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Friday, October 22, 2010

Minitab for Binomial Distribution

Life is uncertain, we are not sure what the future will bring
Risk and probability is a part of our daily lives
Probability is a numerical statement about the likelihood that an event will occur
The probability, P, of any event or state of nature occurring is greater than or equal to 0 & less than /equal to 1. That is:

0 <= P (event) <= 1

The sum of the simple probabilities for all possible outcomes of an activity must equal 1

The Binomial Distribution
Many business experiments can be characterized by the Bernoulli process
The Bernoulli process is described by the binomial probability distribution
  1. Each trial has only two possible outcomes
  2. The probability stays the same from one trial to the next
  3. The trials are statistically independent
  4. The number of trials is a positive integer 
The binomial distribution is used to find the probability of a specific number of successes out of n trials. Minitab software could helps us about calculating binomial distribution.
If you need tutorials how to use Minitab to calculate binomial distribution, I give you free tutorial how to use it.
To download Minitab tutorial about Binomial Distribution, Please Click Here

Thursday, October 21, 2010

Introduction to Quantitative Analysis

After completing this chapter, you will be able to:

  • Describe the quantitative analysis approach
  • Understand the application of quantitative analysis in a real situation
  • Describe the use of modeling in quantitative analysis
  • Use computers and spreadsheet models to perform quantitative analysis
  • Discuss possible problems in using quantitative analysis
  • Perform a break-even analysis
  • Mathematical tools have been used for thousands of years
    Quantitative analysis can be applied to a wide variety of problems
    It’s not enough to just know the mathematics of a technique
    One must understand the specific applicability of the technique, its limitations, and its assumptions
Examples of Quantitative Analyses
  • Dzikri Cell company saved over $150 million using forecasting and scheduling quantitative analysis models
  • XYZ television increased revenues by over $200 million by using quantitative analysis to develop better sales plans
  • Ali Baba Airlines saved over $40 million using quantitative analysis models to quickly recover from weather delays and other disruptions
What is Quantitative Analysis?
Quantitative analysis is a scientific approach to managerial decision making whereby raw data are processed and manipulated resulting in meaningful information
  • Quantitative factors might be different investment alternatives, interest rates, inventory levels, demand, or labor cost
  • Qualitative factors such as the weather, state and federal legislation, and technology breakthroughs should also be considered
Information may be difficult to quantify but can affect the decision-making process
Defining the Problem
Need to develop a clear and concise statement that gives direction and meaning to the following steps
This may be the most important and difficult step
  • It is essential to go beyond symptoms and identify true causes
  • May be necessary to concentrate on only a few of the problems – selecting the right problems is very important
  • Specific and measurable objectives may have to be developed
Developing a Model
Quantitative analysis models are realistic, solvable, and understandable mathematical representations of a situation
  • Models generally contain variables (controllable and uncontrollable) and parameters
  • Controllable variables are generally the decision variables and are generally unknown
  • Parameters are known quantities that are a part of the problem
Acquiring Input Data

Input data must be accurate – GIGO rule
Data may come from a variety of sources such as company reports, company documents, interviews, on-site direct measurement, or statistical sampling

Monday, October 11, 2010

Download Slide STK 511

For all my friend, you can easily download slide of STK 511 (Statistics lessons)
Download Slide Tutorial, click here
Download Slide Distribution Probability, click here

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