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Introduction to Business Analytics Course Part 10

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STATISTICAL CONCEPTS AND THEIR APPLICATIONS IN BUSINESS INTRODUCTION TO ANALYTICS Part 10
Referred to as distribution free, as they dont involve making assumptions of any data. They have lower power than the parametric tests and hence are always given the second preference after the parametric tests. These tests are typically focused on median rather than mean. They involve straight-forward procedures like counting and ordering. There are at least one non-parametric test done for each parametric test and are classified into the following categories. Tests of differences between groups (independent samples) Tests of differences between variables (dependent variables) Tests of relationships between variables. NON PARAMETRIC TESTING
NON PARAMETRIC TESTS Test Parametric Non Parametric One Qualitative Response Variable One Sample Test Sign Test One Quantitative Response Variable Two Values from Paired Samples Paired sample t-test Wilcoxon Signed Rank Test One Quantitative Response Variable One Qualitative Independent Variable with twogroups Two Independent Sample t- test Wilcoxon Rank Sum orMann Whitney Test One Quantitative Response Variable One Qualitative Independent Variable with three or more groups ANOVA Kruskall Wallis
Measure of association between variables Positive and negative correlation, ranging between +1 and -1 Positive correlation example: Earning and expenditure Negative correlationexample Speed and time Parametric normal distribution and homogenous variance Pearson correlation Non parametric no assumptions, nominal variables Spearmancorrelation CORRELATION
r : correlationcoefficient +1 : Perfectlypositive -1 : Perfectly negative 0 0.2 : No or very weakassociation 0.2 0.4 : Weak association 0.4 0.6 : Moderate association 0.6 0.8 : Strongassociation 0.8 1 : Very strong to perfect association CORRELATION COEFFICIENT
Overview of statistical methods Descriptive statistics Measures of Central Tendency and Measures of Dispersion A business case study to understand the concepts of descriptive statistics Probability distribution What are tests of significance The process flow of hypothesis testing One sided and two sided hypothesis tests Various tests used in calculating the p-value What is non parametric testing and why is it used Non parametric alternatives for the usual tests of significance SUMMARY Here is a quick recap of what we have learned in this lesson
QUIZ Quiz
QUIZ 1 Which of the following is NOT a part of measure of central tendency? a. Mean b. Median c. Mode d. Standard Deviation
QUIZ 1 a. Mean b. Median c. Mode d. Standard Deviation Answer:d Explanation: Standard Deviation is used to measure dispersion and not to measure central tendency. Which of the following is NOT a part of measure of central tendency?
a. Mean = 8.67, Median = 9, Mode = 10 b. Mean = 9, Median = 9, Mode = 10 c. Mean = 9, Median = 10, Mode = 9 d. Mean = 8.67, Median = 10, Mode = 10 Calculate the mean, median and mode of the following data and choose the rightQUIZ 2 option: 13, 3, 10, 9, 7, 10, 12, 8, 6
a. Mean = 8.67, Median = 9, Mode = 10 b. Mean = 9, Median = 9, Mode = 10 c. Mean = 9, Median = 10, Mode = 9 d. Mean = 8.67, Median = 10, Mode = 10 Answer:a. Mean is the average of all the values, median is the middle value and the mode is the most commonly occurring value. Calculate the mean, median and mode of the following data and choose the rightQUIZ 2 option: 13, 3, 10, 9, 7, 10, 12, 8, 6
QUIZ 3 a. 15.41 b. 14.41 c. 9.14 d. 12.41 Calculate the variance of the following data and choose the right option: 5,10,12,4,8,9,16
QUIZ 3 a. 15.41 b. 14.41 c. 9.14 d. 12.41 Answer:b. Variance is the average of squared deviations about the mean, given by Calculate the variance of the following data and choose the right option: 5,10,12,4,8,9,16
From the research question below, choose the alternative hypothesis from the followingoptions. Given a sample of body temperatures of 50 persons, and the average temperature 亮0 , decide if the average body temperature has increased over time. a. 亮 =亮0 b. 亮 >亮0 c. 亮 <亮0 d. 亮 亮0 QUIZ 4
Thank You If you are looking for business analytics courses in Bangalore / Bengaluru then visit: http://beamsync.com/business-analytics-training-bangalore/ Next Part We will Publish Soon.

