Sampling and non-sampling error analysis in retail pricing

Retailers rarely have time or resources to analyze every product in their catalog. Instead, they rely on samples of data to make pricing decisions that can shape revenue and competitiveness. This project challenges you to compare a full product population against a smaller sample, evaluate the accuracy of sampling, and uncover risks tied to sampling and non-sampling errors. Your analysis will reveal whether small datasets can guide large-scale retail strategy. Project Resources P2-1 Understanding Parameters and Statistics Foundations of Population and Sample Analysis.html P2-2 Distinguishing Sampling Error from Non-Sampling Error Sources, Examples, and Best Practices.html P2-3 Leveraging Excels AI-Powered Analyze Data Tool for Managerial Insight.html P2-4 Interpreting Sampling Error and Confidence Intervals for Decision-Making.html P2-5 Non-Sampling Errors Identification, Mitigation, and Pricing Impact.html P2-6 Writing Managerial Recommendations Addressing Sampling and Non-Sampling Errors.html Decide whether a small sample of product prices represents the full catalog (population), and explain how sampling error and non-sampling error could impact retail pricing decisions. Quick Data Check (Excel) Download the 25 rows of data and save the file to your computer. ChatGPT will ask: Would you like me to also save the full dataset as a CSV file for download? Answer yes, and then download the data with 250 rows and save the file to your computer. Turn ranges into Tables: Home Format as Table (name them Population and Sample). You do this for both files. Ensure Price column is numeric and remove any text symbols (e.g., $). Step 3: Descriptive Statistics (Population vs. Sample) You do this for both files. The Analyze Data icon in Excel (on the Home tab) is an AI-powered tool that quickly summarizes, explores, and visualizes your dataset. By selecting a data range and clicking the icon, Excel automatically suggests pivot tables, charts, and key insights such as averages, trends, or correlations. You can also type natural language questions (e.g., average price by category), and Excel generates answers instantly, helping you discover patterns without manually building formulas or pivot tables. You will use the Analyze Data Icon in Excel for the following. (Running the data will take between 10 and 15 minutes. You are copying the commands, clicking insert pivot table, and the program is doing all of the table and chart creation. Enter each request one at a time for both the Sample and the population data files: Average ‘Price’ by ‘Category’ Select insert pivot table Average ‘Price’ by ‘Region’ Select insert pivot table Average ‘Price’ by ‘Channel’ Select insert pivot table Average ‘Price’ by ‘DiscountFlag’ Select insert pivot table Average ‘Price’ by ‘Category’ and ‘DiscountFlag’ Select insert pivot table Average ‘Price’ by ‘Category’, ‘Channel’, ‘Region’, and ‘DiscountFlag’ Select insert pivot table Median ‘Price’ by ‘Category’ Select insert pivot table Median ‘Price’ by ‘Region’ Select insert pivot table Median ‘Price’ by ‘Channel’ Select insert pivot table Median ‘Price’ by ‘DiscountFlag’ Select insert pivot table Standard Deviation ‘Price’ by ‘Category’ Select insert pivot table Standard Deviation ‘Price’ by ‘Region’ Select insert pivot table Standard Deviation ‘Price’ by ‘Channel’ Select insert pivot table Standard Deviation ‘Price’ by ‘DiscountFlag’ Select insert pivot table Decide what information should be shared for the project. Use the output or create a series of tables comparing the data and paste them into Word. Each table must be accompanied by a brief written explanation. Create a table of the data, Sampling error, and 95% Confidence Interval. Credit ChatGPT as the source. Describe the findings. Does the population mean fall inside the samples 95% CI? If yes, your sample mean is consistent with the population mean (sampling error acceptable). If no, the sample may be unrepresentative (or n is too small), which can mislead pricing decisions. Step 4 should be 34 of a page in length (table not included). Cite the module readings or other sources and add them to the reference list. Do not use quotations. Step 5: Non-Sampling Errors (identify & mitigate) List three plausible non-sampling errors. This section requires research. ChatGPT may not be used for this section of the assignment. Explain how each non-sampling error could skew pricing decisions (e.g., overpricing due to missing low-price groceries). Which non-sampling errors pose the greatest risk to pricing strategy? Step 6: Managerial Recommendation Provide a recommendation for management that addresses both sampling and non-sampling sources of error. Suggest one actionable step (e.g., increase sample size, stratify sampling by Category/Region, add data validation rules, or test promotions before full rollout). Steps 5 and 6 should be 1 1/2 pages in length. Cite the module readings or other sources and add them to the reference list. Do not use quotations. ChatGPT or other AI tools may not be used for this section of the assignment. Deliverables Excel File 1: Population (including the pivot tables created using Analyze Data). Excel File 2: Sample (including the pivot tables created using Analyze Data) If ChatGPT or other AI is used to create the content (other than Step 3), a zero will be awarded for it. The assignment will not be graded without the Excel file. Template Word file with the Excel charts and graphs included, along with the interpretation connecting numerical findings and visual evidence. Do not submit a PDF. Use the following APA-formatted template: MBA5008 Data Analysis 2 Template.docx to create your submission. The template is set up in APA 7: double-spacing, font, margins, headings, page breaks, APA help links. Reminders Before getting started, review the rubric for grading details and expectations. Compose your project in Microsoft Word, using APA style. Use three or more scholarly sources to support your work. Need help with the reference list format or citation format? Free Citation Generator (APA 7) “Full citation is for the Reference list. In-text citation is used in the written paragraph. No quotations are permitted in this memo. Since you are engaging in research, be sure to cite and reference the sources in APA format. This is a professional paper, not a personal one based on feelings. It must be written in the third person; this means words like I, we, and you are not appropriate.