Assignment:
Question 1. This assignment surrounds another example of how an industry used statistics to make important analytics decisions about how it best served its customers:
- Data collected among parents spent on their children's birthday parties (under 10 years of age) from a random sample gathered in 1975 found to have a mean expense of $100 including gifts.
- In a more recent sampling, however, the mean expense has increased considerably, to $275 including gifts.
- Now that we have the data, we move on to the decision-making of analytics. What real-world implications might these data have for toy makers? Party suppliers? Children? Parents?