Business Statistics: A First Course (8th Edition)
8th Edition
ISBN: 9780135177785
Author: David M. Levine, Kathryn A. Szabat, David F. Stephan
Publisher: PEARSON
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Why Bayesian modelling and analysis over others?
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The issue/scenario: A bio-tech firm has provided you with 1 years’ worth of sales for a sample of 45 sales staff. Some of its sales staff are engineers and others are not. You are to analyze this data to help the company determine whether there are any differences in the sales between engineers and non-engineers. Arguably, perhaps engineers are better able to answer technical questions, but may not have the same skills as others. Additionally, the company would like to use this data to obtain an estimate of its average (annual) sales and how they compare to last year.
To aid you, the following “guiding steps”:
Use a bivariate tabular method to study the relationship between “Sales” and “Engineer.” Based on this analysis, are engineers better or worse than non-engineers at Sales (higher sales are considered better)?
Provide a statistical description of the variable “Sales” (for engineers and non-engineers combined). Use this to determine whether there is a lot of volatility in sales,…
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- The issue/scenario: A bio-tech firm has provided you with 1 years’ worth of sales for a sample of 45 sales staff. Some of its sales staff are engineers and others are not. You are to analyze this data to help the company determine whether there are any differences in the sales between engineers and non-engineers. Arguably, perhaps engineers are better able to answer technical questions, but may not have the same skills as others. Additionally, the company would like to use this data to obtain an estimate of its average (annual) sales and how they compare to last year. To aid you, I have provided you with the following “guiding steps”: 1)Use a bivariate tabular method to study the relationship between “Sales” and “Engineer.” Based on this analysis, are engineers better or worse than non-engineers at Sales (higher sales are considered better)? Sales Engineer 113 No 98 No 76 No 101 No 120 No 131 No 66 No 98 No 83 No 75 No 87 No 96 Yes 90 Yes 117 Yes 118…arrow_forwardExplain Pseudo out-of-sample forecasting? How this method estimates real-time performance of a forecasting model?arrow_forwardIn general, what are some problems with using regression to measure causal effects?arrow_forward
- How forecasting is quite different from the estimation of causal effects.?arrow_forwardWhat are the differences between predictive, prescriptive, and descriptive analytics? Cite at least three real-life examples of each.arrow_forwardIf you want to reproduce the analysis with similar data, what is standing in your way in producing the same results?arrow_forward
- Why is it difficult to describe how model validation is done?arrow_forwardStuart Bloom is a senior manager at a global accountancy and professional services firm. He has noticed that there appears to be a general feeling of dissatisfaction and low morale in the company and he would like to investigate this. As well as wanting to establish whether people are dissatisfied at work, he would also like to investigate whether the suspected low morale is affecting productivity. Although not a trained statistician, Stuart has taken some courses in data analysis, albeit quite a long time ago, and feels confident that he can carry out a quick bit of research to explore the issues. However, as a senior manager he is pressed for time so decides to ask just 10 employees from the company to rate their job satisfaction as a percentage, where a higher percentage indicates greater job satisfaction. Prior to doing this, he reviewed the employment records for these employees and assigned a productivity score to each of them. The productivity score is a calculated percentage…arrow_forwardSummarize the advantages and disadvantages of qualitative research when compared to experimental or survey research? Under what circumstances would a researcher choose a qualitative design?arrow_forward
- Explain how, when and why we use Qualitative ( Categorical) type Independent variables in Multiple Regression analysis?arrow_forwardA survey is conducted to understand the relationship between income and job satisfaction, what is the dependent variable in this scenario?arrow_forwardYour Question: Digital First Industries (DFI) is a provider of software solutions that help individuals and small businesses manage their finances. DFI recently developed and released a set of mobile applications that cater to specific customer needs (BudgetPlus, InvestorPro, SimpleSavings, PayPlan, Transact). To help identify which of these apps is most popular with customers and is worth devoting more resources to, you have been tasked with analyzing data that has been captured and creating a dashboard to track activity. Tasks: Using the data in the Monthly_App_Downloads worksheet: Create a new worksheet called App_Downloads_Reportwith the following four charts (all your charts should be formatted, labelled, and titled appropriately): A clustered column chartshowing the number of downloads for each mobile application over the course of the months from January to June. For this chart, your horizontal axis should consist of month names, and your vertical columns should be based on…arrow_forward
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