Statistical modeling for decision-making

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.

The ..... tables published by insurance companies reflect their statistical analysis of the average life expectancy of men and women at any given age.

From these numbers, the insurance companies then calculate the appropriate ..... for a particular individual to purchase a given amount of insurance.

The more widely used descriptive statistical techniques are: Frequency Distribution, ....., Boxplot, Scattergrams and Error Bar plots, and diagnostic plots.

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.

The notion of how one variable may be associated with another ..... almost all of statistics, from simple comparisons of proportions through linear regression.

From the data collection plan, a statistical model can be formulated from which inferences can be ......

As an example of statistical modeling with managerial implications, such as 'what-if' analysis, ..... regression analysis.

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.

Your organization database contains a wealth of information, yet the decision technology group members can usually ..... only a fraction of it.