¶ … assist the Nyke Shoe Company in determining what size shoe to produce at the most efficient cost and highest value. The Company has decided that it would be a more profitable company if it was able to produce one shoe for the marketplace instead of a variety of sizes. The one shoe that the company produces will have to provide the opportunity for the greatest amount of people to purchase and therefore will have to (statistically speaking) appeal to the largest audience. There are a number of statistical methods that would help in determining just what that audience is and who would fall into that category.
According to Charles Wheelan, author of Naked Statistics; "Many businesses must assess the risks associated with assorted adverse outcomes" (Wheelan, 2013, p. 7). One can hardly imagine a more adverse outcome than to go out of business, and it would seem on the face of it that a shoe company that decides to only produce one size of shoe, no matter what the gender, or size of the consumer, would essentially be courting disaster. That is where statistics comes in. Wheelan states however that "statistics cannot be any smarter than the people who use them" (p. 95). Therefore it behooves this paper's author to ensure that the statistics used in evidence herein are as easy to understand as possible. Will they show that the Nyke Company can be profitable by producing (en masse) just one size of shoe, no matter the gender or size of the person buying them? Perhaps.
The first thing to do is determine what the most common shoe size is. This can be done by collecting data (see Appendix A).
It's important to understand that the data gathered is certain to contain certain biases. Since this is only a preliminary study it was not necessary to gather a vast amount of data, and in most cases, at least according to Wheelan, "we conduct statistical analysis using the best data and methodologies and resources available" (p. 14). The...
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