Week 3 Discussion peer review
Discussion 1 By Virendra Chhikara
Research Scenario: In the present scenario, Covid has impacted the small businesses and resulted in the shutting down of the businesses. There are several reasons: workforce pressure, supply chain issues, inventory shortage, high inflation, the low interest of the owners, low consumer savings index, future uncertainty, and increased global competition. We are trying to analyze the data and see the difference between pre-Covid and during Covid. At the same time, we are trying to establish if these variables influence the shutting down of businesses. The pre-Covid and during data will be collected.
Research Question1:
Is there a significant difference in sales revenue, expenses, and low inventory for small businesses based on the Covid crisis?
Research Question2:
Do increased global competition, high inflation, and supply chain issues significantly influence the shutdown of small businesses?
In Research Question 1, we have an independent variable: Covid, and dependent variables: sales revenue, expenses, and low inventory. The choice of test will be MANOVA due to the multiple variables. The test will give us the difference among the independent variables pre-Covid and during Covid. We can also run a descriptive test to see how the means are different. The test will tell us if there is a difference or not and how significant.
After running the first test, we can further analyze the RQ2 with multiple regression. We are using the test as there are multiple variables. The independent variable in RQ2 is the shutdown of small businesses, and the dependent variables are global competition, high inflation, and supply chain issues. We will run Linear regression with ANOVA; we will also run descriptive analysis to check the means for the variable. By running the test, we can check the significance level. We will also have the option to plot graphs, more like multiple explanatory variables, and check the curve and line (Morrissey & Ruxton, 2018).
Reference
Morrissey, M. B., & Ruxton, G. D. (2018). Multiple regression is not multiple regressions: The meaning of multiple regression and the non-problem of Collinearity. Philosophy, Theory, and Practice in Biology, 10(20220112). https://doi.org/10.3998/ptpbio.16039257.0010.003
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