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Question 1:
Assigned Readings:
Chapter 1. The Roles of Data and Predictive Analy
Question 1:
Assigned Readings:
Chapter 1. The Roles of Data and Predictive Analytics in Business
Chapter 2. Reasoning with Data
Initial Postings: Read and reflect on the assigned readings for the week. Then post what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding in each assigned textbook chapter.Your initial post should be based upon the assigned reading for the week, so the textbook should be a source listed in your reference section and cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion.
Also, provide a graduate-level response to each of the following questions:
Based on what you have read in Chapters 1-2, please explain how data analytics applies to your current or future role? What value can data analytics bring to your position? Please share your thoughts. Please cite examples according to APA standards.
[Your post must be substantive and demonstrate insight gained from the course material. Postings must be in the student’s own words – do not provide quotes!]
[Your initial post should be at least 450+ words and in APA format (including Times New Roman with font size 12 and double spaced). Post the actual body of your paper in the discussion thread then attach a Word version of the paper for APA review]
Submitting the Initial Posting:Your initial posting should be completed by Thursday, 11:59 p.m. EST.
Response to Other Student Postings: Respond substantively to the post of at least two peers, by Friday, 11:59 p.m. EST. A peer response such as “I agree with her,” or “I liked what he said about that” or similar comments are not considered substantive and will not be counted for course credit.
[Continue the discussion through Sunday,11:59 p.m. EST by highlighting differences between your postings and your colleagues’ postings. Provide additional insights or alternative perspectives]
Evaluation of posts and responses: Your initial posts and peer responses will be evaluated on the basis of the kind of critical thinking and engagement displayed. The grading rubric evaluates the content based on seven areas:
Content Knowledge & Structure, Critical Thinking, Clarity & Effective Communication, Integration of Knowledge & Articles, Presentation, Writing Mechanics, and Response to Other Students.
Question 2:
Activity I – A manager claims that increases in advertising expenditure will surely raise the firm’s profits, citing his sense that people find the firm’s ads entertaining.
Sketch how you might refute this claim using:A theoretical argument
Data
Why might the refutation using data be more convincing?
Activity II – A grocery store manager is interested in the data-generating process for her store’s weekly soda sales. She believes factors impacting these sales include price, product placement, and whether the week contains a holiday. Write out a formal representation of the data-generation process for weekly soda sales that incorporates these and additional factors.
Activity III – Suppose you receive an e-mail from a stock broker who claims to be able to accurately predict whether any given stock will rise or fall in price during the subsequent month. To “prove” her claim, she makes a prediction about performance (higher price or lower price) for ten stocks over the next month. You are skeptical of the broker’s claim, and assume she simply guesses which stocks will improve or worsen in price over any given month. Put another way, you assume she has a 50% chance of being correct in her prediction for any given stock. Based on this assumption, you derive the following probabilities concerning her ten picks:
Number of correct picks
0
1
2
3
4
5
6
7
8
9
10
Probability
0.001
0.01
0.044
0.117
0.205
0.246
0.205
0.117
0.044
0.01
0.001
What is the empirically testable conclusion resulting from your deductive reasoning?
How could you test your empirically testable conclusion using a data sample?
Outline the inductive and deductive reasoning you could use to evaluate whether or not the broker is simply guessing in her stock picks.
Question 3:
Using R Software, calculate these descriptive statistics.
Mean Material Cost
Variance of Labor costs
Covariance of labor costs and materials costs
Total sales
Calculate at least two more descriptive statistics for this dataset
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