TAILIEUCHUNG - Lecture Statistical techniques in business and economics: Chapter 20 - Lind, Marchal, Wathen

In this chapter, you learned to: Define the terms state of nature, event, decision alternatives, payoff, and utility; organize information in a payoff table or a decision tree; compute opportunity loss and utility function; find an optimal decision alternative based on a given decision criterion; assess the expected value of additional information. | An Introduction to Decision Theory On CD Chapter 20 GOALS Define the terms state of nature, event, decision alternative, and payoff. Organize information in a payoff table or a decision tree. Find the expected payoff of a decision alternative. Compute opportunity loss and expected opportunity loss. Assess the expected value of information. Statistical Decision Theory Classical statistics focuses on estimating a parameter, such as the population mean, constructing confidence intervals, or hypothesis testing. Statistical Decision Theory (Bayesian statistics) is concerned with determining which decision, from a set of possible decisions, is optimal. Three components to any decision-making situation: The available choices (alternatives or acts). The states of nature, which are not under the control of the decision maker - uncontrollable future events. The payoffs - needed for each combination of decision alternative and state of nature. A Payoff Table is a listing of all possible

• Kinh tế học
• Statistical techniques
• Statistical techniques in business
• Statistical techniques in economics
• Descriptive statistics
• The role of statistics
• Qualitative variable
• Statistical inference
• Independent samples
• Statistical process control
• Quality management
• Random observation
• Sampling methods
• Central limit theorem
• Confidence intervals
• Point estimator
• Confidence interval
• Hypothesis testing
• Alternative hypothesis
• Analysis of variance
• F distribution
• Linear regression
• Coefficient of correlation
• Multiple regression
• Multiple regression analysis
• Chi square applications
• Test of hypothesis
• Analysis of ranked data
• Kruskal Wallis test
• Index numbers
• Consumer price index
• Time series
• Linear trend equation
• Decision making
• Organize information
• Describing data
• Frequency distribution
• Central tendency
• Standard deviation
• Ungrouped data
• Probability concepts
• Random experiment
• Discrete probability distributions
• Continuous random variables
• Decision theory
• Decision alternative
• Inferential statistics
• Frequency tables
• Numerical measures