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Gsbs6002 Assignment

In: Business and Management

Submitted By bennyluk
Words 884
Pages 4
This essay focuses on the hypothesis testing in order to provide sufficient statistic assistance to make decisions associated with location, how to promote, and the pricing strategy. To be more specific, there are many hypothesis testing methods used in the following essay, including one sample t-test, independent samples t-test, paired samples t-test, ANOVA and Chi-test to achieve those goals.

How much are potential patrons willing to pay for the entrees? Is the $18 amount from the forecasting model correct?
Graph 1: The frequency of the price of evening meal entrée item alone
Based on the process of data screening, I personally believe that 60 data are logically inconsistent. 60 data relating to the price of evening meal entrée customers would like to pay amount to 999 dollars, which has a low possibility in reality. In this case, those data should not be included during analysis. In other words, I accept the null hypothesis and conclude that the average price of evening mean entrée is not significantly different from 18 dollars.
Ho: μ=18
H1: μ≠ 18
|One-sample statistics |
| |N |Mean |Std. Deviation |Std. Error Mean |
|What would you expect an average evening meal entree |340 |$18.8353 |$9.82784 |$.53299 |
|item alone to be priced? | | | | |

|One-sample Test |
| |Test Value = 18 |

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