Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Statistics and Probability Expert

As a person who understands and uses statistics to solve problems in business you know that you must use the right statistical tool to compare data against theories. If the data doesn't support the theory under investigation, you either reject or revise your theory. (You don't revise the data!)

However, you understand that pitfalls may exist in the data collection process and the reasoning process. For instance, you know to watch for:

Making conclusions about a large population from a small sample.
Making conclusions from nonrandom samples
Attaching importance to rare observations
Using poor survey methods

Working with someone in class or in your company...describe/discuss each pitfall and how it might impact good problem solving in the business environment. You may prepare a short narrative of 250-500 words

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M998330

Have any Question? 


Related Questions in Statistics and Probability

The umuc minimart sells five different types of coffee mugs

The UMUC MiniMart sells five different types of coffee mugs. The manager reports that the five types are equally popular. Suppose that a sample of 500 purchases yields observed counts 110, 100, 110, 100, and 80 for types ...

Validity true story i once spoke to a retired professor who

Validity: True story: I once spoke to a retired professor who used to teach general studies geography. His grading technique was to throw the papers/tests on the ground and randomly assign the same grade to each pile (wi ...

What is the difference between simple linear and multiple

What is the difference between simple linear and multiple regressions? Give an example of a situation where linear regression might be useful? Give an example of a situation where multiple regression might be useful?

Assignment- probability1a credit card company decides to

Assignment- Probability 1. A credit card company decides to study the frequency with which its cardholders charge for items from a certain chain of retail stores. The data values collected in the study appear to be norma ...

1 what is the range and why is it not ideal as an index of

1. What is the range, and why is it not ideal as an index of variability? 2. Give a definition of variance, then explain how you would calculate it. 3. How does variance differ from the total sum of squares?

What is the variation in lsquofalse rejects that is not

What is the variation in ‘False rejects' that is NOT attributable to the Inspectors (as Sum of squares, not as percentage or mean)? 349.4 84.9 264.5 10.58 21.2

Regarding probability which of the following isnbspcorrecta

Regarding probability, which of the following is  correct ? a. When events  A  and  B  are mutually exclusive, then  P ( A  and  B ) =  P ( A ) +  P ( B ). b. The union of events  A  and  B  consists of all outcomes in t ...

Consider a normal population with mu 47 and sigma 6

Consider a normal population with μ = 47 and σ = 6. Calculate the z-score for an x of 46.3 from a sample of size 26. (Give your answer correct to two decimal places.

Plot four different regression graphs x v y tomatometer v

Plot four different regression graphs (X v Y): Tomatometer v Audience, Budget v Gross, Budget v Tomatometer, Audience v Gross and find the best-fit line equation and correlation coefficient (r-value) for each one. X repr ...

Imagine that the equation for predicting y from x is y 112

Imagine that the equation for predicting y from x is y = 1.12 - .47x. How would you use this equation to predict a particular individual's score?

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen