BUS 308: Statistics For Managers

BUS 308 Final Paper 1

BUS 308 Week 5 Final Paper
Derrick Tanner
BUS 308: Statistics for Managers
Derrick Vance
August 30, 2014

BUS 308 Final Paper 2
BUS 308 Week 5 Final Paper What I’ve learned throughout this BUS 308: Statistics for Managers course, is that data collected for the purpose of business or life can be interpreted into numerical forms such as nominal, ordinal, interval and ratio data scales which gives a better outcome on measurements and counts for the sole purpose of developing, researching, or discussing ways on how to make their business or personal lives more understandable. I’ve learned how to also calculate formulas in spreadsheets to arrive at these conclusions. Throughout this course there were
Hypothesis testing should provide a direction for a study that eliminates trial and error research which helps to rule out intervening and confounding variables. In hypothesis development and testing, there are two predictions relevant to t-tests which are statistical examinations of two population means. (Tanner, 2013) Whenever choosing the selection of appropriate statistical tests and evaluating statistical results in hypothesis testing, choosing a one-sample test, will either represent the sample population to which it is compared, or it will not. In the case of the independent t, either both
The hypothesis simplifies statistical results so that the use of one- versus two-tailed tests adds another element. One-tailed tests provide an alternate hypothesis that is directional. It predicts how the mean of the population represented by the first group will differ from the mean of the population represented by the second, so that not just the means differ. (Tanner, 2013) There is also another type of hypothesis test called a hypothesis of association which involves the relationships between variables. There are three correlation procedures that respond to the hypothesis of association which are the Pearson Correlation, the point-biserial correlation, and Spearman 's rho. When choosing the selection of appropriate statistical tests and evaluation of statistical results within the hypothesis of association it is important to note that in each case their possible values range from –1.0 to +1.0, and all their coefficients are interpreted the same way. Pearson requires interval or ratio variables that are normally and similarly distributed. (www.hypothesistestinganddevelopment.com) A special application of Pearson, the point-biserial correlation, requires an interval/ratio variable and a second variable that has only two categories, a dichotomously scored variable.(Tanner, 2013) Spearman will accommodate any combination of ordinal, interval, or ratio variables but will only