BUS 430

Recognizing problem types: Hypothesis tests

Read the problem looking for keywords and values: What type of variable is the focus of the problem? Is it quantitative, e.g. a mean, or categorical, e.g. a proportion or percent? How many variables are of concern? Is(are) the population(s) standard deviation, sigma, given? Are sample variances equal or are you instructed to assume they …

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No Standard Deviation? How do I get the standardized test statistic?

I get this question a lot in my BUS 233 Business Statistics course. It comes when students see a problem similar to the following in their homework or on a quiz: In a sample of 1000 home buyers, you find that 457 home buyers found their real estate agent through a friend. At α=0.08, can …

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Use Excel to Calculate MAD, MSE, RMSE & MAPE

To optimize your forecast, whether moving average, exponential smoothing or another form of a forecast, you need to calculate and evaluate MAD, MSE, RMSE, and MAPE. With Excel 2016, this is easy to do. View the video here: https://studio.youtube.com/video/H_N5_vxs8Tg/edit Download a copy of the Excel workbook here: Use Excel to Calculate MAD, MSE, RMSE & …

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