QNT/275

STATISTICS FOR DECISION MAKING

The Latest Version A+ Study Guide

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QNT 275 Entire Course Link

https://hwsell.com/category/qnt-275/

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QNT 275 Week 1 Participation The Role of Statistics in Business Decision-Making

Watch the “The Role of Statistics in Business Decision-Making” video.

Consider the following as you watch:

• Describe probability theory.
• Explain how sampling theory relates to probability theory.
• Differentiate between a population and a sample.
• Explain, based on the video, why statistics is important in decision-making.

QNT 275 Week 2 Participation Obtaining a Suitable Sample

Watch the “Obtaining a Suitable Sample” video.

Consider the following as you watch:

• Discuss the difference between convenience and random sampling.
• Explain how you can obtain a sample size representative of a population.
• Provide three examples.
• Explain why a sample is used in place of the population.

QNT 275 Week 2 Participation Measuring Central Tendency and Variability

Watch the “Measuring Central Tendency and Variability” video.

Consider the following as you watch:

• Define the three standard measurements of the central tendency and provide example of each.
• Explain when you might want to use a median number.
• Provide an example.
• Define a standard deviation and what a standard deviation shows, provide an example.

QNT 275 Week 2 Participation Statistics Intro: Mean, Median, and Mode

Watch the “Statistics Intro: Mean, Median, and Mode” video.

Consider the following as you watch:

• Explain how mean is calculated.
• Explain how a median is calculated with an even number list.
• Define an array.
• Provide an example.
• Define a mode.
• Identify if you can have more than one modal number in a set of data.

Note: All Khan Academy content is available for free at www.khanacademy.org.

QNT 275 Week 2 Participation Finding the Range and Mid-Range

Watch the “Finding the Range and Mid-Range” video.

Consider the following as you watch:

• Define a range and provide two examples.
• Calculate a mid-range and provide two examples.

Note: All Khan Academy content is available for free at www.khanacademy.org.

QNT 275 Week 2 Learning Team Collaborative Discussion: Descriptive Statistics

Read Case Study 3.3 in Ch. 3 of Essentials of Business Statistics found on page 98.

Click the Fort Myers Sales Data Set link.

Calculate descriptive statistics:the mean, median, mode, and standard deviation in the two sample periods (January and July).

Discuss one of the following:

• Identify what changes occurred in the Fort Myers housing market during the 6-month period.
• Explain what conclusions you can draw from the data.
• Identify what additional data you might want to understand the housing market better.
• Explain what role descriptive statistics play in understanding the housing market.

QNT 275 Week 3 Participation Probability and Conditional Probability in Business Decision

Watch the “Probability and Conditional Probability in Business Decision-Making” video.

Consider the following as you watch:

• Define probability.
• Provide three examples of probability.
• Define conditional probability.
• Provide three examples of conditional probability.
• Describe what questions you might ask to determine probability of risks when starting your own company.
• Provide at least three questions.

QNT 275 Week 3 Learning Team Collaborative Discussion: Probability

Resource: Case Study 5.2 in Chapter 5 of Essentials of Business Statistics

Calculate the requested probabilities for items 1-3.

Discuss your findings for the probabilities.

• Identify the smoking trend from 1997-2007.
• Explain whether this is a discrete, continuous, or conditional probability.
• Explain how probabilities help you understand trends in data.
• Recommend steps related to smoking behavior based on this trend.

QNT 275 Week 4 Participation Correlation and Causality

Watch the “Correlation and Causality” video.

• Define a correlation and provide an example
• Define causality?
• Explain if correlation causes causality.
• Provide evidence with an example.

Note: All Khan Academy content is available for free at www.khanacademy.org.

QNT 275 Week 4 Participation Using Time Series to Analyze Business Trends

Watch the “Using Time Series to Analyze Business Trends” video.

• Identify the four components of time series.
• Provide an example of each component and how it might be used in business
• Explain if this data becomes obsolete over time.

QNT 275 Week 4 Participation Career Connection Discussion: Forecasting

Discuss the following:

• Explain what you have learned throughout this course with probability and how you think that will affect your forecasting decisions in your current or future company.
• Predict how you will use probability in your current or future company?

QNT 275 Week 5 Participation Managing the Data Deluge

Watch the “Managing the Data Deluge” video.

• Define a data management plan?
• Provide an example of good data and an example of bad data.
• Explain the following: Other than collecting primary data where might you search for secondary data?

QNT 275 Week 5 Participation Instinct, Debate, and Data Make the Best Decisions

Watch the “Instinct, Debate, and Data Make the Best Decisions” video.

• Identify how to make the best decisions,
• Provide an example.
• Explain whether data the only element used in decision making.
• Justify whether instinct should play a role in decision-making.

QNT 275 Week 5 Participation Interpret and Communicate Data Analysis Results

Watch the “Interpret and Communicate Data Analysis Results” video.

• Describe how data can be interpreted differently.
• Explain how and why data is scrubbed.
• Describe three different ways to communicate data.