Book: Statistics, Data Analysis and Decision Modeling. Fifth edition. James R Evens.
6 Essays, At least 200 words each, Each must have its own references. Thank you.
What is data? What is sampling? Explain the importance of sampling from a managerial perspective. Provide examples.
What is hypothesis testing? Explain the general process and the steps included in conducting a hypothesis test? What is the difference between parametric and nonparametric hypothesis testing?
What are some reasons that business outputs vary? For example why does production output vary? Explain the difference between common causes of variation and special causes of variation.
What is a decision model? Why is it important to business? What are the three types of inputs common to decision models?
Provide some examples of waiting lines in everyday life. What decisions must managers of such systems consider?
Explain the following terms: optimization, objective function, optimal solution, constraint, constraint function, feasible solution, and binding constraint.
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