Project Instructions
Pick
a business problem which requires you to perform some basic statistical
analysis to make an informed decision. Focus on the relationship between two
variables. Some examples of relationships which you could analyze include (some
stronger than others):
o   Social media engagement and sales
o   Sales and the number of customers
o   Price of a product and quantity sold
o   Advertising expenditure and website traffic
o   Number of paintings sold in a gallery and the
number of tourists in a country
·       Formulate a hypothesis – e.g. The number of
sales should increase with the number of customers and we should therefore try
to acquire as many customers as possible.
·       Provide some basic descriptive statistics
which you find useful for your analysis (at least two measures of central tendency
and at least two measures of variability). Use graphs to show what your data
looks like as relevant (at least box plots).
·       Perform a simple linear regression of the two
variables
o   Provide the equation for your regression
o   Discuss each of the numbers in the equation
o   Report and discuss your R2
o   Summarize how good the model is based on the
answers above
·       Provide a final recommendation/decision based
on your initial hypothesis