Statistical models: Building and interpreting for business decisions
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Statistical models: Building and interpreting for business decisions
Statistical models are essential tools in business analysis as they enable organizations to make data-driven decisions. These models provide insights into relationships between different variables and help to identify trends and patterns that can inform business decisions. In this blog, we will discuss the process of building and interpreting statistical models for business decisions.
What are Statistical Models?
Statistical models are mathematical equations that describe the relationship between variables. These models are built using data and can be used to make predictions and explain phenomena. The variables in a statistical model can be either independent or dependent. Independent variables are those that are used to predict the dependent variable.
For instance, a statistical model can be built to predict the sales of a product based on variables such as price, advertising expenditure, and consumer demographics. In this case, sales are the dependent variable, and price, advertising expenditure, and consumer demographics are independent variables.
Building Statistical Models
The process of building a statistical model involves the following steps:
- Identify the dependent variable: The first step is to identify the dependent variable, which is the variable that the model is trying to predict.
- Collect and prepare data: The next step is to collect and prepare the data. This involves cleaning and organizing the data to ensure that it is accurate and relevant.
- Identify independent variables: After collecting and preparing the data, the next step is to identify the independent variables that are relevant to the dependent variable. This may involve data exploration and analysis to identify patterns and relationships.
- Select a statistical model: Once the independent and dependent variables have been identified, the next step is to select a statistical model that is appropriate for the data. There are several statistical models to choose from, including linear regression, logistic regression, and time series analysis.
- Train the model: The next step is to train the model using the data. This involves using the data to estimate the parameters of the model, which will allow the model to predict the dependent variable based on the independent variables.
- Evaluate the model: After training the model, it is important to evaluate its performance. This involves testing the model using new data to see how well it can predict the dependent variable.
Interpreting Statistical Models
Once a statistical model has been built and evaluated, the next step is to interpret the results. This involves understanding the relationships between the independent and dependent variables and the predictions made by the model.
- Coefficients: One way to interpret the results of a statistical model is to look at the coefficients. Coefficients are estimates of the relationships between the independent and dependent variables. Positive coefficients indicate a positive relationship between the independent and dependent variables, while negative coefficients indicate a negative relationship.
- P-values: P-values indicate the statistical significance of the coefficients. A low p-value indicates that the coefficient is statistically significant and can be used to make predictions. A high p-value indicates that the coefficient is not statistically significant and should not be used to make predictions.
- R-squared: R-squared is a measure of how well the model fits the data. It ranges from 0 to 1, with a higher value indicating a better fit. R-squared can be used to compare different models and select the best one for making predictions.
- Predictions: The predictions made by the model can also be used to interpret the results. For instance, if a model predicts that increasing the price of a product will decrease sales, this can be used to inform pricing decisions.
Conclusion
Statistical models are essential tools for making data-driven decisions in business. The process of building and interpreting these models involves identifying the dependent variable, collecting and preparing data, identifying independent variables, selecting a statistical model, training the model, and evaluating the results. Once a model has been built and evaluated, the results can be interpreted using coefficients
Statistical models: Building and interpreting for business decisions
RUBRIC
QUALITY OF RESPONSE |
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POOR / UNSATISFACTORY |
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Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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