10-01-07 - Analyzing Bivariate Data Contingency Table one...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Analyzing Bivariate Data Contingency Table – one variable on column and two on rows Number of Times Each Pair of Values Occurs Regression Analysis – used to forecast the value of one variable based on another y= Sales x= Price y=βn + b + μt (β = Slope) Scatter Plot – around central value (mean) Chapter Six: Probability Probability – the likelihood of an event taking place Three Approaches o Apriori Classical Probability – based on prior knowledge of the process Probability of occurrence is: x x = number of ways each event occurs t t = total number of outcomes Example: A deck of cards has 26 red cards and 26 black cards. The probability of selecting a black card is: 26 52 o Empirical Classical Probability – based on observed data o Subjective Probability – events and sample spaces (a sample space is the collection of all possible events) A simple event is described by a single characteristic A joint event has two or more characteristics P(A) the complement of P(A) is P(A 1 ) a b c A B C
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 4

10-01-07 - Analyzing Bivariate Data Contingency Table one...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online