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Introduction to Business Analytics Course Part 10

  • 1. STATISTICAL CONCEPTS AND THEIR APPLICATIONS IN BUSINESS INTRODUCTION TO ANALYTICS Part 10
  • 2. Referred to as distribution free, as they dont involve making assumptions of any data. They have lower power than the parametric tests and hence are always given the second preference after the parametric tests. These tests are typically focused on median rather than mean. They involve straight-forward procedures like counting and ordering. There are at least one non-parametric test done for each parametric test and are classified into the following categories. Tests of differences between groups (independent samples) Tests of differences between variables (dependent variables) Tests of relationships between variables. NON PARAMETRIC TESTING
  • 3. NON PARAMETRIC TESTS Test Parametric Non Parametric One Qualitative Response Variable One Sample Test Sign Test One Quantitative Response Variable Two Values from Paired Samples Paired sample t-test Wilcoxon Signed Rank Test One Quantitative Response Variable One Qualitative Independent Variable with twogroups Two Independent Sample t- test Wilcoxon Rank Sum orMann Whitney Test One Quantitative Response Variable One Qualitative Independent Variable with three or more groups ANOVA Kruskall Wallis
  • 4. Measure of association between variables Positive and negative correlation, ranging between +1 and -1 Positive correlation example: Earning and expenditure Negative correlationexample Speed and time Parametric normal distribution and homogenous variance Pearson correlation Non parametric no assumptions, nominal variables Spearmancorrelation CORRELATION
  • 5. r : correlationcoefficient +1 : Perfectlypositive -1 : Perfectly negative 0 0.2 : No or very weakassociation 0.2 0.4 : Weak association 0.4 0.6 : Moderate association 0.6 0.8 : Strongassociation 0.8 1 : Very strong to perfect association CORRELATION COEFFICIENT
  • 6. Overview of statistical methods Descriptive statistics Measures of Central Tendency and Measures of Dispersion A business case study to understand the concepts of descriptive statistics Probability distribution What are tests of significance The process flow of hypothesis testing One sided and two sided hypothesis tests Various tests used in calculating the p-value What is non parametric testing and why is it used Non parametric alternatives for the usual tests of significance SUMMARY Here is a quick recap of what we have learned in this lesson
  • 8. QUIZ 1 Which of the following is NOT a part of measure of central tendency? a. Mean b. Median c. Mode d. Standard Deviation
  • 9. QUIZ 1 a. Mean b. Median c. Mode d. Standard Deviation Answer:d Explanation: Standard Deviation is used to measure dispersion and not to measure central tendency. Which of the following is NOT a part of measure of central tendency?
  • 10. a. Mean = 8.67, Median = 9, Mode = 10 b. Mean = 9, Median = 9, Mode = 10 c. Mean = 9, Median = 10, Mode = 9 d. Mean = 8.67, Median = 10, Mode = 10 Calculate the mean, median and mode of the following data and choose the rightQUIZ 2 option: 13, 3, 10, 9, 7, 10, 12, 8, 6
  • 11. a. Mean = 8.67, Median = 9, Mode = 10 b. Mean = 9, Median = 9, Mode = 10 c. Mean = 9, Median = 10, Mode = 9 d. Mean = 8.67, Median = 10, Mode = 10 Answer:a. Mean is the average of all the values, median is the middle value and the mode is the most commonly occurring value. Calculate the mean, median and mode of the following data and choose the rightQUIZ 2 option: 13, 3, 10, 9, 7, 10, 12, 8, 6
  • 12. QUIZ 3 a. 15.41 b. 14.41 c. 9.14 d. 12.41 Calculate the variance of the following data and choose the right option: 5,10,12,4,8,9,16
  • 13. QUIZ 3 a. 15.41 b. 14.41 c. 9.14 d. 12.41 Answer:b. Variance is the average of squared deviations about the mean, given by Calculate the variance of the following data and choose the right option: 5,10,12,4,8,9,16
  • 14. From the research question below, choose the alternative hypothesis from the followingoptions. Given a sample of body temperatures of 50 persons, and the average temperature 亮0 , decide if the average body temperature has increased over time. a. 亮 =亮0 b. 亮 >亮0 c. 亮 <亮0 d. 亮 亮0 QUIZ 4
  • 15. Thank You If you are looking for business analytics courses in Bangalore / Bengaluru then visit: http://beamsync.com/business-analytics-training-bangalore/ Next Part We will Publish Soon.