DAT 565 All Discussions

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DAT 565 Wk 1 Discussion – Data Analytics and Statistics

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students or your faculty member.

Due Thursday

This week’s required readings explain the role that analytics plays in the modern business environment. Consider the following questions and respond in a minimum of 175 words:

• How is data analytics different from statistics?
• Analytics tools fall into 3 categories:descriptive, predictive, and prescriptive. What are the main differences among these categories?
• Explain how businesses use analytics to convert raw operational data into actionable information. Provide at least 1 example.
• Consider the organization you work for (or another organization you’re familiar with). Does this organization use data analytics?If so, how is it used? If not, how could the organization use data analytics to improve its performance?

Due Monday

Reply to at least 2 of your classmates or your faculty member. Be constructive and professional.

DAT 565 Wk 2 Discussion – Metrics and Information Visualization

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students or your faculty member.

Due Thursday

Respond to the following in a minimum of 175 words:

The most frequently used measures of central tendency for quantitative data are the mean and the median. The following table shows civil service examination scores from 24 applicants to law enforcement jobs:

83        74        85        79

82        67        78        70

18        93        64        27

93        98        82        78

68        82        83        99

96        62        93        58

Using Excel, find the mean, standard deviation, and 5-number summary of this sample.

• Construct and paste a box plot depicting the 5-number summary.
• Does the dataset have outliers? If so, which one(s)?
• Would you prefer to use the mean or the medianas this dataset’s measure of central tendency? Why?

Due Monday

Reply to at least 2 of your classmates or your faculty member. Be constructive and professional.

DAT 565 Wk 3 Discussion – Characterizing Uncertainty

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students or your faculty member.

Due Thursday

Respond to the following discussion prompt in a minimum of 175 words:

Many business activities generate data that can be thought of as random. An example described in the textbook is the servicing of cars at an oil change shop. Each car entering the shop can be considered an experiment with random outcomes. A variable of interest in this experiment could be the amount of time necessary to service the car. Service time will vary randomly with each car.

We can often capture the most relevant characteristics of a stochastic process with a simple probability distribution model. We can then analyze the model to make predictions and drive decisions. For instance, we could estimate the number of technicians the oil change shop needs to service demand on a Saturday afternoon. Discuss the following:

• What is a random variable?
• How would you differentiate a discrete from a continuous random variable?

A laptop manufacturing company has implemented a 2-step process to test the quality of each production batch. In the first step, a technician randomly selects 15 laptops from the batch and determines whether they meet specifications. The batch is considered acceptable provided no more than 1 laptop fails to meet specifications. Otherwise, the entire batch must be tested in the second step. Historical data shows that 95% of the laptops produced adhere to specifications. Discuss the following:

• What are the 4 characteristics of a binomial experiment?
• Can we use a binomial distribution to model this process?
• What is the probability that the entire batch unnecessarily has to be tested if in fact 95% of its laptops conform to specifications? (Hint: Use Excel’s =BINOMDIST() function to find the probability.)
• What is the probability that the batch is incorrectly accepted if only 75% of its laptops conform to specifications?

Due Monday

Reply to at least 2 of your classmates or your faculty member. Be constructive and professional.

DAT 565 Wk 4 Discussion – Testing Hypotheses

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students or your faculty member.

Due Thursday

Hypothesis testing is used in business to test assumptions and theories. These assumptions are tested against evidence provided by actual, observed data. A statistical hypothesis is a statement about the value of a population parameter that we are interested in. Hypothesis testing is a process followed to arrive at a decision between 2 competing, mutually exclusive, collective exhaustive statements about the parameter’s value.

Consider the following scenario: An industrial seller of grass seeds packages its product in 50-pound bags. A customer has recently filed a complained alleging that the bags are underfilled. A production manager randomly samples a batch and measures the following weights:

Weight, (lbs)

45.6     49.5

47.7     46.7

47.6     48.8

50.5     48.6

50.2     51.5

46.9     50.2

47.8     49.9

49.3     49.8

53.1     49.3

49.5     50.1

To determine whether the bags are indeed being underfilled by the machinery, the manager must conduct a test of mean with a significance level α = 0.05.

In a minimum of 175 words, respond to the following:

• State appropriate null (Ho) and alternative (H1) hypotheses.
• What is the critical value if we work with a significant level α = 0.05?
• What is the decision rule?
• Calculate the test statistic.
• Are the bags indeed being underfilled?
• Should machinery be recalibrated?

Due Monday

Reply to at least 2 of your classmates or your faculty member. Be constructive and professional in your responses.

DAT 565 Wk 5 Discussion – Patterns and Modeling

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students or your faculty member.

Due Thursday

Respond to the following in a minimum of 175 words:

Models help us describe and summarize relationships between variables. Understanding how process variables relate to each other helps businesses predict and improve performance. For example, a marketing manager might be interested in modeling the relationship between advertisement expenditures and sales revenues.

Consider the dataset below and respond to the questions that follow:

Advertisement ($’000)   Sales ($’000)

1068    4489

1026    5611

767      3290

885      4113

1156    4883

1146    5425

892      4414

938      5506

769      3346

677      3673

1184    6542

1009    5088

• Construct a scatter plot with this data.
• Do you observe a relationship between both variables?
• Use Excel to fit a linear regression line to the data. What is the fitted regression model? (Hint: You can follow the steps outlined on page 497 of the textbook.)
• What is the slope? What does the slope tell us?Is the slope significant?
• What is the intercept? Is it meaningful?
• What is the value of the regression coefficient,r? What is the value of the coefficient of determination, r^2? What does r^2 tell us?
• Use the model to predict sales and the business spends $950,000 in advertisement. Does the model underestimate or overestimates ales?

Due Monday

Reply to at least 2 of your classmates or your faculty member. Be constructive and professional.

DAT 565 Wk 6 Discussion – Time Series Modeling

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students or your faculty member.

Due Thursday

Time series are particularly useful to track variables such as revenues, costs, and profits over time. Time series models help evaluate performance and make predictions. Consider the following and respond in a minimum of 175 words:

• Time series decomposition seeks to separate the time series (Y) into 4 components: trend (T), cycle (C), seasonal (S), and irregular (I). What is the difference between these components?
• The model can be additive or multiplicative.When we do use an additive model? When do we use a multiplicative model?
• The following list gives the gross federal debt(in millions of dollars) for the U.S. every 5 years from 1945 to 2000:

Year    Gross Federal Debt ($millions)

1945    260,123

1950    256,853

1955    274,366

1960    290,525

1965    322,318

1970    380,921

1975    541,925

1980    909,050

1985    1,817,521

1990    3,206,564

1995    4,921,005

2000    5,686,338

• Construct a scatter plot with this data. Do you observe a trend? If so, what type of trend do you observe?
• Use Excel to fit a linear trend and an exponential trend to the data. Display the models and their respective r^2.
• Interpret both models. Which model seems to be more appropriate? Why?

Due Monday

Reply to at least 2 of your classmates or your faculty member. Be constructive and professional.