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Doing Statistics for Business Data, Inference, and Decision Making Marilyn K. Pelosi Theresa M. Sandifer

Doing Statistics for Business Data, Inference, and Decision Making Marilyn K. Pelosi Theresa M. Sandifer. Chapter 17 Make Your Case. Doing Statistics for Business. Chapter 17 Objectives Summary of the Techniques Covered in your Textbook How to Analyze the “Great Divide” Data Set.

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Doing Statistics for Business Data, Inference, and Decision Making Marilyn K. Pelosi Theresa M. Sandifer

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  1. DoingStatistics for BusinessData, Inference, and Decision MakingMarilyn K. PelosiTheresa M. Sandifer Chapter 17 Make Your Case

  2. DoingStatistics for Business Chapter 17 Objectives • Summary of the Techniques Covered in your Textbook • How to Analyze the “Great Divide” Data Set

  3. DoingStatistics for Business SUMMARY OF TECHNIQUES Part Chapters Topic Part I Chapters 1 and 2 Getting Started Main idea: Sample as a snapshot of the population Part II Chapters 3, 4 and 5 Exploratory Data Analysis Main idea: Summarize the data in picture and numerical form Look for the center, the spread and trends Part III Chapters 6 and 7 The Keys That Unlock the Door to Inferential Statistics Main idea: Distributions andparameters Link between probability and inferential statistics

  4. DoingStatistics for Business SUMMARY OF TECHNIQUES (con’t) Part Chapters Topic Part IV: Chapters 8,9,and 10 Inferential Statistics Main idea: Use the sample to draw conclusions aboutthe population Part V: Chapters 11,12 and 13 Relationships, Models and Modeling Main idea: Use sample data to build a model to explain the relationship between 2 or more variables. Part VI Chapters 14,15,16 and 17 Additional Topics

  5. DoingStatistics for Business 4 MAJOR THEMES 1. Sampling Error 2. Variability 3. Relationships Between Variables 4.Decision Making in any Form should be Based on a Proper Analysis of Data..

  6. DoingStatistics for Business HOW TO ANALYZE THE “GREAT DIVIDE” DATA SET • Step 1: Explore the data visually using the graphical techniques of descriptive statistics. These include bar charts, pie charts and histograms. • Step 2: Summarize the data numerically. This includes finding the mean, median, quartiles, range and standard deviation (at a minimum). • Step 3: Look for relationships in the data visually and numerically. Visually you would examine scatter plots.

  7. DoingStatistics for Business HOW TO ANALYZE THE “GREAT DIVIDE” DATA SET • Step 3 (con’t): Numerically, you should use cross tabulation tables to examine averages and standard deviations for subsets of the data. • Step 4: On the basis of the results of steps 1-3, formulate some hypotheses that might help you answer your questions and solve the problem. • Step 5: Test the hypotheses, being sure to check that the assumptions of the test are not violated.

  8. DoingStatistics for Business HOW TO ANALYZE THE “GREAT DIVIDE” DATA SET • Step 6: If there appears to be a pattern in the data over time, use a time series technique. • Step 7: If appropriate, estimate the parameters of a multiple regression model for the variable you are trying to predict. • Step 8: Draw some conclusions from your analysis and make some recommendations.

  9. Doing Statistics for Business Chapter 17 Summary In this chapter you have: • Taken a global look at the techniques you learned in this textbook, Doing Statistics for Business. • Grouped the chapters into 5 main parts and found 4 themes that tie all of your work in this textbook together.

  10. Doing Statistics for Business Chapter 17 Summary (con’t) • Learned the basic tools to allow you to use data and make informed business decisions. • Learned not only to to analyze data, but that your analysis must always be done ethically and fairly.

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