English Language Tests-Intermediate level's archive Statistical modeling for decision-making 1. Dr. Hossein Arsham of the University of Baltimore explains that in this diverse world of ours, no two things are exactly the same, and a statistician is interested in both the differences and the similarities; i.e., both and patterns. departures detractions disorders distractions 2. The tables published by insurance companies reflect their statistical analysis of the average life expectancy of men and women at any given age. actuarial calculation demogogic graduated 3. From these numbers, the insurance companies then calculate the appropriate for a particular individual to purchase a given amount of insurance. charges fees gratuities premiums 4. The more widely used descriptive statistical techniques are: Frequency Distribution, , Boxplot, Scattergrams and Error Bar plots, and diagnostic plots. Histograms Holograms Picograms Pictograms 5. In examining distribution of data, you should be able to detect important characteristics, such as shape, location, variability, and unusual values, and from careful observations of patterns in data, you can generate about relationships among variables. conjectures conjunctions junctures juxtapositions 6. The notion of how one variable may be associated with another almost all of statistics, from simple comparisons of proportions through linear regression. penetrates peregrinates permeates permutates 7. From the data collection plan, a statistical model can be formulated from which inferences can be drawn implied penned sketched 8. As an example of statistical modeling with managerial implications, such as 'what-if' analysis, regression analysis. acknowledge consider ponder regard 9. Frequently, for example, the marketing managers are faced with the question, 'What sample size do I need?' — this is an important and common statistical decision, which should be given attention, since an inadequate sample size invariably leads to wasted resources. all apt due long 10. Your organization database contains a wealth of information, yet the decision technology group members can usually only a fraction of it. tap taste tell try . English Language Tests-Intermediate level's archive Statistical modeling for decision-making 1. Dr. Hossein Arsham