Which of the following are the four important components in the definition of business statistics as a discipline?
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Which of the following are the four important components in the definition of business statistics as a discipline? Hint: There are four correct answers. a.
calculators b.
certainty c.
data d.
uncertainty e.
qualitative skills f.
informed decision g.
computer software h.
quantitative skills |
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- 13 true or false Descriptive statistics are too basic therefore not very useful in data analytics.Difference between Business statistics and Business Analytics”.2.How does Excel help analyze statistical data? 3. Besides COUNTIF, SUMIF, and AVERAGEIF List down other functions you were able to realize that are not part of this lesson then briefly describe each of them
- Business analytics can be of three types: descriptive, predictive, and prescriptive. Describe each of those. Imagine you are a data analyst in FedRetail, an online retail shop. Your manager wants a forecast of the sell in the upcoming Christmas season. What kind of analysis you should do to find out your manager's query? Explain.is an important element of any business model. Select one: = of O a. Value proposition O b. Competitive analysis O C. Financial forecastingWhy is it problematic to find the most useful numbers/statistics in football? Select all that apply 1 Football is younger than baseball, so good measures have not been found yet 2 Many football positions are dependent on other players, so it is hard to evaluate their own contribution to the win 3 Football is more complicated than baseball or basketball 4 Football season contains less games than in hockey or basketball; this inexperience leads to inconsistency of measures
- Define the following:. 1. Leniency Error2. Central Tendency Error3. Strictness Error4. Halo Error5. Proximity Error6. Contrast Error7. Recency EffectContrast the planning approach when dealing with data certainty verses uncertaintyBusiness is an example for both descriptive and inferential statistics. Why is this so?
- Interpret the coefficients of your regression model. Specifically, what does the fixed component of the model mean to the consulting firm? Interpret the fixed term, b 0b0, if appropriate. Choose the correct answer below. A. It is not appropriate to interpret b 0b0, because its value is the predicted billable hours for overhead costs of 0 dollars, but the firm cannot have overhead costs of 0 dollars associated with a client. B. The value of b 0b0 is the predicted overhead costs for 0 billable hours. C. It is not appropriate to interpret b 0b0, because its value is the predicted overhead costs for 0 billable hours, but someone with 0 billable hours would not actually be a client of the firm. D. For each increase of 1 unit in billable hours, the predicted overhead costs are estimated to increase by b 0b0. E. The value of b 0b0 is the predicted billable hours for an overhead cost of 0 dollars. F. For each increase of 1 unit in…An information will be having predictive value if it can assist to: a. Predict the past b. Predict the present c. Predict the environment d. Predict the futurBusiness analytics concepts a) Data used in business analytics need to be reliable and valid. Explain your opinion on the statement and provide practical examples to support your answer. b) What are the similarities and differences between correlation analysis and regression analysis? c) What types of measurements can be used to measure the central tendency of the data? Please compare the advantages and disadvantages between these measurements.