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 theorem xxxxxxxxx to xxxx answer xxxxxxxxxxxxxxxx questions xxxx does xxxx theorem xxxxx you xx do xxxx traditional xxxxxxxxxx do xxx What xxx some xxxxxxxxxxxxx for xxxxx Bayesian xxxxxxxxxx Bayes xxxxxxx is xxxxxxxxxxx used xx business xxxxx because xxxxx method xxxxxxxxxxx the xxxxxxxxxxxx of xxx hypothesis xx the xxxxx of xxxx new xxxxxxxxxxx and xxxxxxxxxx converges xxxxxxx the xxxxxxx results xxxxxxxxxxxx is xx apt xxxxxxx which xxxxxxx on xxxxx method xxxx in xxxxxxxxxxx of xxxxxxxx strategies xxxxx segmentation xxx can xxxxxxx any xxxxx of xxxxxxxxxxx customers xxxxxxxxxxxx vendors 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 Theorem xxx required xxxxxxxxxxx The xxxxxxxxxxxx statistics xxx however xxxxxxxxxxx when xx comes xx finding xxxxxxxxxxx outcomes 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 xx a xxxxxxx what xxx some xxxxxxxx of xxxxxxxx probability xxxxxxxx to xxxxx business- xxxxxxx problems xxxxx business xxxxxxxxx suffer xxxxxxx probability xxxxxxxx Explain xx business xxx application xx probabilistic xxxxxx to xxxxx business-related xxxxxxxx has xxxxxxx during xxx time xxx benefits xxxxxxx to xxxxx probability xxxxxxxx range xxxx financial xx operation xxxxxxxxxxxx These xxxxxx can xx used xxx forecasting xxxxxxxxx management xxxx management xxxxxxxxxxx advertising xxxxxxxxxx etc xx name x few xxx indeed xxx using xxx probabilistic xxxxxx concepts xxx have x negative xxxxxxx on xxx business xxxx the xxxxxx of xxx big xxxx and xxxxxxxxx the xxxxxxxx firms xxx at xx advantage xx exploring xxx delving xxxxxx into xxx insights xxxxxxxx by xxx historical xxxxxxxxxxx which xxx help xxxx understand xxx business xxx its xxxxxxxxxxxx in x much xxxxxxxxx way xxxxxxx a xxxxxxxxx where xxx business xxxx is xxxx to xxxxxxxx the xxxxxx for xxx goods xxxx the xxxx of x probability xxxxx Such x development xxx help xxx firm xxxx its xxxxxxxx in xxxxxxx and xxxx become xxxxxxxxx and xxxxxxxxxxMore Articles From Statistics
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