Chapter 3 – Data Visualization Chapter 4 – Summary Statistics Data Mining for Business Intelligence Shmueli‚ Patel & Bruce © Galit Shmueli and Peter Bruce 2010 Data Visualization • “A picture is worth a thousand words” • Data visualization and summary statistics help condense data • Effective presentation • Supports data cleaning (identify missing values‚ outliers‚ incorrect values‚ duplicates) and exploring (combine some groups) • Helps identify suitable variables • Mandatory initial step for
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Please note: Office hours are not to be used to reiterate a class that was missed. Have your questions or problems prepared before coming to see either your professor or TA. Written evidence you have attempted problems will be required. General Course Information Pre-requisite: MATH 5304 or equivalent Course Description OPRE 6301 Quantitative Introduction to Risk and Uncertainty in Business (3 semester hours) Introduction to statistical and probabilistic methods and theory applicable to situations
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large commercial deals and case law is wide in the matters that it covers also. Contracts are made by ordinary people in everyday situations many times a day e.g. buying a magazine‚ shopping‚ parking the car etc. Usually these events run smoothly‚ it is not until disputes occur that the question of a possible contract arises. WHY DO WE NEED A LAW OF CONTRACT? Where there is a conflict or dispute there needs to be some system to remedy the situation. Problems may arise deliberately and
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Statistics for Business and Economics Personal pre-assignment 1.9 What is a representative sample? What is its value? The representative sample is a subset of a population of interest that is exhibiting the typical characteristics of the population. The most typical way to cover the up-mentioned criterion is the simple random sample which consist of a sample of units that is selected randomly‚ e. g. the sample is selected form the population on a way that every sample of the size is having
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Case Problem: Blades‚ Inc. 1. One point of concern for you is that there is a tradeoff between the higher interest rates in Thailand and the delayed conversion of baht into dollars. Explain what this means. ANSWER: If the net baht-denominated cash flows are converted into dollars today‚ Blades is not subject to any future depreciation of the baht that would result in less dollar cash flows. 2. If the net baht received from the Thailand operation are invested in Thailand‚ how will
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Case Problem 1 1. Start Project 2010‚ open the Home-1 file located in the Project1\Case1 folder included with your Data Files‚ and then save the project file as NewHome-1 in the same folder. 2. Resize the Entry table pane so that you can see the Finish column. 3. Open the Project Information dialog box‚ and then write down the date that is displayed in the Finish date box. Close the Project Information dialog box without making any changes. Fisnish
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1. “What is the life expectancy for Caucasian males that have survived 54 years?” The answer will almost certainly be larger than 72. I want an estimate “conditioned on” the fact that I have already lived 54 years. Life is dynamic. Things are constantly changing. However‚ too often decisions are based on static information. Bayes theorem takes advantage of dynamic information to give a better‚ more correct answer. Bayes Theorem is a mathematical representation that helps one to calculate conditional
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QUESTION 21 The finishing process on new furniture leaves slight blemishes. The table below displays a manager’s probability assessment of the number of blemishes on one piece of new furniture. Number of Blemishes 0 1 2 3 4 5 Probability 0.34 0.25 0.19 0.11 0.07 0.04 1. On average‚ how many blemishes do we expect on one piece of new furniture? 2. What is the variance of blemishes on one piece of new furniture? (round to the nearest hundredth) QUESTION 22 The probability
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Case Study Analysis: Abstract This analysis examines freight cost and cleaning fluid supplies at two locations; Cincinnati and Oakland‚ to determine the optimal distribution network to supply the cleaning fluid to Great North American at minimal cost to Solutions Plus. Based on projected cost a bid recommendation is made and decision factors related to the analysis are discussed. Keywords: Solutions Plus‚ Cost minimization‚ Breakeven‚ Bid‚ Shipping Cost Background Solutions Plus is an
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in a Modern world Tanya Mitchell Mid-State Technical College Caring for the Amish in a Modern world The Amish believe in living in the simple world. They travel by horse drawn buggies and most don’t use electricity. Cell phones‚ Internet‚ and vacuum cleaners are not among the items found in an Amish home. The highest education they receive is the eighth grade and are not wanting to seek a higher level of learning. Over time the Amish have begun to take part in some of the things the modern world
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