Discuss when inferential statistical techniques may not be applicable to business. In your answer, include the...

Discuss when inferential statistical techniques may not be applicable to business. In your answer, include the assumptions necessary for inferential statistics to be relevant and applicable as well as the beliefs and limitations underlying those assumptions. What does this imply about inferential statistics?

Solutions

Expert Solution

Usually in inferentil statistics, certain assumptions need to be assessed prior to analysis. Depending on the statistical analysis, the assumptions may differ. A few of the most common assumptions in statistics are Normality, linearity,and equality of variance. Normalty assumes that the continuous variables to be used in the analysis are normally distributed.Normalty is typical used in ANOVA and Prediction analsis and testing.L

Linearity refers to a linear, or straight line, relationship between independent variables and dependent variables.If the assumptions of linearity is not met, then prediction may be inaccurate.Linearity typically assessed in correlation coefficient and regression coefficient.Linearity can be assessed by the examination of scattor Plot .

Equality of variance refers to equal variance across different groupsor samples.

So in business Mostly equalti of variance, linearity and normalty not fallow so we we do not used inferencial statistics in business statistics.

orchestra answered 1 year ago

Next > < Previous

Related Solutions

Is Inferential statistical techniques and predictive statistical techniques identical

Discuss custom techniques for managing shipping process for Toyota around Globalism. Your answer should include software...

Discuss custom techniques for managing shipping process for Toyota around Globalism. Your answer should include software and hardware specifications, technology upgrades,And backup and recovery strategies.

Discuss custom techniques for managing shipping process for Toyota around Globalism. Your answer should include software...

Discuss four reasons why a labour market may not allocate labour efficiently. Include in your answer...

Discuss four reasons why a labour market may not allocate labour efficiently. Include in your answer an example for each of the four reasons

Discuss the 2 common expert judgement techniques that are applicable not only for risk identification, but...

Discuss the 2 common expert judgement techniques that are applicable not only for risk identification, but also for forecasting and decision making.

For each problem, compute the appropriate statistical test and report your conclusion. Your answer should include...

For each problem, compute the appropriate statistical test and report your conclusion. Your answer should include the following: a. State the null hypothesis. b. Identify the appropriate statistical test c. Calculate the appropriate test statistic. Make sure to report the degrees of freedom for the statistical test (if appropriate). You must show your work to receive full credit. d. State your conclusions (use a two-tailed test with a = .05 for all tests). e. Compute an effect size. A therapist would like to evaluate...

Your assignment is to analyze the relationship between two sets of scores using the inferential statistical...

Your assignment is to analyze the relationship between two sets of scores using the inferential statistical procedure of an independent two sample t-hypothesis test. Using StatCrunch SPSS, you must calculate and analyze both descriptive and inferential statistics data. The data collection in analysis for this final project is aligned with concepts learned during several weeks of this course. The data you are being provided with relates to information collected pertaining to the current COVID-19 pandemic. You are being asked to...

Discuss different types of statistical techniques or methods suitable for a research proposal??

CPAs may decide to apply nonstatistical or statistical techniques to audit testing. List and explain the...

CPAs may decide to apply nonstatistical or statistical techniques to audit testing. List and explain the advantages of applying statistical sampling techniques to audit testing. a. List and discuss the decisions involving professional judgment that must be made by the CPAs in applying statistical sampling techniques to tests of controls. b.You have applied attributes sampling to the client's pricing of the inventory and discovered from your sampling that the sample deviation rate exceeds your tolerable rate. Discuss the courses of...

Why are sampling distributions important to the study of inferential statistics? In your answer, demonstrate your...

Why are sampling distributions important to the study of inferential statistics? In your answer, demonstrate your understanding by providing an example of a sampling distribution from an area such as business, sports, medicine, social science, or another area with which you are familiar. Remember to cite your resources and use your own words in your explanation.

Subjects