Business Statistics for Competitive Advantage with Excel by Cynthia Fraser

By Cynthia Fraser

This booklet reports fundamentals then develops modeling with various examples from determination making. Translation of effects into enterprise English insures either scholars' realizing in their ramifications in addition to using effects by way of choice makers with no facts backgrounds. Analyses are illustrated with photographs.

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Example text

Thus, it is only the area under the right tail that concerns us. 2 bottles per customer per week, each team will estimate this mean using their sample data. Rearranging the formula for a t test, we see that each team can use their sample standard error, the Student t value for their sample size and the desired level of confidence to estimate the range that is likely to contain the true population mean: X − t a , N −1 s X < μ < X + tα , N −1 s X Where and α is the chance that a sample is drawn from one of the sample distribution tails, t α, (Ν−1) is the particular Student t value for a chosen level of certainty (1− α) and sample size N.

Make a PivotTable and PivotChart from the histogram table excluding outliers. Compare the distribution of compensation in the financial sector with a Normal distribution with the same mean and standard deviation. ) Compensation (sds from mean) <-3 (outliers) < -2 <-1 < mean <+1 <+2 <+3 % if Normal Actual % How does the actual distribution differ from Normal? What can the Board say to the CEO to describe the $2MM package proposal? One Board member has heard rumors that American Express, a competitor, may try to Y or N hire the CEO.

We conclude that demand is not seven or less. Sample evidence suggests that demand exceeds seven bottles per person per week. In a test of the level of demand for bottles of water, each team used a “one-tail” test. Regardless of how much demand exceeds seven bottles per consumer per week, a team would vote to proceed with development as long as they can be reasonably sure demand exceeds breakeven. They require only that the chance of observing the data be less than 5%, were true demand less than seven.

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