Statistical Decision Techniques For Managers Mini Case

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MMG 525.ON01 Statistical Decision Techniques for Managers.

Thesis-a working knowledge of statistical concepts helps us make better, more informed decisions.

Case 1.

Case Title: Data and Decisions -Chapter Exercise

Source: Sharpe, DeVeaux, Velleman. (2014). Business statistics. 3rd edition. Pearson.

Note: If you don’t have the text, this form is pretty much self-explanatory.

Page Number: 15

Directions:

  1. Find a news article in which some data are reported. You can use the Cambridge College online library for this. Use articles in the business press for best results (p.15). Submit a copy of the article as well as this form filled out. You can also submit a link to a CC OL Library Article.
  2. Option II- Find an Internet site where data are recorded. For the data found on the site, answers as many questions below as you can. Include a copy of the URL (link) in your report.

Question 1: Are the data numerical, alphabetic or alphanumerical?

The 5 W’s (page 3, Sharpe): Finding the context for data. In a data table, usually the columns are variables and the rows are individual cases or examples. Answer the 5 Ws +H

  1. Who collected this data?
  2. What did it consist of?
  3. When was it collected?
  4. Where did it come from or where was it collected?
  5. Why did they want to collect it?
  6. How was it collected?

 

Example:

  1. Who: https://www.dol.gov/ The Department of Labor
  2. What: Unemployment Rate for Veterans February 2018
  3. When was it collected? February 2018
  4. Where did it come from or where was it collected? BLS, DOL, DVA.
  5. Why did they want to collect it? Is it improving? Are more services needed?
  6. How was it collected? Via governmental databases. Note-I used Jing to clip a screen segment from the site—this illustrates your answer better.

 

Variable Categorical or quantitative Units if quantitative Survey or Experiment? Time series or cross sectional?
Veterans Both Thousands or percentage Survey Time series across several years; cross-sectional within years.
         
         

 

Blank section for your assignment:

Name:

Date:

News article identifier information:

Or, web site identifier information:

Screen shot of Table:

 

Question 1: Are the data numerical, alphabetic or alphanumerical?

The 5 W’s (page 3, Sharpe): Finding the context for data. In a data table, usually the columns are variables and the rows are individual cases or examples. Answer the 5 Ws +H

  1. Who collected this data?
  2. What did it consist of?
  3. When was it collected?
  4. Where did it come from or where was it collected?
  5. Why did they want to collect it?
  6. How was it collected?

 

 

 

 

 

 

Variable Categorical or quantitative Units if quantitative Survey or Experiment? Time series or cross sectional?
         
         
         

 

Summary:

How useful do you think this data is in terms of decision making?

 

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