Hello, need some help and guidance on how to start these final project for managerial statistics. Would appreciate any directives!

Info to follow:

The final project will be addressing a research question by analyzing a dataset of your interest. Evaluation is based on (1) A reasonable research question (20%); (2) rigor and logic of the inference methods you used (50%); (3) clarity (figures or tables) (30%). The project should be a write-up (research paper) that contains following components.

? Section 1: Introduction. For example, you can discuss:

- What is your research question?

- What is your motivation?

- Why do you care about this question?

- Why others should care about this question?

? Section 2: Data Description. You may include one ore more of followings:

- Data sources.

- Describe the variables in the datasets.

- What are the data types?

? Section 3: Data Summary. You may include one or more of followings:

- Mean, median, standard deviation, etc.

- Histogram, boxplot, scatterplot, qq-plot, etc.

- Or any other summary statistics or visualizations you think is appropriate.

? Section 4: Inferences. Based on your research question, you may do one or more of followings: - Hypothesis testing

-Confidence Interval

- Simple linear regression

- Multiple linear regression with variable selection.

? Section 5: Conclusion.

Write a brief summary of your findings. Are the data analysis results support your hypothesis? You may find that the methods we covered in this class is inadequate for your goal. Thus, you could also talk about possible future works.

BELOW IS AN EXAMPLE THAT WAS PROVIDED:

Section 1:

Introduction:

• Our research question:

We are an American wine company:"RES Inc". In accordance with our product expansion plans, we aim to learn more about the wine market and the demand for the wine type ofChampagne Blend. We would like to determine if consumers will pay above $50 for good quality Champagne Blend wine. This is the minimum price point that would allow us to sell a Champagne Blend wine profitably.

• Our motivation:

Our motivation is to launch a high quality Champagne Blend for our brand at a price above $50.

• Why ask the research question?

We will be presenting our product expansion proposal to the Board of Directors of RES Inc. Therefore, we want to conduct valid research to determine if the market will pay above $50 for higher quality Champagne Blend wine.

• Why Board of Directors should care about the research question?

The Board of Directors should acknowledge that we have done our research before suggesting to expand our product line to include Champagne Blend or not. We would like to support our argument with the hypothesis testing.

Section 2:

Data Description

• Data sources:

(Kaggle.com, 2017). Retrieved from : https://www.kaggle.com/zynicide/wine-reviews

• Sampling scheme:

A sampling scheme refers to the detailed description of data obtained and how research will be done. The original data source contained raw data on 150,000 different wine varieties from different countries of origin and different wineries. The data also includes the price in terms of USD and the rated quality of each wine variety (out of 100, 100 being the best).

To focus on our research question, we narrowed the data to include only Champagne Blends, price and quality rating of 90 or higher. We have eliminated the non-random errors by removing 'blank' fields, such as no information on quality or price.

• Variables in the dataset:

The raw data included many variables, such as country of origin for the wine, description of the taste, designation, points in terms of quality, price of a bottle in terms of USD, province, region details, variety, and winery's name. For the purpose of the research, we have filtered out the description of the taste, designation, province, region details, variety, and winery's name. We have only included the country of origin for the wine, points in terms of quality, and the price of a bottle in terms of USD.

The data set used in our study had a total of 240 data points. This was obtained by filtering data from the raw data set to include Champagne Blend wines with a rating of 90 or higher (good quality). This resulted in a data set with a price range of $20-$100.

• Data Types:
  • Quantitative: Discrete - Price (in terms of USD per wine bottle) and Points (Quality)

• Qualitative: Nominal: (1)Type of wine- Champagne Blend.

The additional qualitative data is on the description of the taste, designation, country of origin, province, region details, variety, and winery's name. For the sake of the research, these aspects of the qualitative information have been filtered out.

Section 3:

Data summary:

For our analysis we have computed the following:

• Mean: Average price of a good quality Champagne Blend wine. The average price is$65.43.
• Median: This refers to the middle value of our data set. We have considered this since the median isnot sensitive to extreme values, and so amore reliable measure. In our case the median price is$67. The mode is$70.
• Standard deviation: For the purpose of carrying out our hypothesis testing, we have determined the standard deviation to be$19.52
• Histogram: The histogram below shows the frequency of price levels for Champagne Blend wines. The histogram shows that the data is approximately normally distributed, which will yield an accurate hypothesis testing.