Question.2919 - 1. When would you use descriptive over inferential statistics? Provide a specific scenario and explain your rationale. 2. Why is using Bayes' theorem important to help answer business-related questions? What does this theorem allow you to do that traditional statistics do not? What are some prerequisites for using Bayesian statistics? 3. As a manager, what are some benefits of applying probability concepts to solve business-related problems? Would business decisions suffer without probability concepts? Explain.
Answer Below:
When xxxxx you xxx descriptive xxxx inferential xxxxxxxxxx Provide x specific xxxxxxxx and xxxxxxx your xxxxxxxxx Both xxxxxxxxxxx and xxxxxxxxxxx statistics xxx be xxxx in xx analysis xxxxxxxx Descriptive xxxxxxxxxx essentially xxxxxxxx a xxxxx view xx the xxxx and xxxxx statistics xxx further xx used xx inferential xxxxxxxxxx Descriptive xxxxxxxxxx includes xxxxxxx techniques xxx measures xx which x collection xx data xxx be xxxxxxxxx and xxxxxxxxxx On xxx other xxxx inferential xxxxxxxxxx involves xxxxxxxxxx which xxxxxx us xx make xxxxx inferences xxxx particular xx general xxxxxxxxx we xxxxx use xxxxxxxxxxx statistics xxxx we xxxx to xxxx conclusions xxx the xxxxxxxxxx from xxx given xxxxxx Inferential xxxxxxxxxx are xxxx used xx assess xxx strength xx relationship xxxxxxx two xx more xxxxxxxxx For xxxxxxx we xxxx to xxxxxxxxx if x targeted xxxx subsidy xxxxxxxxx has xxxx able xx reduce xxxxxxxxxxxx in x region xx gauge xxx effectiveness x sample xxxx have xx be xxxxx from xxx targeted xxxxxxxxxx of xxx region xxxxxxxxxxx the xxxxxxxxxx is xxx large xxx basis xxx calculated xxxxxx statistics xxxxxxxxxx will xxxx to xx drawn xxxxxxxxx the xxxxxxxxxx One xxx also xxxxxx if xxxxx exists x relationship xxxxxxx food xxxxxxx and xxxxxxxxxxxx Why xx using xxxxx amp xxxxxxx important xx help xxxxxx business-related xxxxxxxxx What xxxx this xxxxxxx allow xxx to xx that xxxxxxxxxxx statistics xx not xxxx are xxxx prerequisites xxx using xxxxxxxx statistics xxxxx rsquo xxxxxxx is xxxxxxxxxxx used xx business xxxxx because xxxxx rsquo xxxxxx facilitates xxx modification xx the xxxxxxxxxx in xxx light xx some xxx information xxx eventually xxxxxxxxx towards xxx correct xxxxxxx Segmentation xx an xxx example xxxxx anchors xx Bayes xxxxx method xxxx in xxxxxxxxxxx of xxxxxxxx strategies xxxxx segmentation xxx can xxxxxxx any xxxxx of xxxxxxxxxxx ndash xxxxxxxxx distributors xxxxxxx ndash xxxxx on xxxxxxxxxxxx information xx assigning xx artificial xxxxxxxx to xxxx set xx individuals xxx can xxxxxxx additional xxxxxxxxxxx that xxxxx advance xxxx understanding xx how xxxx group xxxxxxxxxxx to xxxx business xxxxx Then xxx can xxxxxx your xxxxxxxx based xx that xxxxxxx understanding xxxxx probabilities xxx Information xxxxxxxxxxx of xxxxx rsquo xxxxxxx New xxxxxxxx probability xxx conventional xxxxxxxxxx are xxxxxxx constrained xxxx it xxxxx to xxxxxxx conditional xxxxxxxx Bayes xxxxx theorem xxxxxxxx probability xxxxxxxx from xxx additional xxxxxxxxxxx that xxxx other xxxxx has xxxxxxx occurred xxxxxxxxxxxxx The xxxxxx can xx applied xx Sequential xxxxxx where xxx information xx received xxx a xxxxxxxxxx event xxx that xxx information xx used xx revise xxx probability xx the xxxxxxx event xxxx As x manager xxxx are xxxx benefits xx applying xxxxxxxxxxx concepts xx solve xxxxxxxxx related xxxxxxxx Would xxxxxxxx decisions xxxxxx without xxxxxxxxxxx concepts xxxxxxx In xxxxxxxx the xxxxxxxxxxx of xxxxxxxxxxxxx models xx solve xxxxxxxxxxxxxxxx problems xxx evolved xxxxxx the xxxx The xxxxxxxx accrued xx using xxxxxxxxxxx concepts xxxxx from xxxxxxxxx to xxxxxxxxx performances xxxxx models xxx be xxxx for xxxxxxxxxxx inventory xxxxxxxxxx risk xxxxxxxxxx formulating xxxxxxxxxxx strategies xxx to xxxx a xxx Yes xxxxxx not xxxxx the xxxxxxxxxxxxx models xxxxxxxx can xxxx a xxxxxxxx bearing xx the xxxxxxxx With xxx advent xx the xxx data xxx analytics xxx business xxxxx are xx an xxxxxxxxx of xxxxxxxxx and xxxxxxx deeper xxxx the xxxxxxxx provided xx the xxxxxxxxxx information xxxxx can xxxx them xxxxxxxxxx the xxxxxxxx and xxx requirements xx a xxxx efficient xxx Imagine x situation xxxxx the xxxxxxxx firm xx able xx forecast xxx demand xxx its xxxxx with xxx help xx a xxxxxxxxxxx model xxxx a xxxxxxxxxxx can xxxx the xxxx plan xxx strategy xx advance xxx more xxxxxx efficient xxx profitableMore Articles From Statistics
.ico)
.ico)
.ico)
.ico)
