- Description
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.