Descriptive Statistics and Managerial Decision-Making
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Week1-Required.docxDescriptive Statistics and Managerial Decision-Making
Assignment Steps
1. Show research on the matter that is properly cited and referenced according to APA with references
1. Your posts that you want to count toward your substantive participation grade should be at least 100-150 words of each one of the following subjects:
2. Scenario: The NFL has a regular season of 16 football games. The Football Database (2017) shows the Detroit Lions have had the following wins/loss record for the last 10 years since 2008:
|
Year |
Team Name |
League |
W |
L |
T |
|||
|
2017 |
Detroit Lions |
NFL |
5 |
4 |
0 |
|||
|
2016 |
Detroit Lions |
NFL |
9 |
7 |
0 |
|||
|
2015 |
Detroit Lions |
NFL |
7 |
9 |
0 |
|||
|
2014 |
Detroit Lions |
NFL |
11 |
5 |
0 |
|||
|
2013 |
Detroit Lions |
NFL |
7 |
9 |
0 |
|||
|
2012 |
Detroit Lions |
NFL |
4 |
12 |
0 |
|||
|
2011 |
Detroit Lions |
NFL |
10 |
6 |
0 |
|||
|
2010 |
Detroit Lions |
NFL |
6 |
10 |
0 |
|||
|
2009 |
Detroit Lions |
NFL |
2 |
14 |
0 |
|||
|
2008 |
Detroit Lions |
NFL |
0 |
16 |
0 |
|
|
|
Based on the description of each probability method above, what is the probability that the Detroit Lions will make it to the playoffs in the 2018 season. How have you used probability in one of your own decision-making scenarios?
3. How to implement key statistical concepts: population vs. sample, descriptive vs. inferential statistics, parameter vs. statistic, variables, levels of measurement, and qualitative vs. quantitative data?
4. How to measure measures of central tendency: mean, median, and mode?
5. How to use measures of variation: range, variance, standard deviation, and coefficient of variation?
6. How to evaluate skewness of a distribution?
7. How to use percentiles, quartiles, and the Five-Number Summary?
8. How to evaluate probabilities using relative frequency approach?
9. Describe what probability is and when one would use it?
