BUS 308: Statistics For Managers
BUS 308 Final Paper 1
BUS 308 Week 5 Final Paper
Derrick Tanner
BUS 308: Statistics for Managers
Derrick Vance
August 30, 2014
BUS 308 Final Paper 2
BUS 308 Week 5 Final Paper What I’ve learned throughout this BUS 308: Statistics for Managers course, is that data collected for the purpose of business or life can be interpreted into numerical forms such as nominal, ordinal, interval and ratio data scales which gives a better outcome on measurements and counts for the sole purpose of developing, researching, or discussing ways on how to make their business or personal lives more understandable. I’ve learned how to also calculate formulas in spreadsheets to arrive at these conclusions. Throughout this course there were …show more content…
many statistical formulas that were discussed. In this essay, I will discuss descriptive and inferential statistic analysis and hypothesis development and testing and how to choose the appropriate test and evaluation for them with an emphasis on how important it is to analyze and make the right decisions about measurements for them. In this course, I learned how to distinguish between descriptive and inferential statistics, and calculate basic descriptive statistics. Descriptive characteristics can provide a lot of information when data sets are large. Descriptive statistics are very important because if raw data was presented, it would be hard to visualize what the data was showing, especially if there was a lot of it. The selection of appropriate statistical tests and the finding the right way to evaluate statistical results for descriptive statistics will enable businesses to present the data in a more meaningful way, which allows a simpler interpretation of the data and measurements. There are many types of descriptive statistics. The most common are those that describe central tendency, or "typicality," in a data set, and those that describe data variability. (Tanner, 2013) These types of data scales describe how particular descriptive statistics can be calculated such as mean and
BUS 308 Final Paper 3 standard deviation which reveals interval or ratio data. If a measure of central tendency is required for nominal data, the mode is used. Because descriptive statistics each provide a different view of what is most central or how variable data and measurements are, the different values are complementary although, it is not uncommon to see multiple measures of central tendency and variability reported in a data description. (Tanner, 2013) As for inferential statistics, choosing the selection of appropriate statistical tests and evaluation of statistical results is important because they use techniques that allow the usage of samples to make generalizations about the populations from which the samples were drawn. It is, therefore, important that the sample accurately represents the population. The process of achieving this is called sampling. (statistics.laerd.com) Inferential statistics arise out of the fact that sampling naturally produces sampling error so that a sample is not expected to be perfectly represented in the population that is why the methods of configuring inferential statistics are (1) the estimation of parameter(s) and (2) testing of statistical hypotheses. (statistics.laerd.com) When developing a hypothesis test, there should be a concrete statement between variables describing a testable relationship between concepts.
Hypothesis testing should provide a direction for a study that eliminates trial and error research which helps to rule out intervening and confounding variables. In hypothesis development and testing, there are two predictions relevant to t-tests which are statistical examinations of two population means. (Tanner, 2013) Whenever choosing the selection of appropriate statistical tests and evaluating statistical results in hypothesis testing, choosing a one-sample test, will either represent the sample population to which it is compared, or it will not. In the case of the independent t, either both …show more content…
samples
BUS 308 Final Paper 4 (one/two-tailed test) belong to populations with the same mean, or they do not (Tanner, 2013).
