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...
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