Lecture 1 - Statistics for Strategy Problems Some people...

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Statistics for Strategy Problems Some people hate the very name of statistics but I find them full of beauty and interest. Whenever they are not brutalized, but delicately handled by the higher methods, and are warily interpreted, their power of dealing with complicated phenomena is extraordinary. .. Sir Francis Galton (1822 - 1911)
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April 15, 1912 The Survivors Number on board: 2201 Percentage that survived: 32% 1 st 2 nd 3 rd Men 33% 8% 16% Women 97% 86% 48% Children 100% 100% 34%
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What story does data tell? Did the chance of survival depend on class, gender or age? How do we know for sure ?
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Binge Drinking College students have higher rates of binge drinking than non-college students Binge drinking declines as students get older How do we know for sure ?
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Methods Chi-square ANOVA Regression Simple Multiple Time series Logistic
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Estimation Find values for population values of interest
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We need to make a decision Hypothesis
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Lecture 1 - Statistics for Strategy Problems Some people...

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