The hypothesis simplifies statistical results so that the use of one- versus two-tailed tests adds another element. One-tailed tests provide an alternate hypothesis that is directional. It predicts how the mean of the population represented by the first group will differ from the mean of the population represented by the second, so that not just the means differ. (Tanner, 2013) There is also another type of hypothesis test called a hypothesis of association which involves the relationships between variables. There are three correlation procedures that respond to the hypothesis of association which are the Pearson Correlation, the point-biserial correlation, and Spearman 's rho. When choosing the selection of appropriate statistical tests and evaluation of statistical results within the hypothesis of association it is important to note that in each case their possible values range from –1.0 to +1.0, and all their coefficients are interpreted the same way. Pearson requires interval or ratio variables that are normally and similarly distributed. (www.hypothesistestinganddevelopment.com) A special application of Pearson, the point-biserial correlation, requires an interval/ratio variable and a second variable that has only two categories, a dichotomously scored variable.(Tanner, 2013) Spearman will accommodate any combination of ordinal, interval, or ratio variables but will only
assess the correlation between the rankings on the variables, rather than their actual values (Tanner). Evidentially, the data that is used in a Pearson correlation will have more information than the rankings that make up the data for Spearman 's approach, so in this is the case the Pearson value will provide more information about the relationship between the variables. The Pearson Correlation value should be squared to produce the coefficient of determination. This value indicates the proportion of one variable that can be explained by the other which reveals that there is no equivalent of the
BUS 308 Final Paper 4 statistic for Spearman values. (Tanner, 2013) Also, theirs the chi-square test which is based on nominal data when conducting hypothesis testing. One of which is the goodness-of-fit, or 1 × k procedure which analyzes whether the proportions occurring in the multiple categories of a single variable are consistent with what is expected based on an initial hypothesis and theirs the chi-square test of independence, also called the r × k procedure which straddles the boundary between tests of the hypothesis of difference and those related to the hypothesis of association. (Tanner, 2013) In conclusion, what I have learned in BUS 308: Statistics for managers is that data measurements can be conducted in many ways. The ones discussed in this essay were descriptive and inferential analysis and hypothesis development and testing. I learned that descriptive analysis is important because it describes a simpler interpretation of the data. Inferential statistics are important because they use techniques that allow the usage of samples to make generalizations about the populations from which the samples were drawn. I learned that hypothesis development and testing is important because it is a statement between variables describing a testable relationship between concepts that provides a direction for a study that eliminates trial and error research which helps to rule out intervening and confounding variables. I also learned that by using the appropriate selection of statistical tests and evaluation of statistical results for each these elements will give correct measurements and appropriate ways on how managers should perform statistical analysis.
BUS 308 Final paper 6
References
1. Tanner, D. E., & Youssef–Morgan, C. M. (2013). Statistics for Managers. San Diego, CA: Bridgepoint Education, Inc.
2. https://statistics.laerd.com/statistical.../descriptive-inferential-statistics.php
3. www.hypothesistestinganddevelopment.com
BUS 308 Week 5 Final Paper
Derrick Tanner
BUS 308: Statistics for Managers
Derrick Vance
August 30, 2014
BUS 308 Final Paper 2
BUS 308 Week 5 Final Paper What I’ve learned throughout this BUS 308: Statistics for Managers course, is that data collected for the purpose of business or life can be interpreted into numerical forms such as nominal, ordinal, interval and ratio data scales which gives a better outcome on measurements and counts for the sole purpose of developing, researching, or discussing ways on how to make their business or personal lives more understandable. I’ve learned how to also calculate formulas in spreadsheets to arrive at these conclusions. Throughout this course there were …show more content…
many statistical formulas that were discussed. In this essay, I will discuss descriptive and inferential statistic analysis and hypothesis development and testing and how to choose the appropriate test and evaluation for them with an emphasis on how important it is to analyze and make the right decisions about measurements for them. In this course, I learned how to distinguish between descriptive and inferential statistics, and calculate basic descriptive statistics. Descriptive characteristics can provide a lot of information when data sets are large. Descriptive statistics are very important because if raw data was presented, it would be hard to visualize what the data was showing, especially if there was a lot of it. The selection of appropriate statistical tests and the finding the right way to evaluate statistical results for descriptive statistics will enable businesses to present the data in a more meaningful way, which allows a simpler interpretation of the data and measurements. There are many types of descriptive statistics. The most common are those that describe central tendency, or "typicality," in a data set, and those that describe data variability. (Tanner, 2013) These types of data scales describe how particular descriptive statistics can be calculated such as mean and
BUS 308 Final Paper 3 standard deviation which reveals interval or ratio data. If a measure of central tendency is required for nominal data, the mode is used. Because descriptive statistics each provide a different view of what is most central or how variable data and measurements are, the different values are complementary although, it is not uncommon to see multiple measures of central tendency and variability reported in a data description. (Tanner, 2013) As for inferential statistics, choosing the selection of appropriate statistical tests and evaluation of statistical results is important because they use techniques that allow the usage of samples to make generalizations about the populations from which the samples were drawn. It is, therefore, important that the sample accurately represents the population. The process of achieving this is called sampling. (statistics.laerd.com) Inferential statistics arise out of the fact that sampling naturally produces sampling error so that a sample is not expected to be perfectly represented in the population that is why the methods of configuring inferential statistics are (1) the estimation of parameter(s) and (2) testing of statistical hypotheses. (statistics.laerd.com) When developing a hypothesis test, there should be a concrete statement between variables describing a testable relationship between concepts.
