UOP QNT275 All Weeks Discussions Latest 2020

QNT275 Statistics for Decision Making

Week 1 Discussion

The Role of Statistics in Business Decision-Making video

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.

 

QNT275 Statistics for Decision Making

Week 2 Discussion

DQ1 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.

DQ2  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.

DQ3 Mean, Median, 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.

DQ4 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.

DQ5 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

DQ6 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.

QNT275 Statistics for Decision Making

Week 3 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.

 

QNT275 Statistics for Decision Making

Week 4 Discussion

DQ1 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.

Learning Activity: 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.

 DQ2 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?

DQ3 Linear Regression

Resource: Case Study 12.1 in Chapter 12 of Essentials of Business Statistics.

Click the Sushi Restaurant Data Set link.

Calculate the linear regression in item 1 of the case study.

Discuss the following:

• Explain if simple regression or multiple regression is more appropriate for making predictions in this case.

• Predict what will happen to sales based on unemployment rate and the level of advertising

• Justify your predictions.