Introduction
With the National Sales meeting rapidly approaching the regional sales managers of WidgeCorp Company W’s must do a presentation that highlights how the consumers in their areas are different from the total US. The reports from the total USA’s Census data from 1980-2000 will be included within this presentation, as well as the reports for the 60614 zip code. Once these reports are looked at they will be compared by showing the major findings of how they differ, and a few graphs will be presented to enhance the findings of these reports. In addition, three questions that need to be answered regarding the data presented will be included so that a better conclusion can be made in relation to the key findings of the information presented.
Slide 3
US Major Findings
The reports show that the educational attainment of individuals within the entire US are somewhat low when compared to the zip code 60614. The educational attainment, according to the US Census Bureau, is the maximum level of learning that a person has accomplished (U.S. Census Bureau, 2011). This is major finding to be noted because one would think that the entire US educational attainment would be higher than one zip code region. Also, this would also lead one to believe that without an educational attainment the total individuals actively working would be lower in the entire US than that of one zip code region. Now let’s graphically compare the total educational attainment for the entire US and the zip code 60614.
Slide 4
Educational Attainment: US versus 60614
As presented by the line graph the total individuals who have an educational attainment of an Associate Degree is somewhat higher than that of the 60614 zip code. However, the total educational attainment of individuals in the 60614 zip code with a Bachelor’s Degree is certainly higher than that of the total US, as well as individuals with a Graduate Degree in the zip code region of 60614 is higher than that of the entire US. The individuals with no Diploma within the zip code of 60614 versus individuals with a High School Diploma are about the same, and an individual with no Diploma is lower than that of individual with a High School Diploma in the US. Also, in regards to Grades K-9 the US is not much higher than the zip code 60614 (CTU Online, 2011).
Slide 5
60614 Major Findings
The major findings found within the zip code 60614 is that with a higher educational attainment in this region there is less minute travel time to work that that of the US. In predicting the minute travel time to work one would think the 60614 region would require more travel than the US, since the family household size for the 60614 is only 10,458. However, the minute travel time could be based on a given time of day for travelers, or according to weather conditions in which commuters travel to work and from work (Peer, Koopmans, Verhoef, n.d.). Now let’s graphically compare the total minute time of the 60614 zip code and the entire US.
Slide 6
Work Travel Time: 60614 versus US
The 0 to 5 minute travel time for individuals living in the 60614 zip code is somewhat lower than that of the US. The minute travel time of the US 5 to 9 is higher than that of the 60614 zip code, and the same with the 10 to 14 travel minutes. The total US travel minute time of 15 to 19 is not much higher than that of the 60614 zip code. The travel minute time of 20 to 24 for the 60614 zip code is slightly higher than that of the entire US, and the same with the 25 to 29 minute time traveling to work. The 30 to 34 minute travel time for the zip code 60614 is higher than that of the entire US. Furthermore, the total minute travel time from the zip code 60614 ranging from 35 to 89 is higher than the entire US, and the 90 or more travel minutes for the entire US is slightly higher than the 60614. Also, individuals working from how is higher in the zip code 60614 than that of the entire US. However, the total median travel time for the entire US versus the 60614 zip code are greatly higher since this includes the entire US, including the 60614 zip code (CTU Online, 2011).
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Questions to Ask
In comparing the educational attainment and the travel time minutes to work for the entire US and the zip code 60614 there are a few questions that need to be answered. The first would be, “do 60614 residents who travel 30 to 34 minutes to work buy more of our snack food products than all US residents who travel 30 to 34 minutes to work?” The next question to ask is, “do all US residents who have a college background buy more of our snack food products than residents of the 60614 who have a college background?” And the last question to ask would be, “do individuals who travel further to work within the US and area code 60614 buy more of our snack food products than individuals who travel a shorter distance?” Asking these questions will permit Widgecorp Company W to get a better view of consumers who purchase snack food products in the US and the 60614 zip code.
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Conclusion
The most important purpose of statistically analyzing is to formulate conclusions about positive distinctions regarding a population based upon information included in a sample taken from the whole population, such as the entire US versus the 60614 zip code. The unique skills of a statistician will facilitate them in collecting, analyzing, and interpreting information relevant to a business in order to make accurate decisions. The concept of statistically thinking will enable a statistician to solve problems regarding a business in a variety of situations, and value will be added to the assessments they make for a business, such as marketing a certain product. Also, the discipline of business statistics is all about making accurate decisions when faced with uncertainties regarding a business deal (Arsham, 2011). With that being said, comparing the entire US and the any zip code will permit Widgecorp Company W to see where our snack food products are purchased more, and then more franchises can be built upon according to which areas consumer purchase more snack food products.
Slide 9
References
Arsham, H. (2011). Statistical thinking for managerial decisions. Retrieved from http://home.ubalt.edu/ntsbarsh/Business-stat/opre504.htm#rstatdecisionmake
CTU Online. (2011). Applied Managerial Decision Making. Phase 2 course material [text]. Retrieved from https://campus.ctuonline.edu/pages/MainFrame.aspx?ContentFrame=/Home/Pages/Default.aspx
Peer, S., Koopmans, C., Verhoef, E. (n.d). Predicting travel time variability for cost-benefit analysis. Retrieved from http://www.tinbergen.nl/discussionpapers/10071.pdf
U.S. Census Bureau. (2011). Educational attainment. Retrieved from http://www.census.gov/hhes/socdemo/education/