Statistical Decision-Making Process: - PowerPoint PPT Presentation

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Statistical Decision-Making Process:

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Statistical Decision-Making Process: Decision Problem Statistical Plan Data Description and Summary Analysis and Conclusions Testing Validity of Results – PowerPoint PPT presentation

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Title: Statistical Decision-Making Process:


1
Statistical Decision-Making Process
  • Decision Problem
  • Statistical Plan
  • Data Description and Summary
  • Analysis and Conclusions
  • Testing Validity of Results
  • If Yes, Solution to Decision Problem
  • If No, Revise the Statistical Plan

2
A Statistical Plan Includes
  • Identification of a Data Base
  • Techniques for Describing the Data
  • A Means of Analyzing the Data and
  • Measures of Validity (Error) in Working with the
    Data

3
Data Base
  • Primary Data
  • Data collected by observation, experiment,
    simulation or from surveys
  • Secondary Data
  • Data published by governmental, industrial or
    individual sources

4
Methods of Obtaining Data
  • Observation
  • Personal Interview
  • Telephone Interview and
  • Mail Questionnaires

5
Data Levels
  • Nominal, where numbers or symbols are used to
    describe an item or characteristic
  • Ordinal, where decision makers rank-order the
    observations
  • Interval, where the measurement of the distance
    between two data items is allowed
  • Ratio, where the data have a unique or zero point
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