QNT 275 Week 5 Practice: Week 5 Discussion


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QNT 275 Week 5 Practice: Week 5 Discussion


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QNT 275 Week 5 Practice: Week 5 Discussion
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Review˙the˙Discussion FAQs Module.

Reference˙the Week 4 Case Study.

Respond˙to one of the following:

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Regarding requirement #2: What impacted the reps? average weekly performance to be greater than the population mean?
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Regarding requirement #3: Considering your hypothesis statements, provide an example of a Type I and a Type II error.
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Regarding requirement #3: Considering the p-values, is a statistically significant difference between the two reps being considered for the manager?s position? Explain.
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Regarding requirement #3: Who would you recommend being promoted to Sales Manager: Rep A or Rep B? Why?
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Regarding requirement #4: Considering the outcome of the hypothesis test, is your new Sales Manager outperforming the sales force?
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Time Series

Time flies!˙ We are at the last week of the course!˙ I wanted to take my chance to push in some discussions on time series, a special type of data that are collected over a course of time.˙ We build model based on these data for predictions through observing different components:˙ trend, cycle, seasonal, irregular.˙ Here are some applications of time series data forecasting/prediction in the real world:

Sales forecasting

1)˙˙˙˙ Declining sales

2)˙˙˙˙ Seasonal peaks and valleys

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Staffing requirements

1)˙˙˙˙ Absenteeism

2)˙˙˙˙ Contract or permanent employee

Budgeting

1)˙˙˙˙ Revenue or expenditures over time

2)˙˙˙˙ Annual appropriations for government agencies

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Potential global market expansion

1)˙˙˙˙ Sales force estimation

2)˙˙˙˙ Potential market demand

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Material requirements

1)˙˙˙˙ Cost of goods sold

2)˙˙˙˙ Matching production schedules with raw material requirements

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Please chime in and share what you learned!


Choosing the right test

Hi Class,

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It?s impossible for us to understand the variety of statistical tests that you are newly exposed in one week or even 5 weeks ? one is enough to make our heads spinning˙ ˙˙ I would like to, however, share with you some articles about choosing the appropriate hypothesis test in a bigger picture. Here is the link˙http://www.diss-stat.com/choosing.pdf

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The choice of statistical test depends on the research goal/question and the nature of the data collected. ˙If we would like to find the association between two variables, we would calculate the correlation.˙ If our goal is to compare the means between two groups, we use a T or Z test.˙ If we want to compare two proportions, then we also perform a z-test.˙ If we want to compare the means˙across multiple groups (more than 2), we use ANOVA test.

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I do not expect that you understand them all, rather to give you an idea of it.˙ Cheers!

QNT 275 Week 5 Practice: Week 5 Discussion

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