Hypothesis testing should provide a direction for a study that eliminates trial and error research which helps to rule out intervening and confounding variables. In hypothesis development and testing, there are two predictions relevant to t-tests which are statistical examinations of two population means. (Tanner, 2013) Whenever choosing the selection of appropriate statistical tests and evaluating statistical results in hypothesis testing, choosing a one-sample test, will either represent the sample population to which it is compared, or it will not. In the case of the independent t, either both …show more content…
samples
BUS 308 Final Paper 4 (one/two-tailed test) belong to populations with the same mean, or they do not (Tanner, 2013).
The hypothesis simplifies statistical results so that the use of one- versus two-tailed tests adds another element. One-tailed tests provide an alternate hypothesis that is directional. It predicts how the mean of the population represented by the first group will differ from the mean of the population represented by the second, so that not just the means differ. (Tanner, 2013) There is also another type of hypothesis test called a hypothesis of association which involves the relationships between variables. There are three correlation procedures that respond to the hypothesis of association which are the Pearson Correlation, the point-biserial correlation, and Spearman 's rho. When choosing the selection of appropriate statistical tests and evaluation of statistical results within the hypothesis of association it is important to note that in each case their possible values range from –1.0 to +1.0, and all their coefficients are interpreted the same way. Pearson requires interval or ratio variables that are normally and similarly distributed. (www.hypothesistestinganddevelopment.com) A special application of Pearson, the point-biserial correlation, requires an interval/ratio variable and a second variable that has only two categories, a dichotomously scored variable.(Tanner, 2013) Spearman will accommodate any combination of ordinal, interval, or ratio variables but will only
assess the correlation between the rankings on the variables, rather than their actual values (Tanner). Evidentially, the data that is used in a Pearson correlation will have more information than the rankings that make up the data for Spearman 's approach, so in this is the case the Pearson value will provide more information about the relationship between the variables. The Pearson Correlation value should be squared to produce the coefficient of determination. This value indicates the proportion of one variable that can be explained by the other which reveals that there is no equivalent of the
BUS 308 Final Paper 4 statistic for Spearman values. (Tanner, 2013) Also, theirs the chi-square test which is based on nominal data when conducting hypothesis testing. One of which is the goodness-of-fit, or 1 × k procedure which analyzes whether the proportions occurring in the multiple categories of a single variable are consistent with what is expected based on an initial hypothesis and theirs the chi-square test of independence, also called the r × k procedure which straddles the boundary between tests of the hypothesis of difference and those related to the hypothesis of association. (Tanner, 2013) In conclusion, what I have learned in BUS 308: Statistics for managers is that data measurements can be conducted in many ways. The ones discussed in this essay were descriptive and inferential analysis and hypothesis development and testing. I learned that descriptive analysis is important because it describes a simpler interpretation of the data. Inferential statistics are important because they use techniques that allow the usage of samples to make generalizations about the populations from which the samples were drawn. I learned that hypothesis development and testing is important because it is a statement between variables describing a testable relationship between concepts that provides a direction for a study that eliminates trial and error research which helps to rule out intervening and confounding variables. I also learned that by using the appropriate selection of statistical tests and evaluation of statistical results for each these elements will give correct measurements and appropriate ways on how managers should perform statistical analysis.
BUS 308 Final paper 6
References
1. Tanner, D. E., & Youssef–Morgan, C. M. (2013). Statistics for Managers. San Diego, CA: Bridgepoint Education, Inc.
2. https://statistics.laerd.com/statistical.../descriptive-inferential-statistics.php
3. www.hypothesistestinganddevelopment.com