QNT/351

QUANTITATIVE ANALYSIS FOR BUSINESS

The Latest Version A+ Study Guide

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QNT 351 Week 1 Statistical Techniques in Business and Economics, Ch. 1: What is Statistics

Read Ch. 1 of Statistical Techniques in Business and Economics. 

Consider the following as you read: 

• The statistics nomenclature introduced in this chapter is critical for the remainder of the course, especially your signature assignment. Pay special attention to the levels of measurement as they determine which statistical test should be run under a given situation.

QNT 351 Week 1 Statistical Techniques in Business and Economics, Ch. 2: Describing Data: Frequency Tables, Frequency Distributions, and Graphic Presentation

Read Ch. 2 of Statistical Techniques in Business and Economics. 

Consider the following as you read: 

• Not all graphs and charts can be plotted for all types of data. For qualitative data, bar and pie charts make the most sense. For quantitative data, you can plot line charts, boxplots, or histograms.

QNT 351 Week 1 First Message#1

How would you define statistics? How is statistics used in business decision making?What is the importance of statistics in business decision making? Describe a business situation where statistics was used in making a decision.

QNT 351 Week 1 First Message#2

How would you define a variable? What is the difference between a dependent and independent variable? Do you think both variables are used in every research? Explain why or why not. Provide examples.

Select four variables, other than what your fellow students have already selected, that could be measured by nominal, ordinal, interval, and ratio scale. Classify them by measurement scale and select descriptive statistics that can be used to summarize data. Use the following table when posting your response:

How would you define dependent and independent variables? What is their significance in research? Explain with examples.

QNT 351 Week 1 First Message#3

What are the four data measurement scales? Explain with examples. Which level of measurement is lowest and why?

How do we define measurement? What are various levels of measurement? How do you select measurement levels when developing a survey or data collection tool? Explain with examples.

What level of data is a telephone number? Explain. Why is it important to make a distinction between four levels of measurement?

Whatare data? What is the relationship between data and variables? What is your understanding of meaningful data?

QNT 351 Week 2 Statistical Techniques in Business and Economics, Ch. 3: Describing Data: Numerical Measures

Read Ch. 3 of Statistical Techniques in Business and Economics. 

Consider the following as you read: 

• Try not to get too hung up on formulas to calculate the mean, median, standard deviation, and variance. For managers, the interpretations of these measures are more critical than memorizing the formulas.

QNT 351 Week 2 Statistical Techniques in Business and Economics, Ch. 4: Describing Data: Displaying and Exploring Data

Read Ch. 4 of Statistical Techniques in Business and Economics. 

Consider the following as you read:

• Measures of relative standing (percentiles and quartiles) are extensively used for comparing data and reporting performance related metrics.

QNT 351 Week 2 First Message#1

Describe a business situation, other than what has already been selected by fellow students or selected from the team assignment, where mean and standard deviation can be used in decision making. Describe how calculation of mean and standard deviation can help in making a decision.

QNT 351 Week 2 First Message#2

Why it is important to find the shape of data distribution before computing descriptive statistics? Do all variables follow normal distribution? Explain why or why not. Explain with examples.

What are the various methods one can use to identify the shape of data distribution collected for research study? Why it is important to know the shape of distribution? How it can be used in decision making? Provide examples other than those already posted in class.

QNT 351 Week 2 First Message#3

Can mean, median, or mode be calculated from all statistical data? Explain why or why not. When is the mean the best measure of central tendency? When is the median the best measure of central tendency?

Select an article from a news magazine or research journal where data is displayed in a pie or bar chart. Describe the data displayed in the chart and what conclusion you could draw.

QNT 351 Week 3 Statistical Techniques in Business and Economics, Ch. 5: A Survey of Probability Concepts

Read pages 132, 133, 135, 136, 137, and 138 in Ch. 5 of Statistical Techniques in Business and Economics. 

Consider the following as you read: 

• It is very important to learn how to find the probability using the relative-frequency approach for the continuity of the course

QNT 351 Week 3 First Message#1

 What are the differences between probability and coincidence? Can the probability be more than 1 or less than 0? Explain why or why not.

·         An oil change shop advertised to change oil within 15 minutes. Based on the data collected on a typical day, what is the probability that oil change will take 15 minutes or less time? Based on the data, do you think the business claim is valid? Explain why or why not.

QNT 351 Week 3 First Message#2

   What are the characteristics of standard normal distribution? The HR department of an organization collects data on employees’ age, salary, level of education, gender, and ethnicity. Which data do you think is more likely to follow normal distribution? Explain why.   

·         How would you calculate area between two data values? How would you calculate area above or below a certain value? How can knowing these areas help you?

·         An oil change company advertises that they can change the oil in your car in 15 minutes. Based on the data collected below, what is the probability that oil change will take more than 15 minutes?

