customers each using simple random sampling and systematic random sampling to provide useful information for decision making for a supermarket chain. It covers descriptive statistics such as location, number of children, income, and debt, and highlights the potential reliability issues due to the differences between the two samples. It also discusses potential solutions such as determining the minimum sample size and using stratified sampling. Additionally, it covers inferential statistics and hypothesis testing to estimate population parameters and concludes that the results need to be more reliable for decision making.

Business Decision Making: Analysis of Random Samples for Supermarket Chain

   Added on 2023-06-04

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BUSINESS DECISION
MAKING
Business Decision Making: Analysis of Random Samples for Supermarket Chain_1
Population data comprising of 1000
customers
Selection of random samples
◦ Simple Random Sampling (25 sample size)
◦ Systematic Random Sampling (25 sample size)
Data focuses on key demographic features
including age, gender, debt, salary,
children, location, amount spent
Introduction
Business Decision Making: Analysis of Random Samples for Supermarket Chain_2
The key objective is to provide useful
information to the supermarket chain in order
to provide assistance to them with regards to
decision making
Key decision to made is whether to open a
store or not
Key Tools
◦ Descriptive Statistics
◦ Inferential Statistics
Objective & Tools
Business Decision Making: Analysis of Random Samples for Supermarket Chain_3

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