TAILIEUCHUNG - Lecture Statistical techniques in business and economics - Chapter 19: Decision making

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. | Chapter 19 Decision Making Chapter Goals 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 When you have completed this chapter, you will be able to: 1 2 3 4 Assess the expected value of additional information 5 Terminology 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. E lements of a Decision Payoffs possible alternatives or acts numerical gain to the decision maker for each combination of decision alternative and state of nature these are future events that are not under the control of the decision maker Available choices States of .

• Kinh tế học
• Statistical techniques
• Statistical techniques in business
• Statistical techniques in economics
• Descriptive statistics
• Decision making
• Organize information
• 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
• The role of statistics
• Qualitative variable
• 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