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3.1

Quantitative Statistical Tools

QuestionAnswer
You want to compare the average daily gas prices in your neighborhood to average daily gas prices by the Interstate. Name your tool. Two Sample t-test
You want to compare the average weekly gas prices in your neighborhood to your annual budgeted price. Name your tool. One Sample t-test
T-test uses this test statistic T-stat. (must be higher than critical value to reject the null)
ANOVA uses this test statistic F-stat. (must be higher than critical value to reject the null)
You want to compare price per gallon between the neighborhood gas station, the Grocer station and the Interstate station. Name your tool. ANOVA
You want to compare the number of times the price per gallon at your neighborhood station and the Grocer station exceeds the budget price. Name your tool. Chi-square. The # of times is a frequency, not an average. This is nominal data.
_________takes information from one data set and can predict information for another data set. Regression
There is no significant difference in the price per gallon between Station #1 and Station #2. Which hypothesis am I? Null Null is always "no"
Your p-value is 0.04. Can you reject the null? Yes. LESS then 0.05 means YES. when interpreting the p-value.
Your t-stat is 2.06 and your t-critical is 1.65. Can you reject the null? Yes. If your score (t-stat) is larger than your cut score (t-critical), you pass the test!
Your F-stat is 0.26 and you F-critical is 1.96. Can you reject the null? No. If your score (F-stat) is smaller than your cut score (F-critical), you do not pass the test. We can only Reject when we pass.
Your reject the null hypothesis. Did you find significance? Yes. Rejecting the null ("no") means we found something statistically significant. Yay!
The process of arranging terms or values based on different variables into "natural" groups Cluster Analysis
A local grocer datamines to target customers who use gas points so they can market other products. Which tool is this? Cluster Analysis
Best decision based on estimated value Decision Tree
Based on the limited storage tanks and pumps, a gas station determines the right "mix" of gasoline and diesel to carry each month. Linear Programming
A station decides to set up self-serve vending for beverages. Which tool helps determine when they will begin to profit? Break Even Analysis
A station has three vendors with various packages to offer. Which tool would assist in determining the optimal package at the correct "volume"? Cross-Over Analysis
Created by: mgallo3
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