UOP QNT275 Week 2 Discussion Latest 2020

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.