Statistics, Part 2
This week, you will continue to master statistical techniques that will help you to make sound, data-based business decisions. You will be better equipped to objectively draw statistical inference from data.
After completing this lesson, you should be able to:
- Discuss the fundamentals of experimental design and analysis
- List the key ideas associated with statistical hypotheses, how to formulate hypothesis tests, and the role of probability in assessing the strength of sample evidence
- Perform hypothesis tests and interpret the results
- Describe the basics behind ANOVA testing: One-way analysis and Two-way analysis
- Interpret ANOVA output to draw a conclusion
- Describe the basics behind simple linear regression and multiple regression
- Use linear regression to estimate the relationship between two or more variables
- Interpret the regression coefficients, including statistical significance
- Interpret the coefficient of determination
Professor's Notes
Concepts of Hypothesis Testing
In this lecture, we will discuss experimental design and analysis, statistical hypotheses, and the role of probability in assessing the strength of sample evidence.
Inference About a Population Proportion
In this session, we will perform a hypothesis test for a population proportion.
Inference about a Population Mean
In this session, we will use hypothesis testing to draw statistical inference about a population mean.
ANOVA – Analysis of Variance
In this lecture, we will discuss ANOVA -- the analysis of variance to determine if differences exist between population means.
Two - Way ANOVA – Analysis of Variance
This lecture describes the basics behind ANOVA testing for two-way analysis, and demonstrates how to generate and interpret Excel output for two-way analysis.
Linear Regression
In this lecture, we will use linear regression to describe the relationship between two variables.
Multiple Regression
In this module, we will use multiple regression to analyze the relationship between a dependent variable and multiple independent, or explanatory, variables.
Read Textbook
BUS 5602: Essentials of Business Development 2
BSTAT
- Chapters 10, 11, 14, 16, and 17
You will need to activate the Data Analysis pack in Excel and install Data Analysis Plus in Excel. Please follow the links below for assistance.
Here is a link that details activating Data Analysis in Excel 2013:
Here is a link for Data Analysis Plus:
Sample Excel Demonstration Files
Please note that these add-ons may not be compatible with Microsoft Excel 2016.
Suggested Practice Problems
- Chapter 10 Problem 11
- Chapter 11 Problem 12
- Chapter 14 Problems 12 and 23
- Chapter 16 Problems 7 and 8
- Chapter 17 Problems 6 and 8 (You can find the data sets of the Chapter 17 problems here.)
Unless otherwise stated, data sets for the Suggested Practice Problems can be found in Appendix A.
Practice Quiz
- Untimed and ungraded quiz. For practice only
- 10 multiple choice and true-false questions
Quiz 2
- 25 multiple choice questions
- Time limit: 120 minutes
- Due by Sunday at 11:59 p.m. ET
Business Plan Project
Reminder! Your business plan assignment that is outlined in week 3 is due in week 7.