QNT 351 Week 3 First Message#3

What are some conditions under which business decisions are made using subjective probability concepts? Provide at least two examples of subjective probability.

What is the role of probability concepts in business decision-making? Provide specific examples.

QNT 351 Week 3 Statistical Techniques in Business and Economics, Ch. 6: Discrete Probability Distributions

Read pages 174, 176, 177, 178, 179, 180, and 182-190 in Ch. 6 of Statistical Techniques in Business and Economics. 

Consider the following as you read: 

• The concepts of mean and standard deviations of probability distributions play a significant role in managerial decision-making. Binomial distribution is critical in managerial decision-making.

QNT 351 Week 4 Statistical Techniques in Business and Economics, Ch. 7: Continuous Probability Distributions

Read pages 211-226 in Ch. 7 of Statistical Techniques in Business and Economics. 

Consider the following as you read: 

• Normal distributions play a significant role in managerial decision-making. Focus on how to compute probabilities and find the values using Microsoft® Excel®.

QNT 351 Week 4 Statistical Techniques in Business and Economics, Ch. 8: Sampling Methods and the Central Limit Theorem

Read pages 258-271 in Ch. 8 of Statistical Techniques in Business and Economics. 

Consider the following as you read: 

• See how normal distributions in Week 2 compare with sampling distributions this week. Also, note how central limit theorem is central to the normality requirement needed to run the inferential statistics techniques (confidence intervals and hypothesis testing).

QNT 351 Week 4 Statistical Techniques in Business and Economics, Ch. 9: Estimation and Confidence Intervals

Read pages 280-300 in Ch. 9 of Statistical Techniques in Business and Economics. 

Consider the following as you read: 

• Think about how you can provide point and confidence interval estimates in personal and professional settings. See how the concepts from the previous chapters build up to help understand this topic.

QNT 351 Week 4 First Message#1

Week 4 First Message#1

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·         Explain what do you mean by (i) Sampling distribution, (ii) Sampling Frame, and (iii) Sampling Unit. Give an example  and explain each of the three items.

·         What is Central limit theorem? What are the uses of this theorem?

QNT 351 Week 4 First Message#2

Week 4 First Message#2

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What is a confidence interval? How to Construct a Confidence Interval. How to Interpret Confidence Intervals.

 Suppose you want to estimate the average weight of an adult male in County of USA.  You draw a random sample of 1,000 men from a population of 1,000,000 men and weigh them. You find that the average man in our sample weighs 180 pounds, and the standard deviation of the sample is 30 pounds. What is the 95% confidence interval.

QNT 351 Week 5 Statistical Techniques in Business and Economics, Ch. 10: One-Sample Tests of Hypothesis

Read Ch. 10 of Statistical Techniques in Business and Economics.

Consider the following as you read:

• Observe how claims made by businesses can be validated. Try to apply the concepts to validate some simple claims such as the mean time to arrive at work.

QNT 351 Week 5 Statistical Techniques in Business and Economics, Ch. 11: Two-Sample Tests of Hypothesis

Read pages 349-378 in Ch. 11 of Statistical Techniques in Business and Economics. 

Consider the following as you read: 

• Observe how closely related the one-sample hypothesis testing and two-sample hypothesis testing processes are.
• Think of some real-world examples on where two-sample hypothesis testing can be used.
• Also, see how the central limit theorem is useful in that the sample size of 30 or more makes the distribution normal, which is a requirement for hypothesis testing.

QNT 351 Week 5 Statistical Techniques in Business and Economics, Ch. 12: Analysis of Variance

Read pages 380-421 in Ch. 12 of Statistical Techniques in Business and Economics. 

Consider the following as you read: 

• Observe how the fundamentals of hypothesis testing carry over to more advanced analysis. Pay attention to how more than two samples can be compared by comparing variances.

QNT 351 Week 5 First Message#1

Week 5 First Message#1

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·         What are the five steps in the hypothesis testing procedure? Are the steps followed in sequence? Explain why or why not. How does the five-step procedure for hypothesis testing differ when comparing two groups using a t- or z-test? How is the process similar?

·         What is the importance of a 5% significance level? Why would you choose 5% as opposed to 10% or 1%? What effect does the level of significance have on a Type II error?

·         Under what conditions would you use a t-test as opposed to a z-test? Can you use the t-table to determine the critical value of the z-test? Explain why. What are the differences between a one-tailed and a two-tailed test?

QNT 351 Week 5 First Message#2

Week 5 First Message#2

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·         What are some terms related to hypothesis testing with which you are already familiar? Why do null and alternative hypotheses have to be mutually exclusive?

·         What is the difference between a left-tailed, two-tailed, and right-tailed test. When would you choose a one-tailed test? How can you determine the direction of the test by looking at a pair of hypotheses? How can you tell which direction (or no direction) to make the hypothesis by looking at the problem statement (research question)?