Due 10/31 at 8pm- Applied Business Research and Satistics

Independent and Dependent Variables

“Medical device companies design, develop, and manufacture the tools, equipment, apparatus and systems that health care professionals use to diagnoses disease and treat patients.” (Beacon) One of medical devices manufactured by ABC Medical Company is Titanium Knee implant. “Independent variables are variables that are manipulated or treated in a study in order to see what effect differences in them will have on those variables proposed as being dependent on them.” (Riyami) The independent variable in our research is the price of titanium on the market. “Dependent variables are variables in which changes are results of the level or amount of the independent variable”. (Riyami) The dependent variable in our research is the availability of the titanium based on the price change as it relates to consumption.

Research Question

The fundamental problem that the business researcher at ABC Medical Company will try to solve is to ascertain the reason for the severe shortage of titanium on the market. Here is the team’s research question? “Is there a relationship between the changes in price of titanium and the supply?”

Hypothesis Statements

The research team formulated the following hypothesis statements based from our research question:

1. There is a direct relationship between price and supply of titanium.

2. An increase in price affects the supply of titanium.

3. The shortage in titanium is associated with the increase in price.

Conclusion

In conclusion, understanding the relationship between the independent and dependent variables will provide ABC Medical Company with important information in relation to the price of the titanium and future increase or decrease in profits. By the end of the study, ABC Medical Company will be able not only to make scientific decision based on hypothetic testing but to test further claims helpful in its decision making.

References