StatsRelevanceinBusiness

mba program uses a 3 predictor ex regression model

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Unformatted text preview: ictor Ex., regression model to forecast student success; use this forecast to determine admission use 3 possible outcomes: Correct decisions, False possible positives, false negatives positives, Types of Statistical Information Types Descriptive Statistics Organized data, called information Average, Std. Deviation, %, Counts 80% of data that managers use to make 80% decisions is descriptive decisions Macro-level: Industry Standard Turnover Rate Micro-level: Org’s Rate of Turnover T/O by age: 25% of first hires leave in 1st yr. Types of Statistical Information Types Inferential Statistics: Estimating Population Estimating Parameters from Sample Statistics Parameters Generalizability of Statistics Generalizability depends on many things, many e.g. Sample Size & e.g. Representativeness Representativeness...
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This document was uploaded on 02/19/2014.

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