Under descriptive statistics, we study A. the description of decision making tricks B. samples to assist...

Under descriptive statistics, we study

A. the description of decision making tricks

B. samples to assist in decision making

C. how to describe the probability distribution

D. the methods for organizing, displaying, and describing data

Expert Solution

Descriptive statistics are brief descriptive coefficients that summarize a given data set, which can be either a representation of the entire population or a sample of it. Descriptive statistics are broken down into measures of central tendency and measures of variability, or spread. Measures of central tendency include the mean, median and mode, while measures of variability include the standard deviation or variance, the minimum and maximum variables, and the kurtosis and skewness. Thus, in descriptive statistics, we study the methods for organizing, displaying, and describing data. Correct choice is (D).

orchestra answered 2 years ago

Discuss the differences among decision-making under certainty, decision-making under risk, and decision-making under uncertainty. Using the...

Discuss the differences among decision-making under certainty, decision-making under risk, and decision-making under uncertainty. Using the EMV criterion with a decision tree, describe how you would determine the best decision. Briefly discuss how a utility function can be assessed. What is a standard gamble, and how is it used in determining utility values?

7.38 Teaching descriptive statistics. A study compared five different methods for teaching descriptive statistics. The five...

7.38 Teaching descriptive statistics. A study compared five different methods for teaching descriptive statistics. The five methods were traditional lecture and discussion, programmed textbook instruction, programmed text with lectures, computer instruction, and computer instruction with lectures. 45 students were randomly assigned, 9 to each method. After completing the course, students took a 1-hour exam. (a) What are the hypotheses for evaluating if the average test scores are different for the different teaching methods? (b) What are the degrees of freedom...

What is the difference between ‘decision making under uncertainty’ and ‘decision making under risk? Provide an...

What is the difference between ‘decision making under uncertainty’ and ‘decision making under risk? Provide an example of a decision that involves uncertainty and one that involves risk.

List three types of descriptive -statistics- commonly used in research. Why do we use descriptive statistics...

List three types of descriptive -statistics- commonly used in research. Why do we use descriptive statistics in both descriptive methods research and experimental methods research? Why are descriptive statistics so important in quantitative research? Could we do quantitative experimental research without descriptive statistics? If so or not, why or how? What are your thoughts given what we are learning?

Probabilities are normally used in decision making under risk. You are involved in a decision making...

Probabilities are normally used in decision making under risk. You are involved in a decision making process that involves three decision alternatives and three states of nature. Discuss the methods you will use to assign probabilities to the states of nature. What conditions must be satisfied for the probabilities to exist and also how would you use the probabilities to make informed decisions? If you need to improve your decision making process for this problem, what would you have to...

What is descriptive statistics? What is inferential statistics? Why do we care about the level of...

What is descriptive statistics? What is inferential statistics? Why do we care about the level of measurement of a variable? Why do we use n-1 rather than n in calculating sample variance? What are confounding variables, and what effect do they have on assessing cause-and-effect relationships? When would you prefer median to mean as a measure of central tendency? Why don’t we just sum the deviations from the mean to measure dispersion of a variable? When is it legitimate to...

In this exercise, we will look at descriptive statistics and how to explore and summarize data...

In this exercise, we will look at descriptive statistics and how to explore and summarize data sets. For this, we use the Heart Disease dataset from the UCI data repository. This dataset consists of 4 small datasets of people with heart disease admitted to 4 hospitals. For now, we only work with the file. this data consists of 271 instances with 7 attributes. The attributes are described as below: Age: age in years sex: 1 = male; 0 = female...

Discuss the differences between decision making under certainty, under risk, and under uncertainty.

Using plots and descriptive statistics is too simple for making any marketing decisions (T or F)...

Using plots and descriptive statistics is too simple for making any marketing decisions (T or F) Median should always be preferred over mean because it is less sensitive to outliers (T or F) If the data is largely skewed to right, median could be a better typical value than mean (T or F) Discrete variable and continuous variable can be used at the same time for independent variables. (T or F) Regression analysis requires us to have at least one...

Please assist with the following: Q1. For each of the following decision-making problems, determine whether the...

Please assist with the following: Q1. For each of the following decision-making problems, determine whether the problem involves constrained or unconstrained optimization; what the objective function is and, for each constrained problem, what the constraint is; and what the choice variables are. We aren’t earning enough profits. Your job is to redesign our global market structure to make sure that we maintain the optimal presence in every profitable market on the planet! Get to work now.

Question