Product Development Analysis Assignment
An Australian manufacturing company is keen to develop new products and develop new product line of shoes so that the company can expand into Asian markets more than before.
The data have been collected for 99 products from the market. The data are in an excel file named “SHOES”. The file includes:
PRICE: Price of the shoes in dollars.
GENDER: 1 for Female product and 2 for Male product.
COUNTRY: the country in which the shoes is produced: 1 made in Thailand, 2 made in
Singapore and 3 made in China.
COST: Production cost of the shoes in dollars.
1. Calculate the Mean, Median, Mode, Standard Deviation and Coefficient of Variation, for prices for men and women shoes, separately. Compare the figures and explain that what conclusions you can draw from these analyses? Draw a box and Whisker plot for men and female shoes prices and comment on the shape of the graph.
2. Calculate the Mean, Median, Mode, Standard Deviation and Coefficient of Variation for prices for the three countries – Thailand, Singapore and China, separately. Compare the figures and explain what conclusions you can draw from these analyses? Draws a Box and Whisker plot for each country and comment on the shape of the graph.
Answer the following hypothesis questions:
1. Determine if average prices for female shoes is less than average prices for male shoes. Compare the result with part 1 question 1. Does the result confirm your previous findings? (Follow the hypothesis testing steps, 0.05 level of significance, assuming “none equal variances” of populations).
2. Determine if there is a difference in shoes prices in different countries. Compare the result with part 1 question 2. Does the result confirm you previous findings? (Follow the hypothesis testing steps, 0.05 level of significance).
33. Using a scatter graph of price (Y variable on vertical axis) and production cost (X variable, horizontal axis), comment on the relationship between price and cost.
4. Using regression analysis comment on the relationship between price and production cost. (comment about the estimated coefficient (b1), the coefficient of determination, model validity and residuals plot). Does the result confirm your previous findings in question 3?
Your report can be maximum 2000 words (including tables and figures), penalties will be applied if the report is longer than this.
Set the font to Times New Roman, size to 12 and line spacing 1.5 for your report.
Do not present the data in your assignment.
Correct grammar and spelling is important.
Tables/graphs should be properly prepared, numbered and labelled.
No broken table or graph across two pages.
Page number is necessary.
Structure of the assignment:
Your report must include the following sections, respectively:
1) Executive Summary (100 words). This section include:
● the primary purpose of the study
● the general methodology used
● the significant findings of each section and general conclusions
2) Table of Contents with page numbers
3) Business Problem which is restatement of the primary purpose in business language.
4) Statistical problem includes methods you have used to do your analysis.
5) Analysis: This section should present the answers to all the questions.
6) General Conclusion: This section should briefly review and summarize the inference(s).
Also indicate the limitations of the results and your recommendations for action (based on what you have found in your study). In other words, give an overall conclusion which combine all of the two parts of the questions. Be clear in the conclusion that you draw from your analysis, and provide useful suggestions to the company’s CEO to understand what kind of products need to be produced by the new production line.
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