By John, J. A.; Johnson, D.G; Whitaker, D
Edition. challenge fixing. facts. Modeling information. characteristic facts. Sampling. Estimation. Regression research. a number of Regression. Forecasting. Statistical procedure regulate. keep an eye on Charts. development concepts. Postscript. advent to Excel.
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Additional resources for Statistical Thinking in Business, Second Edition
6. A brief verbal summary helps to focus attention on the salient features of the table and consequently makes the whole presentation so much easier to read and understand. Q3. 1 in a more easily comprehensible table. Q4. Write a sentence or two to summarise the information contained in these data. 5 Graphs Graphs serve essentially to convey information about relationships, shapes, relative sizes, and priorities rather than to present strict numerical information. 34 Statistical Thinking in Business They help to make large sets of data coherent.
1 A Scientific Approach to Problem Solving Knowledge about variation is vitally important, not only for effective decision making, but also for solving problems. Our ability to solve problems quickly and in a sustainable way is directly linked to our ability to understand and interpret variation; otherwise any decisions made may well make things worse or have no effect at all, rather than make things better. In particular, we need to use a scientific approach, whereby we learn to: ■ ■ ■ ■ Understand variation Base decisions on data rather than hunches Develop process thinking Manage the organisation as a system The scientific approach involves seeking permanent solutions by looking for root causes of problems, rather than quick fixes that tend to be a reaction to superficial symptoms.
The value in position 12 is 159, and the value in position 13 is 160. Twelve values are less than or equal to 159, and 12 values are greater than or equal to 160. 5. In general, the median is given by the value in position (n + 1)/2, when the data are written in order of magnitude. For example, if n = 23, then the median is the value in position 12; 11 observations will be less than this value and 11 greater. 5, that is, halfway between the values in positions 12 and 13. The lower quartile is given by the value in position (n + 1)/4.