UMUC

Develop a new service and build a Business Plan around it. This survey will help us explore the pricing recommendations.

A recommendation for the price of the product or service. You should conduct a simple research study to support your recommendation. You should survey at least 30 respondents. It might be easier to split the survey data collection among the team members in order to reach the desired goal of 30 responses. Your report should include the following:

A discrete frequency distribution of the responses.
A listing of basic descriptive statistics for central tendency (mean, median, mode) and variability (standard deviation, variance, range, and interquartile).
A discussion of which measures of central tendency and variablility were chosen to help with your decision for price. For example, if you chose the mean describe why this measure was chosen and what it tells us about the price of the product.